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The cryptocurrency market saw strong gains last week as expectations grew for a potential interest rate cut by the US Federal Reserve in September.&nbsp;
On Friday, Aug 22nd, Bitcoin nearly reached $65,000, and Ethereum rose to $2,800. These gains came after remarks from <a href="https://www.cryptotimes.io/2024/08/24/crypto-surges-as-powell-hints-at-potential-rate-cut/" rel="noopener noreferrer nofollow">Fed Chair Jemore Powell</a> suggesting that the U.S. Govt might cut its interest rates.&nbsp;
Now, the market’s attention turns to upcoming US PCE data and other key economic indicators, which could determine the next moves.
<h2 class="wp-block-heading" id="crucial-fed-remarks-expected-this-week">Crucial Fed Remarks Expected This Week</h2>
San Francisco Fed President Mary Daly is slated to give a TV interview on Monday, August 26, followed by remarks from Atlanta Fed President Raphael Bostic on Wednesday, August 28. Investors expect these speeches to echo last week’s dovish sentiment, further supporting market momentum.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXe1AlK5pXvOHfyu-IDHIdfZvMjtv8vkCj4SE-23SRZ3aftvvnnrhn6Py43PiKxnSf6McV1gnVXX0Z26VIXcLu2Y8fTyYP-As2_qAB6QtFfXja_gLgXBMEHQ_Wl-HHdJ5TjHh7wkU6Krts4RBTIwK_n1e0MM?key=SUC5NbmCF8m_EbvZGko70A" alt="AD 4nXe1AlK5pXvOHfyu IDHIdfZvMjtv8vkCj4SE 23SRZ3aftvvnnrhn6Py43PiKxnSf6McV1gnVXX0Z26VIXcLu2Y8fTyYP As2 qAB6QtFfXja gLgXBMEHQ Wl HHdJ5TjHh7wkU6Krts4RBTIwK n1e0MM?key=SUC5NbmCF8m EbvZGko70A">
 <figcaption class="wp-element-caption">
 Economic Events of this week | Image Source: <a href="http://forexfactory" target="_blank" rel="noopener noreferrer nofollow">ForexFactory</a>
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However, any hint of hawkishness could quickly lead to sell-offs, affecting the broader financial landscape, including the crypto sector.
<h2 class="wp-block-heading" id="us-pce-data-and-gdp-data">US PCE Data and GDP Data</h2>
In addition to Fed updates, traders are also awaiting the latest US Personal Consumption Expenditures (PCE) inflation data on Friday, which will give a clearer picture of inflation trends.&nbsp;
For July, inflation is expected to rise slightly to 0.2%, up from 0.1% in June. Year-over-year inflation is projected to stay steady at 2.5%. Core PCE, which excludes food and energy prices, is also expected to remain at 0.2% month-over-month but may see a slight increase to 2.7% year-over-year.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcRMlxRKVHj6As5modnTJ7G-EcZXxOwf4Jm0sX0T_cuBAUV9vmScvCo0-RC_Cqv2rO3_Z9IzpR-Ax_a-vjNoYz6zvg6WPTd5LNHoZ4q8W4E1BIWYjYYA3DHOF4hNiTPxItT3Cfhjf70wk5Glhe41Aw5LzaZ?key=SUC5NbmCF8m_EbvZGko70A" alt="AD 4nXcRMlxRKVHj6As5modnTJ7G EcZXxOwf4Jm0sX0T cuBAUV9vmScvCo0 RC Cqv2rO3 Z9IzpR Ax a">
 <figcaption class="wp-element-caption">
 Image Source: ForexFactory
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</figure>
If the data reveals higher-than-expected inflation, it could dampen market optimism and potentially trigger a pullback in the ongoing crypto rally. The week ahead will be crucial in shaping market sentiment as traders await these key updates.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/08/16/michael-burry-sells-gold-us-cpi-signals-possible-fed-rate-cut/" rel="noopener noreferrer nofollow">Michael Burry Sells as Gold US CPI Signals Possible Fed Rate Cut</a>
</blockquote>

This Week’s Economic Data Could Impact the Crypto Market

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