Reserve

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Bitcoin

As financial markets remain close to all-time highs, investors are closely eyeing key economic events this week for insights. The data releases are expected to provide crucial information on various sectors which can directly influence market sentiments. Amid all key data releases, the <a href="https://news.todayq.com/india-crypto-tax-outlook-rules-regulations-its-implications/" target="_blank" rel="noreferrer noopener">crypto market</a> cap stands at $1.55 trillion, with a 2.01% decrease over the last day.&nbsp; Here are the key events for crypto to look out for:&nbsp; Consumer Confidence Data 
December 20, 2023, Wednesday will bring the release of Consumer Confidence data, shedding light on consumers’ sentiments. Consumer spending plays a pivotal role in economic growth. The data is closely watched to gauge the overall health of the economy. US’s Quarter 3 2023 GDP figures&nbsp; 
December 21, 2023, Thursday’s release of Gross Domestic Product (GDP) data for the third quarter of 2023 is marked as a major event event. US Q2 2023 GDP increased 4.1% annually, hitting $26.8 trillion, a $36.3 billion downward revision. GDP serves as a comprehensive measure of economic performance, offering insights into the overall health and growth of the economy. November PCE Inflation stats 
December 22, 2023, Friday will focus on the Personal Consumption Expenditures (PCE) inflation data for November. PCE is a critical metric for assessing inflation trends, and the data is closely monitored by the Federal Reserve in its policy decisions. What’s next? 
As this week is all set for the economic releases, the US inflation rate has witnessed a decline from its peak of over 9% to 3.2% over the past year. However, reports suggest that the recession signals flashing and potential implications for President Biden’s approval ratings. 
Federal Reserve Chair Jerome Powell’s recent dovish tone after the latest interest rate decision meeting triggered positive reactions in both stock and crypto markets. Powell’s announcement of official Fed projections indicates potential interest rate cuts in 2024. This has contributed to a surge in market optimism. 
The U.S. dollar responded to Powell’s dovish stance by weakening, and analysts surveyed by Bloomberg anticipate a continued decline in the dollar throughout 2024. This shift in the Fed’s outlook is a positive development for the crypto market, aligning with expectations of rate cuts, the Bitcoin halving, and increased election spending in the coming year. 
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Crypto market braces Itself ahead of these key events

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