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Bitcoin Tops $40K, Can This Week’s Economic Events Push it Higher?

2 mins
Updated by Ciaran Lyons
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In Brief

  • Bitcoin surpasses $40,000 for the first time since April 2022, amidst a busy economic week in the US.
  • Key economic events this week include ISM non-manufacturing PMI data, jobless claims, and consumer sentiment data.
  • Despite economic events, crypto markets are expected to move independently, driven by potential Bitcoin ETF approvals.
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A busy economic calendar lies ahead for the week and crypto markets have been on the move. Bitcoin has topped $40,000 for the first time since April 2022, but can momentum continue higher? 

Macroeconomics outlet The Kobeissi Letter has listed the key economic events for the United States for the week beginning Dec, 4. There are some jobs and consumer sentiment figures but no notable Federal Reserve speeches this week.

Macroeconomics Calendar 

ISM non-manufacturing PMI data is due on Tuesday. This is also known as the Institute of Supply Management Purchasing Managers’ Index. It is a composite business index calculated as an indicator of the overall economic condition for the non-manufacturing sector. 

There are some initial jobless claims figures due on Thursday which are expected to be slightly higher than the previous month.

Friday, December 8, has the consumer sentiment data and November jobs report. Consumer sentiment is expected to improve marginally. It is an economic indicator that measures how optimistic consumers feel about their finances and the state of the economy.

“Tons of employment data this week that will heavily impact next week’s Fed meeting,” commented the Kobeissi Letter.

Read more: 7 Must-Have Cryptocurrencies for Your Portfolio Before the Next Bull Run

Additionally, US unemployment rates, also due on Friday, are expected to remain unchanged at 3.9%. 

However, crypto markets are not expected to be impacted by this week’s economic calendar events. They appear to be moving under their own momentum driven by the premise of spot Bitcoin ETF approvals in January. 

Total market capitalization has gained around $40 billion over the weekend. This has propelled it to a 19-month high of $1.59 trillion at the time of writing. Moreover, markets are now just 48% down from their peak of $3.08 trillion in November 2021. 

Bitcoin Tops $40K 

Bitcoin is leading the way today, surging to $40,800 during the Monday morning Asian trading session.

It is the highest price BTC has seen since April 2022 and a gain of 3.5% over the past 24 hours. 

BTC/USD 24 hours. Source: BeInCrypto
BTC/USD 24 hours. Source: BeInCrypto

The king of crypto has now made 9% over the past week and has been steadily increasing since September.

BTC is leading markets with Ethereum gaining 2.6% to $2,217. The rest of the altcoins have made just a couple of percent aside from Litecoin, Bitcoin Cash, and Shiba Inu performing well today. 

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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