Bitcoin will jump to the highest price since March 2022

Following Monday's New Year's holiday, the financial and economic wheels will start turning again in the United States. A short week on the economic calendar will see the publication of the minutes of the Federal Reserve's December meeting, which could impact the price of Bitcoin.

Macroeconomics outlet Kobayashi's Letter lists key economic events in the United States for the week beginning January 2, following the New Year's holiday.

This week's economic calendar

This week, investors' attention will be divided between the release of reports reflecting trends in the US labor market and the minutes of the Fed's last policy meeting.

The ISM Manufacturing PMI report for December will be released on Wednesday. This is released by the Institute for Supply Management to show business conditions in the US manufacturing sector and is a significant indicator of overall economic conditions.

Minutes of the December Federal Open Market Committee (FOMC) meeting will be released on January 3. These are often market-moving events that can inform Fed decision-making and future policy.

This week, investors will look for key confirmation from the central bank to ease monetary policy. They also look for clues about the timetable for expected interest-rate cuts.

Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run

January 5 The December ISM Services PMI report will be released. This reflects the state of business in America's service sector, which contributes about 80 percent of GDP. The figures are forward-looking indicators that provide insight into factors affecting GDP growth and inflation.

The US Bureau of Labor Statistics will also release payrolls and unemployment reports on Friday.

These detail the number of new jobs created in the past month and the percentage of people who were actively searching in the past month.

They are key economic indicators and sentiment on the overall health of the recovering US economy.

BTC Market Outlook

Crypto markets still have Bitcoin ETF fever. As a result, total market capitalization hit a 20-month high of $1.82 trillion in Asia on Tuesday morning.

Bitcoin led those gains with a 7.5% price increase to hit an intraday high of $45,500. The property has been sold for the most since March 2022, two months before the Terra/Luna collapse.

Ethereum is moving with a 5% gain to reach $2,389 at the time of writing, and many altcoins are getting an even bigger lift.

The top performing altcoins this Tuesday morning are Solana (SOL), Cardano (ADA), Avalanche (AVAX) and Polkadot (DOT), all up more than 6% on the day.