Bitcoin Price: Key Market Movers To Watch In The Week Ahead

Interestingly, several upcoming events could potentially have a market moving effect on the global cryptocurrency market.

advertisement

Also Read: Shiba Inu Claws Back Gains But This Metric Shows Better Days Are Ahead

The FOMC Impact?

Trading volumes for Bitcoin have seen a significant drop since July 15, 2023, when there was a $8.01 billion daily volume compared to the $20 billion it clocked the days before. Hence, the July 26, 2023 meeting of the Federal Open Market Committee (FOMC) could likely initiate a cycle of volatility for Bitcoin price, as was seen around the previous US Fed meetings. Investors would be closely looking at Fed Chair Jerome Powell’s message on the committee’s forecast for the FOMC meets to come in the remainder of 2023.

Also scheduled for the week is U.S. PCE inflation Index data on Friday, July 28, 2023. The CME FedWatch Tool projects a 99.2% chance for an interest rate rise to the 525-550 bps range in the upcoming meeting.

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Robert F. Kennedy Jr. To Speak On Bitcoin

US Presidential candidate Robert F. Kennedy Jr. is set to speak at length on Bitcoin in an interview with The Wolf Of All Streets on Wednesday, July 26, 2023. He had recently promised to back the US Dollar with Bitcoin and exempt the cryptocurrency from taxes, if elected to power.

Also Read: XRP Ruling Appeal: Attorney Says US SEC Has Just One Option Left

Will S&P500 Bulls Push Bitcoin Price Past $30k?

Meanwhile, Bitcoin may be in for a correction phase in the days to come due to an imminent bearish phase the US stock markets may soon attract. The S&P 500 Index is currently on a rare bullish streak with a less than 1% drop in as many as eight straight weeks.

Whereas the Dow Jones Industrial Average repeated on weekly gains with 10 consecutive daily gains, for the first time since 2017. Debate around artificial intelligence linked stocks have recently helped maintain buoyancy in the S&P 500, which has a historical correlation with the Crypto Market.

Comments

Post a Comment

Popular posts from this blog

Internet Computer (ICP) Price Prediction, What Do the Charts Suggest Today?

Image
Join Our Telegram channel to stay up to date on breaking news coverage ICP is currently down by 7.89% within 24 hours, trading at $7.26 today, February 20. Last month, the Internet Computer token traded at $4.60 on January 14 before closing the market the same day at $5.05.  From January 15 to 26, ICP traded between $4 and $5 until January 27, when it rose to $6.05. From that day, the token recorded little rallies and pullbacks until February 17, when the price rose to $7.32. It has maintained this price level till today, February 20.  Also, ICP reached an intraday high of $8.17 on February 19 before closing at $7.33. Even though the bearish pressure today has pushed the price down by 11%, the ICP community is optimistic about its potential to gain.  Internet Computer Price Prediction  Source: Tradingview.com Internet Computer (ICP) price is recording a slight pullback in the market today. After it traded at $7.32 on February 17, forming a long green candle on the daily ch
Read more

Mt. Gox repayment date looming: Is Bitcoin in trouble?

Image
As the Mt. Gox repayment deadline scheduled for October approaches, crypto observers expect a major industry event coming up this fall. While the cryptocurrency community is actively discussing the upcoming Bitcoin (BTC) halving in 2024, there is potentially another big market event happening this year. The trustee of the hacked Bitcoin exchange Mt. Gox is set to finally repay the exchange’s creditors by the end of October 2023. If that happens, the cryptocurrency market could be significantly affected in several ways, some industry observers agree. Founded in 2010, Mt. Gox was once the biggest Bitcoin exchange in the world, estimated to facilitate around 70% of all BTC transactions before its implosion. The now-defunct exchange lost 850,000 BTC — or 4% of all Bitcoin to ever be issued — in a security breach in 2014. The event made Mt. Gox one of the biggest cryptocurrency bankruptcies of all time, with creditors yet to be repaid, nine years later. As the current Mt. Gox repay ment d
Read more

Nic Carter Ranks Exchange Attestations And Proof-of-Reserves

Image
The top two crypto trading platforms by the proof-of-reserves score were Kraken and BitMEX, whereas Binance scored poorly due to its shortcomings. Bitcoin supporter Nic Carter has ranked the attestations supplied by some of the most well-known crypto trading platforms and published an in-depth review of centralized exchange proof-of-reserves. Carter thoroughly analyzed the proof-of-reserves from various exchanges (PoR). The cryptocurrency executive employed criteria including attestation to assets held and a declaration of liabilities, incorporation of a third-party auditor, establishing credibility by taking a PoR for all purchases, and commitment to a continuous process to identify which PoRs are of the highest quality. PoR scores of crypto exchanges. Source: Medium The top two cryptocurrency trading platforms were BitMEX and Kraken. Carter claims that Kraken, which used Armanino for its proof-of-reserves, provides clients with a “good level of confidence tha
Read more