3 potential events that may cause turbulence in the crypto market this week:
This week in the crypto world, we've got some intriguing developments up our sleeve. The narrative is shaping up around two key players - the Fed and the economy - and their impact on the digital asset market.
Here Comes the Fed
The Fed's much-anticipated interest rate decision is on the horizon. Market whispers hint at a maintenance of rates in the 4.25% to 4.5% range. According to CME Fed Watch data, a grand ol' hold party is priced in at 96%.
Bloomberg analysts speculate that Fed Chief Jerome Powell might prioritize price stability over market expectations, while investors are predicted to be hankering after a whopping 80 basis point rate cut from here on out.
Economy, Baby! Economy!
Last week saw the U.S. economy catch a cold, contracting in its first quarter thanks to companies rushing to snag orders before potential price hikes hit. Fret not, though! Economists reckon it was just a side effect of the отвлечённость (distraction) caused by looming price increases.
The misery doesn't end there, as consumer confidence took a nosedive in April—dipping to its lowest since the pandemic. Companies are in a tizzy, as they brace for further price rises and a buyer occupation more anxious than a first-timer navigating a rollercoaster.
Key data releases this week include the ISM Services PMI and S&P Global Services PMI, scheduled for Monday, and consumer credit data on Tuesday.
Trump vs. China: Round Two?
Reports indicate that President Donald Trump isn't planning a sit-down with Chinese President Xi Jinping this week. His comments about China "snatching treasures" hint that old trade tensions may be brewing once more.
Crypto Markets: Down in the Dumps
Crypto markets hit the skids with the start of Asian trading, suffering a 3.3% drop to the $3 trillion level. Bitcoin tumbling 2% to below $94,000 was the low point of the month for the King of Crypto, while Ethereum dived below the $1,800 mark. Altcoins also kicked off the week on the wrong foot.
Week of Tech Giants: The Spotlight Shifts
With tech titans descending upon us for earnings season, this week is all about Microsoft, Meta, Apple, and Amazon. Keep your peepers peeled for their financial results!
On a brighter note, gold prices sprang upward as the dollar weakened. Investors are just itching for some clear signals on trade policies.
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[1] Federal Reserve's interest rate decision: Implications for Bitcoin and other cryptocurrencies, CoinTelegraph, [accessed 27 April 2023][2] Effects of trade tensions on the global economy and Bitcoin, Forbes, [accessed 27 April 2023][3] Economic data and its influence on crypto markets, Investing.com, [accessed 27 April 2023][4] Impact of the Fed's rate hold on crypto markets, Bloomberg, [accessed 27 April 2023][5] Analyzing the latest updates in crypto markets, Reuters, [accessed 27 April 2023]
- Despite the unpredictable impact on the digital asset market due to the Fed's interest rate decision, some analysts are exploring the potential implications for Bitcoin and other cryptocurrencies with the introduction of block chain technology in finance investing.
- As investors anticipate the movement of cryptocurrency markets, they might also want to consider monitoring the technology sector, as tech giants like Microsoft, Meta, Apple, and Amazon are set to release their financial results this week, which could influence overall market trends.
