The cryptocurrency market is entering a critical juncture this week. While a number of macro-economic factors shape market sentiment, market trends such as awaiting the decision of the US Securities and Exchange Commission (SEC) for Spot Ethereum ETF approval are also of great importance. In this article, let’s take a closer look at the key developments that are expected to have an impact on the course of the week.
How will the cryptocurrency market move this week?
According to several experts, the crypto market is poised to rise this week, driven by the excitement of recent positive announcements. Let’s look at the reasons that are likely to affect the performance of the crypto market this week. Many market participants are predicting that the cryptocurrency market will rise this week, excited by various positive announcements. One of the most important factors is that the US’s 2nd Quarter GDP is expected to grow by 1.9%, compared to 1.4% in the previous period. This growth could impact the cryptocurrency market, given the global economic stance towards crypto assets.
The GDP data to be published will help the central bank decide on potential policy rate changes. According to CME FedWatch Tool, a rate cut is expected in September. But GDP data will likely influence the Fed’s decision. US Personal Consumption Expenditures (PCE) inflation data will also be released this week. Investors will follow these figures closely to evaluate the FED’s interest rate hike plans. Although the recent downward trend in the US Consumer Price Index (CPI) signals a moderate policy, higher-than-expected PCE data could negatively impact the cryptocurrency market.
Bitcoin conference and Ethereum ETF approval
The Bitcoin Conference to be held this week is expected to have a significant impact on the crypto market. Donald Trump is expected to speak at the conference, fueling speculation that he may declare Bitcoin as the US reserve currency. Experts believe that the conference could act as a catalyst that could push up the Bitcoin price and the overall cryptocurrency market.
Another important event will be the US Securities and Exchange Commission (SEC) potentially approving the Ethereum ETF. Many experts expect the Ethereum ETF to begin trading on July 23, and this is expected to cause a rally in the cryptocurrency market. This approval will be an important milestone that demonstrates growing institutional interest and trust in Ethereum. The market outlook remains optimistic and several factors may combine to push prices higher. However, the cryptocurrency market is not far from its volatile structure. In this context, investors need to do due diligence before investing in the market.
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