Events That Could Shake Cryptocurrency Price Next Week – Money Times

As cryptocurrencies returned to their uptrend following the Fed’s interest rate hikes. (Image: Unsplash/Quantitative)

the price of cryptocurrencies continued to recover last week as macroeconomic conditions continued to deteriorate.

At the time of publishing this news, Bitcoin (BTC) was trading at $23,745, down 2.7% in the past 24 hours, according to data from CoinMarketCap. Ethereum (ETH)meanwhile, traded at US$1,707, with a negative variation of 0.7% over the same period.

the price of cryptocurrencies contracted earlier in the week, pushing that market cap below $1 trillion, ahead of the Federal Reserve (Fed, or Banco Central Americano) decide to raise the interest rate by 0.75 percentage point (pp).

Following the Fed’s decision, the price of cryptocurrencies returned to the bullish trend. Last Thursday (28), the announcement of the decline of the US economy in the second quarter stimulated a new positive movement in prices in the cryptocurrencies.

Find out below what crypto market participants have to say about price action over the past week and what to watch out for in this market next week:

Cryptocurrencies in “Bizarre No Man’s Land”

On Tuesday, crypto trading firm Cumberland shared its own take on the market, saying digital assets were in a “weird no man’s land” after the selloffs recorded in June and the impending macro and crypto catalysts.

The Chicago-based company said that besides bringing “The Merge” to Ethereum, most of the fundamentals of cryptocurrencies on the horizon are linked to legal and regulatory decisions.

However, the legislation on stablecoins should be postponed for several months, during which the ongoing actions of the Securities and Exchange Commission (SEC, an American GVC) will play a role.

Cumberland’s Head of Trading, Jonah Van Bourg, concluded the remarks by saying, “As the macro fog clears, capital will accumulate rapidly in the new best trades that emerge. We continue to believe that digital assets will be among the most exciting theses. »

“Macro fog” refers to turbulent macroeconomic factors around the world, from monetary policy debates in the United States to the war between Russia and Ukraine and how countries are dealing with post-pandemic changes.

In an update, market maker QCP Capital said it expects markets to go sideways in the coming weeks, with the Fed’s rate hike decision on the sidelines and the slowing inflation.

However, the company noted that the trip by the Speaker of the United States House of Representatives United States, Nanci Pelosi, in Asia could be cause for concern. Pelosi intended to visit Taiwan during the trip, which heightened tensions between the United States and China.

Season of best results

The quarterly results of two large companies had an impact on cryptocurrencies: the sale of 936 million dollars in bitcoins from You’re heree Meta – parent company of Facebook – disclosing a Reality Labs $2.8 billion lossdivision of metaverse company, in the second quarter of this year.

Check out the results to watch next week:

Next Tuesday (2) should be full of results, with Coinshares, MicroStrategy e PayPal interest investors in cryptocurrencies.

The next day (3), Robin Hood – which went public about a year ago – will share the results even after Cathie Wood’s Ark Invest sold more than $500,000 worth of HOOD stock.

Tesla will return to center stage next week at its annual conference.

The CEO of the electric vehicle company – the richest man in the world, Elon Musk — has been in and out of the news for the past few months, since Twitter’s offer to buy was accepted, but the deal then fell apart.

investors in cryptocurrencies may also be interested in learning more about why Tesla sold digital assets and potential payment plans in cryptocurrencies not future.

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