Big Week: Key Things to Watch for Crypto Investors

As a seasoned researcher with extensive experience in financial markets and macroeconomic trends, I can’t help but feel a sense of anticipation as we approach another pivotal week for the cryptocurrency market. With the U.S. Federal Reserve set to hold its next meeting on Thursday, the markets are abuzz with speculation about the potential outcome.


The cryptocurrency market is bracing for another crucial week on the macroeconomic front. 

On Thursday, the U.S. Federal Reserve is on track to have another meeting. 

To date, there seems to be a general agreement that the upcoming meeting will serve as a prelude to the long-awaited interest rate reduction in September. Nevertheless, it’s highly unlikely that the Fed will take such a major action during this week’s session. Instead, they may prefer to wait for additional economic information before making a decision.

In 2022, the Federal Reserve raised interest rates persistently, ultimately reaching a target of around 5.25% to 5.5%. This bold move came in response to mounting inflation pressures that required firm action.

Although inflation has significantly decreased, the Federal Reserve has not yet reached its stated goal of a 2% inflation rate. However, many economists believe the latest data is strong enough to justify a reduction in interest rates.

According to U.Today’s report, U.S. inflation eased in July, leading some analysts to forecast two interest rate reductions from the Federal Reserve in 2024. However, Yardeni Research President Ed Yardeni holds a different view. In an interview with CNBC’s Squawk Box, he expressed his belief that the Federal Reserve is only expected to lower the benchmark interest rate once, possibly in September, and this might be their sole reduction.

As a crypto investor, I’m keeping a close eye on the upcoming U.S. jobs data release. With estimates suggesting a gain of around 200,000 jobs in the coming year, this data is pivotal for me. It will provide valuable insights into the labor market and help determine if the Federal Reserve can successfully navigate an economic soft landing this year.

The leading cryptocurrency is currently trading at $69,197 after failing to top the $70,000 level.

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2024-07-29 18:09