Here Are Some Events Happening This Week That Could Affect Crypto
The crypto market is like any financial market and is affected by events according to their outcomes. With the new week has come some important events that will no doubt have an impact on the crypto market and the prices of the digital assets that trade in it. These events are important to keep an eye on as they are watched closely by investors.
Some Events To Look Out For
Now, the FOMC meeting is something that a lot of crypto investors have probably heard about but may have no idea what it means. The FOMC stands for the Federal Open Market Committee, which is the arm of the Federal Reserve that decides on the monetary policy of the United States going forward. The FOMC meeting is where these policies are decided, and given that they control the nation’s money supply, their decision goes a long way in deciding the purchasing power of the citizens.
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The FOMC meeting will hold on Tuesday, and as is standard, the announcement will be made the next day, which is Wednesday. Outcomes from each meeting can impact the financial markets and trigger volatility across each one.
Another important event taking place this week is the earnings reports of some of the biggest players in the tech space. These household names include Meta (formerly Facebook), Microsoft, and Google, with the last two earnings report happening on Tuesday while Meta reports on Wednesday. Additionally, tech giant Apple will disclose its earnings reports on Thursday.
Whatever is disclosed will directly affect the shareholders of these companies, which affects the investments in the stock markets. And given the crypto market’s high correlation to the macro markets recently, there is sure to be a spillover.
Another incredibly important event in the United States GDP releases for the second quarter of 2022. These will show how the US economy performed in Q2. All of these will likely trigger volatility in the market for the week, so investors should keep an eye on these.
Crypto Market Woes
In addition to these events, the crypto market is not entirely out of the woods with its own internal issues either. The funds lost to the bankruptcy of prominent crypto companies such as 3AC and Celsius, as well as the LUNA crash, continue to haunt the market. The sentiment is yet to recover fully from these events, and investors remain unsure of if, and when, they will ever be able to recover their lost funds.
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Nevertheless, the market continues to hold up nicely even in the face of such adversity. Accumulation trends across major cryptocurrencies such as Bitcoin and Ethereum set a precedent that the market may be down, but investors are not giving up just yet.
Featured image from Forex Trending, chart from TradingView.com
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