Important Events That Will Affect the Price of Bitcoin and Ethereum This Week

  • After BlackRock, the world’s largest asset manager, submitted its spot Bitcoin ETF to the SEC, the crypto market experienced a slight positive sentiment.
  • With the issuance of new Treasury bonds by the US Treasury Department, US Treasury yields continue to rise.
  • Before the start of the week, it was reported that Fidelity Investments, the world’s third-largest asset manager, is expected to apply for a spot Bitcoin ETF, according to information from foreign sources on Sunday.

Investors are facing another busy week after a turbulent week; Fed Chairman Powell’s speeches could be decisive for prices.

Despite the SEC, Cryptocurrencies are Recovering

Cryptocurrency
After BlackRock, the world’s largest asset manager, submitted its spot Bitcoin ETF to the SEC, the crypto market experienced a slight positive sentiment. The prices of the two major crypto assets, Bitcoin (BTC) and Ethereum (ETH), recovered from the decline after the US Federal Reserve decided not to change interest rates but signaled an increase later this year.

Before important crypto news and events this week, investors showed a cautious attitude, resulting in a slight decrease in Bitcoin and Ethereum prices.

With the issuance of new Treasury bonds by the US Treasury Department, US Treasury yields continue to rise. Meanwhile, the US dollar is weakening after the Fed’s “hawkish pause,” and the US dollar index (DXY) fell below the 102.50 level. The price of Bitcoin usually moves in the opposite direction of US Treasury yields and the US dollar.

Before the start of the week, it was reported that Fidelity Investments, the world’s third-largest asset manager, is expected to apply for a spot Bitcoin ETF, according to information from foreign sources on Sunday. It was also reported that Fidelity will make an offer to acquire Grayscale. It has not been officially confirmed yet, but the community has revived with this news.

Things to Watch This Week

Investors are looking for new guidance on monetary policy in the coming months from Fed Chairman Jerome Powell’s testimony before the House Financial Services Committee on Wednesday and his testimony before the Senate Banking Committee on Thursday. Fed officials Lisa Cook and Philip N. Jefferson will also testify before the US Congress. In addition, six Fed officials, including James Bullard, John Williams, and Raphael Bostic, are scheduled to speak this week.

In addition, the Bank of England will announce its interest rate decision on Thursday, which is expected to announce another 25 basis point increase to control inflation. After the ECB (European Central Bank) raised interest rates by 25 basis points last week and signaled further tightening, investors will be waiting for new guidance from ECB officials.

This week, the release of inflation data from many countries and the decision of the People’s Bank of China to stimulate activities with other measures can also affect investor expectations.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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