What Bitcoin and Crypto Investors Should Watch for in the Week of 24th – 28th July?

The Bitcoin and cryptocurrency market has just finished a generally calm and uneventful week; what can investors expect in the coming week?

What Happened During the Week of 17 – 21 July?

cryptocurrency

After the SEC-Ripple case’s judge ruled that XRP is not a security on 13th July, the crypto market experienced positive sentiments, leading to a brief market rally. However, the momentum did not last, and cryptocurrencies experienced a decline during the week of 17th – 21st July.

Bitcoin’s price dropped to $29,512 during this week, though it quickly recovered. However, Bitcoin is still struggling to surpass the $30,000 resistance level. Important news for the crypto sector during this week includes:

  • July 18th – SEC accepted Valkyrie’s spot Bitcoin ETF for review.
  • July 18th – US Congressman Ritchie Torres urged SEC Chairman Gary Gensler to stop his attacks on cryptocurrencies by stating that they are not securities.
  • July 19th – Société Générale, France’s largest 3rd bank, obtained a license to provide crypto services in France, becoming the first company to do so in the country.
  • July 20th – Kuwait Capital Markets Authority banned cryptocurrency transactions in the country.
  • July 20th – The UK government rejected the regulation of cryptocurrencies as ‘gambling.’

What to Expect for Investors in the Coming Week

The week of 24th – 28th July is a critical week for the crypto sector as it is FED week. There are no significant developments to watch for on 24th and 25th July. However, on 26th July (Wednesday), the Federal Reserve’s interest rate decision could trigger market volatility.

The FED interest rate decision will be announced at 18.00 (UTC), with expectations priced for a 25 basis point increase. The current interest rate is 5.25%, and a 25 basis point hike would raise the rate to 5.50%. In the previous FED meeting, interest rates were kept unchanged.

Following the FED interest rate announcement, FED Chairman Jerome Powell will hold a press conference at 18.30 (UTC). These two critical events could increase volatility in the crypto markets – it’s worth noting that Bitcoin is currently squeezed between Bollinger bands.

On 27th July (Thursday), the European Central Bank will announce its interest rates, with expectations for a 25 basis point increase. The current interest rate is 4.00%. Following that, US quarterly GDP data will be released, with expectations for 1.8% growth for this quarter, while the previous quarter’s growth was 2.0%.

Lastly, on 28th July (Friday), US Core PCE (Personal Consumption Expenditures) Price Index data will be released. This data is crucial as the FED tracks it for inflation monitoring. Expectations for Core PCE are 0.2% monthly, while the previous monthly PCE was 0.3%.

In addition to this critical news, a spot Bitcoin ETF is expected to be launched in Europe this month, but there is no specific date. If there are no changes in Monochrome’s plans, this ETF could be launched next week and could hold critical importance for Bitcoin. This ETF will be the first spot Bitcoin ETF in Europe.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

PancakeSwap Achieves $310.6 Billion Trading Volume in 2024, Highlighting 179% Year-on-Year Growth

PancakeSwap has reported an impressive achievement, noting that its...

Aave Dominates DeFi with $34.3 Billion in Net Deposits as Lido Follows Close Behind

As of December 25, COINOTAG reports significant advances in...

Bitcoin Price Surges to $99,000: Analysis of Wallet Distribution Signals Potential Bull Market Ahead

According to recent data from Santiment, the cryptocurrency landscape...

Bitcoin Surges 113% in 2024: A Year of Adaptation for Mining Companies Amid Stock Price Declines

In the latest market update, Bitcoin's impressive **113% surge**...

Bitcoin ETF Outflows Reach $190.8M, Ethereum ETF Inflows Surge to $44.5M on December 24th

BlackRock's Bitcoin ETF Sees $190.8M Outflow, Ethereum ETF Receives...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img