The Bitcoin
What Happened During the Week of 17 – 21 July?
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.
CO NEWS – Weekly Economic Calendar🔥#US #FED #Europe #GDP #PCE #Bitcoin #BTC $BTC pic.twitter.com/HirCJXoiXt
— CO NEWS (@coinotagen) July 23, 2023
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.
