The Bitcoin and cryptocurrency market is bidding farewell to a relatively calm and low-volume week; what can investors expect in the coming week?
What Happened During the Week of July 24 – 28?
The week of 24th – 28th July began with Twitter changing its logo to an ‘X.’ Elon Musk, by changing his profile location to ‘X’ and adding the symbol of Dogecoin, Ð, next to it, sparked speculation that ‘X’ might soon accept Dogecoin as a payment method. On the same day, the price of Bitcoin dropped below $29,000. However, the price quickly recovered and held above $29,000.
On 25th July, the UK Information Commissioner’s Office announced an investigation into Worldcoin, which gained global attention upon its launch. Later, German and French authorities also announced investigations into Worldcoin. Following these developments, Binance announced the launch of its cryptocurrency exchange in Japan in August.
On 26th July, the Central Bank of Italy partnered with Polygon and Fireblocks to help institutions deal with tokenized assets. However, the most significant news of the day came from the FED, as it announced a 25 basis point increase in interest rates as expected. There were expectations of Bitcoin displaying volatile movements during this decision, but it did not occur as expected. The price moved for a while and rose to $29,690 during FED Chairman Jerome Powell’s speech, but then it fell again.
Following the FED, on 27th July, the European Central Bank also raised interest rates by 25 basis points. After the ECB’s decision, the US 2nd-quarter growth rate was announced at 2.4%, which was expected to be 1.8%.
According to the latest data on 29th July, Bitcoin’s spot market volume (7-day average) dropped to the lowest level since 2021.
What to Expect Investors Next Week
The week of 31st July – 4th August will generally be relatively calm. However, there are still significant events to note. On 31st July (Monday), the inflation rate of Europe will be announced, followed by Turkey’s inflation rate on 3rd August (Thursday).
Next, investors will monitor the economic calendar in the US, including the US Unemployment Claims on 3rd August and the US Unemployment Rate and Non-Farm Payrolls on 4th August.
Weekly Economic Calendar👀#Türkiye #Europe #US #Bitcoin #BTC $BTC #Litecoin #LTC $LTC pic.twitter.com/0XstuGHMe2
— CO NEWS (@coinotagen) July 30, 2023
Another significant event in the coming week will be Litecoin’s halving event. During this event, Litecoin block rewards will be reduced from 12.5 LTC to 6.25 LTC. This halving event is expected to take place on 2nd August.
