"Are investors afraid of that? Hmm do you think the crypto market will go up or down this week?”
The price of the king of cryptocurrency Bitcoin (BTC) which so far is still in a horizontal momentum may see volatile movements in the near future following some important macroeconomic events.
Among the important events is the meeting of the Federal Open Market Committee (FOMC) early Thursday morning this week which can cause the price of BTC to fluctuate as erratically as the previous situation.
This is because investors will examine the statement issued by Federal Reserve (Fed) Chairman Jerome Powell so that they can determine whether the central bank of the United States (US) will raise interest rates or not for the remainder of 2023.
Also scheduled this week is the US PCE inflation index data at the end of the week which will also be examined by the central bank for an assessment of the consumer spending situation.
In addition to the FOMC and PCE, US Presidential candidate Robert F. Kennedy Jr who is set to talk about BTC in his interview with The Wolf Of All Streets on July 26 is expected to boost the price of BTC.
Recently, he not only promised to support BTC including the US dollar but also intended to exempt crypto from taxation if elected president.
However, BTC including the rest of the crypto market is able to move into a recovery phase and will be affected in the next few days following the US stock market may experience a massive decline.
As of this writing, BTC price has jumped by 0.52% to $29,981 in the last 24 hours with a market cap of $582 billion but still posted a 0.80% decline over the last week.
