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The crypto market is currently under sales pressure and overall crypto prices are declining. Bitcoin prices have fallen by about 4% in the last 24 hours to below $ 22,000. BTC is currently trading at $ 21,930 200 week moving average..
The price of Ethereum has also dropped by about 5% and is currently trading at $ 1,526. On-chain data provider Santiment has revealed that the recovery of ETH has been declining since the release of the Ethereum Merge date and that ETH prices are expected to continue to fall. Solana, Avalanche, and Cosmos are other major losers in the crypto market.
The crypto market could collapse due to the FOMC meeting on July 27th.
Leading crypto traders and professionals are preparing for the volatile market in the weeks ahead. Next week’s most important event will be the FOMC conference on July 26th and 27th. The Federal Open Market Committee is the Fed’s monetary policy-making body and makes decisions about rate hikes.
The final rate hike at 75bps caused a great deal of turmoil in the crypto market. The CMEFedWatch tool It shows a 78.7% chance of a 75bps hike and a 21.3% chance of a 100bps hike. However, MF Hoz, a major influential trader, said the Fed recently expanded its balance sheet. 100bps hike..
Data on GDP for the second quarter of the United States will be released on July 28. Q1 data showed negative GDP growth. If future data repeats this trend, it indicates that the United States is in recession.
In addition, major tech companies such as Google, Microsoft, Meta, Apple and Amazon will report financial figures from the second quarter. The data show that tech stocks are strongly correlated with the crypto market and that turmoil can cause crypto prices to plummet.
The content presented may contain the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
