Bitcoin (BTC) rose to clip $20,000 for the first time in five days on July 4 as the Independence Day holiday brought some unexpected gains.
Some of the industry’s top analysts forecast positive signs for the Crypto market and for the whole industry. The crypto community is keeping an eye on three essential events this month that could have a significant impact on the crypto market and the wider US financial situation this year.
As a trading platform Rock-West is very interested in the financial market and industry. One of our main duties is to keep our clients and followers informed about the current situation in the Forex and Crypto market, provide useful information that will help them to make a successful deal.
So today we are here to introduce you to the 3 major events that will have a great impact on the Crypto market. So let’s start!
1. The Monthly Consumer Price Index (CPI)
A consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households.
The next scheduled release of the CPI is expected on July 13, 2022, by the U.S. Bureau of Labor Statistics. According to Trading Economics, the inflation rate, or CPI, will be higher than May’s 8.6% .
“All eyes on CPI numbers on July 13th. If CPI comes in lower, that will be the catalyst for a dead cat bounce.”
Continued rising inflation could impact demand for cryptocurrencies, forcing consumers to spend more than they did previously.
2. Fed Interest Rate Hike
Interest rate hikes are one of the primary tools used by the Federal Reserve and the U.S. Central Bank to manage inflation by slowing down the economy.
Following the Federal Open Market Committee (FOMC) meeting on July 26–27, interest rates are expected to surge further after rising by 75 basis points in June, one of the biggest monthly hikes in 28 years. The FOMC is expected to decide this month whether to apply a 50 or 75 basis point increase. Compound Capital Advisors’ founder and CEO, Charlie Bilello, bet on the bigger amount.
3. United States’ GDP
Gross domestic product (GDP), the featured measure of U.S. output, is the market value of the goods and services produced by labor and property located in the United States.
The U.S. Bureau of Economic Analysis (BEA) will publish an early forecast of the country’s GDP for the second quarter of 2022 on July 28. After registering a -1.6% GDP decline in Q1 2022, Atlanta Federal Reserve’s GDPNow tracker is now expecting a -2.1% decline in GDP growth for Q2 2022.
After two quarters in a row of GDP decrease, the United States would enter a “technical recession” after two quarters in a row of GDP decrease. Bitcoin will face its first full-blown recession, and will certainly continue to fall along with tech stocks.
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