The crypto market recently experienced a slight positive sentiment following the filing of BlackRock iShares spot Bitcoin ETF with the US SEC, while some uncertainty was diminished as crypto exchanges Binance and Coinbase dealt with US SEC lawsuits. The prices of the two largest crypto assets, Bitcoin (BTC) and Ethereum (ETH), recovered after the US Federal Reserve maintained the interest rate unchanged but hinted at hikes later this year.
However, the prices of Bitcoin and Ethereum slightly dropped today as investors grow cautious of key crypto news and events occurring this week. US treasury yields continue to increase, while the US dollar remains weak after the “hawkish pause” by the US Fed, causing the US dollar index (DXY) to fall below 102.50. Bitcoin price typically moves contrary to the US treasury yields and the US dollar.
Over the coming months, investors will be seeking fresh guidance on monetary policy from US Fed Chair Jerome Powell’s testimony in the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday. Additionally, Fed officials Lisa Cook and Philip N. Jefferson will testify before the US Congress, while speeches from six Fed officials, including James Bullard, John Williams, and Raphael Bostic, are scheduled for this week.
Furthermore, the Bank of England is expected to announce its interest rate decision on Thursday with a potential 25 bps hike to curb inflation. Investors will also be eager for fresh guidance from European Central Bank officials following the ECB’s 25 bps rate increase last week, which signaled further tightening. Inflation data releases from several countries, and decisions from China’s central bank on reviving activity through stimulus and other measures, could also influence investors’ outlook this week.
BTC price experienced a 0.50% decrease, dropping to $26,404, while ETH price now trades at $1,724, declining by 0.5% in the last 24 hours. Crypto prices are mainly moving sideways amid the market uncertainty.
With market sentiment remaining cautious, individual investors should conduct thorough research before investing in cryptocurrencies. As the market fluctuates, it is essential to understand that, ultimately, the author or publication may not hold any responsibility for your personal financial loss.
Source: Coingape
