When we look at the markets, we see that there are decreases in cryptocurrencies in general. We will examine the issues such as whether the FED’s interest rate meeting has an effect behind these declines, why the markets are moving in a downward direction, and we will take a look at the previous headlines of the week.
Does the FED Have an Effect on the Markets?
As you know, there is a Federal Open Markets Committee meeting on July 26 and 27, that is, today and tomorrow, and according to many experts, the FED will announce the rate hike as 75 basis points at these meetings, but 100 basis points is among the options. So, will the Fed’s interest rate announcement have an impact on the markets? At the moment, we cannot show the FED’s interest statement as the reason for the decrease in Bitcoin price, but the leading cryptocurrency Bitcoin, although it closed above $ 22 thousand yesterday, continues its price activity at the level of $ 21 thousand 43. Bitcoin, which created support at the level of $ 21 thousand 750 yesterday, could not hold on to this support level and had a sagging up to $ 21 thousand 12. Bitcoin, which continues to sell heavily today, seems to draw its way according to the statements of the FED this week. According to experts, the FED’s rate hike below 100 basis points may help risky markets breathe a little. Again, according to the Fed’s interest rate statements, Bitcoin, which is moving in a downward direction, may not be able to hold on to the levels it is at and may start to price at lower levels.
Glassnode Presents BTC Report
On-Chain data analytics platform Glassnode announced in this week’s bulletin of its weekly report that there is excessive demand for Bitcoin at the level of $ 20 thousand. Glassnode analyst stated that many of the investors who bought Bitcoin at psychological levels in the last drop did not sell. The analyst cited the reason for this that Bitcoin is likely to bring more returns than other investment vehicles.
Coinbase vs. SEC
In addition to the ongoing litigation process with Ripple, the SEC has now faced Coinbase. The SEC has launched an investigation against the company on the grounds that Coinbase allows trading of certain crypto assets that must be registered as securities in the US. With the SEC increasing the pressure on the crypto money market, it caused increased anxiety in the market.
Developments to Follow
As you know, companies such as Tesla and Twitter announced their 2022 second quarter reports last week, and the second quarter reports of big technology companies such as Visa, Meta, Apple Amazon and Intel can be followed this week.
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