The crypto market agenda is busy, and this week will be one of the most exciting in terms of macroeconomic developments. Throughout 2023, we disregarded some Fed meetings while we counted the minutes for others. For instance, the period of the banking crisis was critical, but the previous meeting was not much cared for as everything was already clearer. However, this week’s meeting is very critical.
The Fed Meeting and BTC
By the end of Wednesday, we will have learned everything from November inflation, Fed interest rate decision, and members’ 3-year interest expectations. The most curious issue is the non-binding but opinion-reflecting 3-year interest expectations of members. Along with this, whether inflation fell in November or not will determine the tone of Powell’s speech.
If Friday’s employment and wage increase data were not so bad, the markets would not be as nervous today (as in the previous meeting). Investors prefer to remain cautious because they are worried about possible surprises in inflation, interest projection, and Powell’s tone.
Moreover, in addition to all this, we have seen the details of the US’s absurdly strict crypto KYC proposal. When we look at the recent events from a broad perspective, we see that a 3-day chaotic atmosphere that could even overshadow ETF optimism has engulfed us.
What Will LUNC Coin’s Price Be?
After reaching a price of 0.000278 dollars, Terra Classic lost almost 40% of its value, and the loss may deepen while BTC is shaking. Precisely for this reason, we were talking about the expected increase in LUNC Coin price if BTC allows it. Even though LUNC doesn’t serve much purpose amid burns and speculations, it sees demand like a meme coin and rises.
The Terra Classic community has increased token demand following the acceptance of a proposal aiming to help LUNC and TerraClassicUSD (USTC) ecosystem tokens regain their former glory before the LUNA crash in May 2022.
At the time of writing, Terra Classic has lost its $0.00018 support. The bull flag formation on the four-hour chart suggests that a breakout may occur after the ongoing consolidation, and the LUNC price could climb to $0.00038. However, for this to happen, the BTC price needs to rise above $42,000 sooner rather than later, and the panic atmosphere needs to calm down.
BTC will most likely not be able to do this until Wednesday is over. If LUNC Coin cannot differentiate positively, we can see a drop to $0.00015.
