Bitcoin price continues to fluctuate and hovers around the $60,000 mark after a sharp drop. Despite being challenging for investors, the crypto experienced natural volatility amidst concerns about the US economy. So, what developments could affect the price in the coming days and hours?
Important Developments in Cryptocurrencies?
BTC price was at $58,806 at the time of writing, with geopolitical risks, recession concerns, and oversupply causing cryptocurrencies to fall for several months. Although the upward trend is still maintained, this volatility has caused altcoins to dip below last year’s levels.
So, what awaits us now? What should investors pay attention to in the coming days?
Tuesday, August 13
- 15:30 US PPI (Expectation: 2.3%, Previous: 2.6%)
- 20:15 Fed/Bostic
Wednesday, August 14
- 15:30 US Inflation (Expectation: 3.2%, Previous: 3.3%)
- SAND Unlock (53 Million $)
- CYBER (6 Million $)
Thursday, August 15
- 14:30 ECB Monetary Policy Minutes
- 15:30 US Core Retail Sales – Monthly (Expectation: 0.1%, Previous: 0%)
- 15:30 Unemployment Claims (Expectation: 235K, Previous: 233K)
- 20:10 Fed/Harker
- STRK (25 Million $)
Friday, August 16
- 20:25 Fed/Goolsbee
- ARB (52.89 Million $)
Can Cryptocurrencies Fall?
This week, inflation data will be released, and many indicators suggest the decline should continue. The Fed will start lowering interest rates in September without waiting to reach its 2% inflation target. This outcome is inevitable with labor data coming in worse than expected amidst the recent recession chaos.
If the inflation data comes in at or below expectations, the belief that there will be at least three rate cuts this year will strengthen. However, if inflation is high while the labor market weakens, the Fed may be forced to keep rates high for a while. Bitcoin will undoubtedly continue its volatile course during this period.
Altcoins have significantly lost value amidst the decline over the past 10 days. Positive data for risk markets could quickly revive investor appetite. Of course, predicting the future is impossible, and cryptocurrencies are full of surprises.
