As usual, today we will discuss the critical developments that will affect cryptocurrencies for the next 7 days. The most boring aspect of bear markets is the ability of prices to move sideways for a long time. However, important events that trigger short-term breakouts also occur during these periods. For example, announcements regarding Fed decisions or lawsuits.
Important Developments in Cryptocurrencies
Bitcoin‘s price has been moving sideways at the $26,000 level for days after its double-digit drop. This is not surprising because the lack of interest from investors is clearly visible in the cumulative volume, which has dropped to $14 billion. If demand is weak, it is normal for the price to show shallow volatility. So, what are the important developments that could increase volatility in the coming days?
Monday, August 28th
- AGIX Opening Lock ($1.77 Million)
- OP Mainnet Update
Tuesday, August 29th
- 17:00 US CB Consumer Confidence (Expectation: 113.4 Previous: 117)
- 17:00 US JOLTS (Expectation: 9.793M Previous: 9.582M)
- A decision may be reached in the Grayscale case.
- DYDX Opening Lock ($13.63 Million)
- SOL, MATIC, NEAR, AXS, MANA, and CHZ Bitstamp US Delist
Wednesday, August 30th
- 15:15 ADP Nonfarm Employment Change (Expectation: 195K Previous: 324K)
- 15:30 US Gross Domestic Product (GDP) (Expectation: 2.4% Previous: 2%)
- OP Token Opening Lock ($35.7 Million)
Thursday, August 31st
- 04:30 China PMI Data
- 12:00 Eurozone Inflation (Expectation: 5.1% Previous: 5.5%)
- 15:30 US Core Personal Consumption Expenditures Price Index (Expectation: 4.2% Previous: 4.1%)
- 15:30 Initial Jobless Claims (Expectation: 235K Previous: 230K)
- NYM Opening Lock ($3.47 Million)
Friday, September 1st
- 15:30 US Average Hourly Earnings (Expectation: 0.3% Previous: 0.4%)
- 15:30 US Nonfarm Payrolls (Expectation: 170K Previous: 187K)
- 15:30 Unemployment Rate (Expectation: 3.5% Previous: 3.5%)
- HBAR Opening Lock ($66.7 Million)
Will Cryptocurrencies Rise?
We will see that important data is coming on the macro front. The data that will be received for August will directly affect the cryptocurrency markets. Especially, the ADP data will be a leading signal for NFP, so if it comes in abnormal, it can trigger volatility in the market.
On the other hand, US unemployment and wage growth data will be crucial for the interest rate decision to be made in September. Investors will hope for announcements in this direction as weakening employment and slowing wage growth are favorable for a decrease in inflation. If the data comes out negative, there may be sharper declines in altcoins, which have opening locks.
