Why did the cryptocurrency market turn red?
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Answer Why did the cryptocurrency market turn red?
After the rise of Bitcoin above the level of 23 thousand dollars, market observers were optimistic and expected that the leading digital currency would continue its upward trajectory.
But with the end of the week the cryptocurrency market came under selling pressure, as the prices of most cryptocurrencies took a downward turn.
Bitcoin price is down about 4% in the past 24 hours to below $22,000.
Bitcoin is currently trading at $21,969 and is expected to remain below the 200 weekly moving average.
Ethereum price is also down about 5% and is currently trading at $1,526.
According to data analytics platform Santiment, the rise of Ethereum, following the release and announcement of the Ethereum merge upgrade date, is waning and Ethereum price is expected to continue to decline.
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Solana, Avalanche and Cosmos are the top losers in the crypto market in the last 24 hours.
The cryptocurrency market could crash further due to the upcoming FOMC meeting on July 27.
A crucial week awaits the crypto market:
Top traders and experts in the field of cryptocurrency trading are preparing for two volatile weeks in the cryptocurrency market.
The next major event is the Federal Open Market Committee (FOMC) meeting on July 26-27.
The Federal Open Market Committee is the monetary policy-making body of the Federal Reserve and will make its decision on raising interest rates.
The recent hike in interest rates of 75 basis points has caused a major turmoil in the cryptocurrency markets.
CME FedWatch indicates a 78.7% chance of raising 75 points again and a 21.3% chance of raising it by 100 points.
But according to the analyst nicknamed “MFHoz” on Twitter, the Fed recently expanded its balance sheet to limit the damage from a 100 basis point rise.
Upcoming notable events:
Data for the second quarter of US GDP will be revealed on July 28.
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The first fiscal quarter data showed negative GDP growth.
If the upcoming data repeats the same trend, this indicates that the US is in recession.
In addition, major technology companies such as Google, Microsoft, Meta, Apple and Amazon will report on their financial numbers from the second quarter.
The data showed that tech stocks have a strong correlation with the crypto market and any disruption could lead to a crash in cryptocurrency prices.
That is why this week is likely to be one of the most exciting weeks of the crypto market.
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