The Potential Impact of Important Financial Events on Crypto Markets This Week

The Potential Impact of Important Financial Events on Crypto Markets This Week

The Week’s Financial Events

This coming week, there are plenty of key financial events that may impact the cryptocurrency market. On September 19, data will be released for housing starts and building permits in the United States. These indicators provide insight into the present state of the housing market, although they do not directly affect cryptocurrency markets.

The most whole lot of event to watch out for is the Federal Reserve meeting on Wednesday, September 20. Although while it is not expected that the monetary authority will change its stance on interest rate policy or provide a definitive near-term outlook, the focus will be on the Fed’s economic forecast, known as the Summary of Economic Projections (SEP).

“Fed guidance on Wednesday sets the tone for the next few meetings. Expect to see numerous volatility this week.”

According to reports, the Fed may lower its core inflation forecast and increase its estimate for the longer-term neutral rate. The central bank’s intention to keep interest rates high to combat inflation may have negative implications for households with increasing levels of debt and growing personal interest payments.

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On September 21, data for jobless states and existing home sales will be released, but these are not expected to have a whole lot of impact on markets.

Cryptocurrency Market Outlook

Currently, cryptocurrency markets have remained relatively stable with total capitalization at $1.1 trillion. Bitcoin (BTC) briefly reached $26,700 but quickly retreated to around $26,668. Ethereum (ETH) has shown minimal activity over the weekend and is hovering around $1,630.

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With a low probability of a Fed rate change this coming week, it is likely that cryptocurrency markets will continue their consolidation phase and remain relatively stagnant.

Hot Take: Cryptocurrency Markets Brace for Volatility Amidst Federal Reserve Meeting

The upcoming Federal Reserve meeting is expected to set the tone for the rest of the year and could bring whole lot of volatility to the cryptocurrency market. Although while the monetary authority is unlikely to change its interest rate policy, its economic forecast and probable adjustments to core inflation and neutral rate estimates will be closely watched. The Fed’s commitment to keeping interest rates high may negatively impact households with increasing debt and growing personal interest payments. As a result, cryptocurrency markets are anticipated to sustain their current consolidation phase as investors await further guidance from the Federal Reserve.

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