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Key Market Events: Your Weekly Guide

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The Bitcoin and crypto market is eagerly awaiting the upcoming week, in particular, the US Federal Reserve’s interest rate decision and the FOMC press conference featuring Fed Chairman Jerome Powell. This event has the potential to impact all financial markets, including Bitcoin and crypto. Other potential market-affecting events this week are scarce, with only the approved liquidation of FTX holdings being newsworthy. However, as there are no announcements required for the liquidations, there won’t be any major headlines.

On Wednesday, the Federal Open Market Committee (FOMC) will convene, and there is high optimism among market participants that there will be no interest rate hikes announced. Current market data suggests an overwhelming 98-99% chance of rates remaining stable. If this expectation holds true, it would mean that the Federal Reserve will maintain the benchmark Fed funds target range between 5.25% and 5.50%, the highest level since January 2001. After the rate decision, market focus will shift to Fed Chairman Jerome Powell’s speech for any insights into future monetary policy. The FOMC is also expected to release new forecasts for interest rates and economic growth, known as the ‘dot-plot’, which could be a significant market driver.

There is increasing speculation that the Federal Reserve might adopt a hawkish tone, leaving room for potential rate hikes in the future, despite inflation levels still being above target. Concerns are also arising due to the unusually large gap between US GDP and GDI, the largest ever recorded, which mirrors conditions seen prior to the 2008 financial crisis. This is causing worries and speculation about the health of the US and global economy.

In the crypto market, investors are closely monitoring macroeconomic events that could impact digital assets, with Bitcoin being particularly influenced by the outcomes of the FOMC meeting and Powell’s comments. Market analysts have already weighed in on Bitcoin’s price trends, with expectations of increased volatility following the FOMC meeting. Bitcoin’s current position above the 200-Week EMA is seen as bullish by analysts, and the performance of the US dollar is also being watched closely, as a rising US dollar could lead to selling pressure on Bitcoin.

Overall, the upcoming week holds significant importance for the Bitcoin and crypto market due to the Federal Reserve’s interest rate decision and the potential impact on financial markets.

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