As the crypto market continues to remain dormant, we have highlighted three major financial-related events that could significantly impact prices.
Crypto prices have remained static, with no major volatility recorded in recent times. There has not been any significant upswing nor downswing over the past seven days.
For instance, Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has been trading around the $27,000 price level since the beginning of this month.
3 Macro Events That Could Impact Crypto Prices
While the prices of various crypto assets have been relatively dormant recently, there are three major events lined up this week that could significantly impact the market.
Potential Rate Spike
It bears mentioning that the Federal Reserve’s FOMC is expected to release the minutes of its September meeting later this week. According to a LiveMint report, the meeting minutes will be released tomorrow, October 11, 2023.
Notably, the minutes will reveal the extent to which the Fed will be raising interest rates. Although it is not clear whether the central bankers will increase rates, the Kobeissi Letter, an industry-leading commentary on the global capital markets, noted in its recent tweet that the odds of a spike in interest rates surged to 44% from 33%.
BREAKING: Odds of a rate HIKE rise to 44% after September jobs report and Fed PAUSE expectations have been extended.
Odds of an additional rate hike jumped from 34% to 44% after the report.
Furthermore, the Fed pause was previously expected until June 2024, now a pause is… pic.twitter.com/9Ri86Ka98G
— The Kobeissi Letter (@KobeissiLetter) October 6, 2023
Labor Statistics to Release Inflation Report
Another significant macro event that could impact crypto prices is the upcoming inflation report from the Bureau of Labor Statistics.
The CPI inflation report is expected to be published on October 12, 2023, at 08:30 AM. So far, analysts have not painted a rosy picture, as they expect a spike in September core CPI inflation numbers.
IMF’s World Economic Outlook
In addition, the International Monetary Fund’s (IMF) World Economic Outlook, a report that provides a set of forecasts for the global financial markets, will be released this week.
While the analytical chapters of the report are now available, the main chapter will be released tomorrow, October 10, 2023, at 04:00 AM (ET).
Notably, these three macro events could impact the prices of crypto assets either negatively or positively. As a result, crypto enthusiasts must brace themselves for a possible ripple effect that could send prices soaring or crashing.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
