Crypto markets are affected by events according to their outcomes, just like any other financial market. With the new week comes some critical events that will undoubtedly impact the crypto market and the prices of digital assets traded there. Investors pay close attention to these events, so keep an eye on them.
Some Events To Look Out For
Many crypto investors have probably heard of the FOMC meeting but may not know what it means. FOMC stands for Federal Open Market Committee, which is the arm of the Federal Reserve that determines the country’s future monetary policy.
In the FOMC meeting, these policies are discussed, and as the FOMC controls the nation’s money supply, their decision has a significant impact on citizens’ purchasing power.
The FOMC will meet on Tuesday, and the announcement will be made the following day, on Wednesday. Depending on the outcome of each meeting, the financial markets can be volatile.
Also Read: The top three cryptos to keep an eye on in the second half of 2022
Another important event this week is the earnings reports of some of the biggest tech companies. The last two earnings reports were held on Tuesday, while Meta reported on Wednesday. These household names include Meta (formerly Facebook), Microsoft, and Google. Thursday will also be the day when Apple releases its earnings report.
Whatever information is disclosed directly affects the shareholders of these companies, which affects stock market investments. The crypto market is highly correlated with macro markets recently, so spillovers are inevitable.
This is another incredibly important release in the United States GDP for the second quarter of 2022. The US economy’s performance in Q2 will be revealed in these reports. These events will likely trigger volatility in the market for the week, so investors should pay attention to them.
Crypto Market Woes
Aside from these events, the crypto market also has its own internal issues to deal with. There are still funds lost to the bankruptcy of prominent crypto companies, such as 3AC and Celsius, as well as the LUNA crash. There has been no full recovery of sentiment following these events, and investors remain unsure of whether they will ever be able to recoup their losses.
The market, however, has managed to hold up well even in the face of such adversity. The accumulation trends across major cryptocurrencies such as Bitcoin and Ethereum indicate that investors aren’t giving up despite the market’s downturn.
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