The two biggest cryptocurrencies in terms of market capitalization, bitcoin (BTC) and Ethereum (ETH), started off the week on a downtrend, ahead of the U.S. data release week.
Lately, Bitcoin has been struggling to get out of the US$19,000, while Ethereum is also failing to pick up a significant upward trend.
Despite a similar price movement throughout the week — the oscillations of the two currencies in the previous week differed. While bitcoin had a weekly increase of 1.1% on Tuesday morning, Ethereum fell by 0.9% during the same period.
In general, nearly the entirety of the cryptocurrency market is following Bitcoin’s trend. Some cryptocurrencies, like Polkadot (DOT) and Cosmos (ATOM), have seen minor increases in the last 24 hours.
Other cryptocurrency exchanges, such as Uniswap (UNI), Avalanche (AVAX), and Polygon (MATIC), have followed suit, reporting losses throughout the same time period.
Important Week Ahead
Cryptocurrencies are expecting a lot of turmoil ahead of this upcoming week. The next few days are expected to have announcements from the Fed, and the FOMC — these upcoming news could severely affect the crypto market for better, or worse.
This week’s most anticipated event will be a series of speeches from the Federal Committee of Open Markets (FOMC), who will set the pace for the year’s open market in their final two meetings.
Also, on September 28th — Federal Reserve Chairman Jerome Powell is expected to attend an event in Saint Louis, accompanied by Michelle Bowman, a member of the American Board of Governors with voting rights in the FOMC.
Bowman returns to the stage on Friday, September 30th, during an event at the International Institute of Finance.
Lael Brainard, the Fed’s vice president who also has a vote in the FOMC this year, will deliver a speech sponsored by the Federal Reserve Bank of New York on Friday.
On Thursday, the third and final estimate of the US Gross Domestic Product will be released, which will be a crucial factor in order to measure the size of The United States recession.
The American Government policy announcements have been one of the biggest proponents of the current cryptocurrency market inconsistency.
When this happens, “risky” assets like stock and cryptocurrency tend to suffer a significant impact when the economy responsible for the U.S. Dollar announces changes to its monetary policies.
However, if the several raise in interest rates the Fed has been promoting start to show a significant result in America’s fight against inflation — this could result in better news for cryptocurrency investors around the world.