Key US Moves That May Impact Crypto This Week

Key US Moves That May Impact Crypto This Week

Following a slight decline last week, the cryptocurrency market has resumed its advances this week. With a strong comeback in market optimism, Bitcoin and meme coin values rose. Under that effect, the market capitalization has risen to $3.36 trillion, and Bitcoin is approaching its all-time high.

Let’s Take a Look at These July Moves

This Week’s 3 Big US Decisions for Crypto

July is expected to be a positive month for the cryptocurrency market, particularly as interest rate decreases become more likely. However, with positive US job news, the odds have fallen, causing a little glitch over the weekend.

Today marks a recovery as Elon Musk announces the formation of his political party, the “America Party.” More crucially, he indicated that his party will support Bitcoin, which will boost its price as well as the prices of other altcoins.

This might change, though, given upcoming Bitcoin events like the US Jobless Claims, FOMC Minutes, and Consumer Credit Report.

1. Consumer Credit Report – July 8

Consumer credit reports will be released on July 8 and will reflect customers’ spending or borrowing patterns. A low score indicates that investors are cautious in their decisions, which may persuade some to choose Bitcoin and other notable digital assets.

However, the opposite outcome would be negative for the cryptocurrency market. Federal meetings and pertinent events frequently keep markets on alert as they await new information on anticipated interest rate decreases.

2. FOMC Minutes – July 9

The FOMC minutes from July 9 might indicate the Fed’s position on the issue. This would be beneficial for cryptocurrencies if they were dovish but detrimental if they were hawkish.

Notably, July 9 is a key date determining the market’s direction, as it marks the end of Trump’s 90-day tariff suspension.

3. Initial Jobless Claims – July 10

On July 10, initial jobless claims will be revealed, revealing the number of persons who applied for unemployment benefits.

Experts forecast a total of around 235,000, which is higher than the previous week. The growing figure indicates a weaker labor market, but it increases the likelihood of a Fed rate reduction. It will thus benefit the Bitcoin market.

Conclusion

Overall, these macroeconomic developments could significantly impact the market. In this case, investors’ views and reactions to US moves would be critical. Not to mention that the impending Crypto Week (July 14th onwards) has different excitement and the potential to affect cryptocurrency prices.

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