For Bitcoin, altcoins, and gold, this week matters. In the middle of the week, on Wednesday and Thursday, important data will be released. The minutes of the meeting of the US Federal Reserve (FED) will be announced on Wednesday, and the interest rate decision of the Central Bank of the Republic of Turkey (CBRT) will be announced on Thursday. Here are the details…
Key data this week for gold, bitcoin and altcoins
This week, the market will be eagerly awaiting the minutes of the US Federal Reserve’s (FED) meeting. The policy meeting, which will be released after the Fed’s negative impact on Wall Street in July, is intrigued by many. cryptocoin.com As we have also reported, Fed officials increased the interest rates on July 26-27 by 75 basis votes for the second time in a row. In fact, this marked the fastest pace of monetary tightening since the early 1980s.
Since then, bets on the size of the next move in financial markets in September have fluctuated between 50 and 75 basis points, with reports alternately showing a stronger-than-expected labor market and under-predicted inflation. The minutes could show what kind of data Fed officials would need to support another “unusually large” rate hike, experts say. FED minutes are expected to give clues about inflation and recession. It can also have an impact on stock markets, gold, cryptocurrencies.
Domestically, the CBRT’s interest rate decision on Thursday is in the focus of investors. According to AA Finance’s survey, economists do not expect a change in the interest rate. In other words, he expects the Central Bank to keep the policy rate at 14 percent.
What is the latest situation in the market?
As a result, the value of an ounce of gold continued its upward trend with the latest developments. Gold started the week above $1,800. However, at the time of writing, it has slumped to $1,790. Gram gold, on the other hand, seems a little sluggish at the beginning of the week. The value of gram gold is around 1.032 liras. Experts’ expectations seem to be on the rise. For example, Ramazan Kurtoğlu, a lecturer at Istanbul Aydın University, states that those who have physical gold should not sell it. According to Kurtoğlu, between 2023 and 2030, there will be a “golden age” of gold.
On the other hand, ANZ Bank analysts pointed out the risk of falling to $1,800 an ounce if gold fails to stay above $1,800. Analyst Arkadiusz Sieron pointed out that gold is a safe-haven asset. Therefore, it makes sense to trade horizontally in recession and recession. He noted that gold prices often bounce during times of economic downturn. He even pointed out that this price change has been experienced in this way in the last three recessions.
Meanwhile, the cryptocurrency market is on the verge of a slight pullback. The largest cryptocurrency, Bitcoin, is changing hands at $24,057, down 2.8 percent. The largest altcoin, Ethereum, is down 5% at $1,906. Altcoins such as BNB, ADA, XRP experience an average of 5 percent depreciation.
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