We have compiled for you the important developments that may affect the crypto money market this week.
US Inflation Data
The most important development is likely to be the US July inflation data, which greatly affects cryptocurrencies. The inflation data announced last month was above expectations and caused a decrease of about 5% in Bitcoin. Bitcoin, which fell after the announcement, showed a significant recovery by the evening of the same day and To $ 24,230 in 3 days had risen.
Inflation data to be announced on Wednesday, August 10, is the same as the previous month. Decrease from 9.1% to 8.7% Waiting.
China Inflation Data
During the previous release of the Chinese inflation data, there were volatile movements in Bitcoin. Inflation rates last month 2.4% while it is expected 2.5% was announced as, but the inflation data to be announced on 10 August at 4.30 am increased up to 2.9% expected to be.
It is also important for investors that the Chinese inflation data will be announced after the closing of the crypto money market.
Fed Statements
Neel Kashkari, Chairman of the Minneapolis Fed, San Francisco Fed President Mary Daly and Chicago Fed President Charles Evans, will make statements about interest rates this week. These statements are thought to determine the direction of the US Federal Reserve’s behavior, which is currently affecting the cryptocurrency market.
In addition, it is estimated that a large company’s announcement that it is buying or selling Bitcoin within the earnings calls to be announced this week may have an impact on cryptocurrencies. Also, Coinbase’s earnings call on August 9 could impact the cryptocurrency market.
Important developments in cryptocurrencies this week
This week, CoinMarketCap has some important news from the top 100 cryptocurrencies on its list. by Hedera Hashgraph (HBAR) Ethereum’s public end on August 11, while the mainnet update is available tomorrow (August 9) testnet of Goerli has an update.
Moreover Near Protocolannounced that it will hold a discussion meeting with the Antisocial Ape Club. The privacy-focused cryptocurrency Monero (XMR) will be released on August 13. network upgrade he said he would do it.