Bitcoin: The Fed agenda has been off the radar of the cryptocurrency market for a while after the meeting in July. On top of that, the prices of Bitcoin, SHIB and altcoins started an upward movement. On top of that, US employment data released on August 5 also eased fears. Accordingly, employment rates in the USA have reached their pre-COVID-19 pandemic rates. This eased concerns of a possible recession in almost all markets. As a result, investments and prices have been on the rise. Now, the markets are waiting for the US inflation data, which is expected to be announced on Wednesday, August 10 at 15:30 Turkish time. However, how the prices of cryptocurrencies and gold will be shaped by inflation data continues to be a matter of curiosity for everyone.
- 1 Bitcoin, SHIB and altcoins await inflation data
- 2 How much will the Fed raise interest rates in September?
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Bitcoin, SHIB and altcoins await inflation data
US inflation data will be released on August 10. The data are important as July explains the annual inflation change and current situation. However, markets and analysts are already listing their inflation forecasts and taking a stance accordingly. US inflation expectations for July generally forecast a 0.2% monthly increase. In other words, according to analysts, US inflation will increase by 0.2% in July to 8.7% on an annual basis. Inflation data directly affects cryptocurrencies.
AmkNews.com As we have reported, the inflation data for June were above the expectations of the experts. Thereupon, the FED increased interest rates by 0.75 basis points to a total of 2.5%. After the Fed’s interest rate decision, we saw a short-term decline in Bitcoin, SHIB and altcoin prices. However, the market quickly recovered and rose. The Fed’s interest rate decisions are shaped by the state of inflation. Therefore, the expected inflation rates are likely to affect the Fed’s decision. So, what decision will the FED take at its meeting in September?
How much will the Fed raise interest rates in September?
Markets are on the rise of 0.50 and 0.75 basis points for the FED’s September meeting. According to experts, inflation data expected to be released on Wednesday will have an impact on the Fed’s decision. FED Chairman Jerome Powell’s speeches also support this. In a press release after each meeting, Powell says they will “stick to the data.” When we look at it proportionally, 55% of market participants are betting on a 0.75 percentage point increase in September. The remaining 45% expects an increase of 0.50 basis points. However, analysts suggest that by September, Bitcoin, SHIB and the overall cryptocurrency market will rise. The decision in September seems to have a decisive impact on cryptocurrency prices as well.
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