Today, a development that can affect the crypto money field consisting of important coins such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB) and commodities such as gold is eagerly awaited. Investors’ eyes will be on the statements of US Federal Reserve (Fed) Chairman Jerome Powell and his European Central Bank (ECB) counterpart, Christine Lagarde. Here are the details…
What are the important developments today?
Amid investors’ fears of tightening monetary policy by central banks, the market will be closely watching the statements of Fed Chairman Jerome Powell and ECB Chairman Christine Lagarde today. Markets seem confident, although Powell has ruled out a 75 basis point hike in subsequent meetings. As for Lagarde, time will tell whether a rate hike will be approved for the agency’s July meeting. Lagarde’s speech will begin at 20:00 Turkish time, while Powell’s will begin at 21:00.
On the other hand, today we are going to learn quarterly Gross Domestic Product (GDP) data for the euro area. A 5.0% increase is expected. The cryptocurrency industry is trading mixed after heavy losses last week following the collapse of Terra (LUNA). Bitcoin is trading at $30,000 and Ethereum at $2,000. The main macroeconomic references in Europe include Spain’s trade balance, France’s unemployment data, Italy’s CPI and employment development in the euro area. In the US we will see the Redbook retail sales index, weekly API crude oil stocks and a few FOMC members will talk.
How could Bitcoin, SHIB and gold be affected?
At the time of writing, the overall cryptocurrency market seems to be on the rise as the largest cryptocurrency Bitcoin (BTC) traded hands at $30,672 with a 3.2 percent rise. The combined value of all cryptos rose to $1.37 trillion, while popular meme coins DOGE and SHIB are seeing a 4% rise. Gold, on the other hand, seems to have recovered from yesterday’s levels of $1,795 and rose above $1,800 again. Historically speaking, the speeches of central bank managers seem to have affected the markets, but time will tell whether this one will be positive or negative.
