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Crypto markets turn red — here are the key events to watch this week

The cryptocurrency market started the year on a positive note, with most cryptocurrencies doubling in value. Bitcoin has risen nearly 40% since the start of 2023, having reached a high of $23,861 the day before, on Jan. 29. This phenomenon has propelled the overall cryptocurrency into the light, and even the global cryptocurrency market cap has surpassed the $1 trillion mark.

At the time of writing, Bitcoin is worth $23,236 after falling 1.32% over the past 24 hours.

However, many industry experts claim that the upcoming week will not be a piece of cake for the crypto market. This is because they are anticipating that many global events may bounce back into a positive market and the same has already been felt as BTC is down almost 2% in the past 24 hours.

Major Events Affecting the Crypto Market

    FED Rise

    The Federal Open Market Committee or also known as FOMC will hold its next meeting on February 1st. While most investors and traders expect the Fed to cut rates by 25 basis points, the possibility of 50 basis points is still being considered. In addition, this rate hike will affect the approach of Federal Reserve Chairman Jerome Powell.

        ECB raises interest rate

        Next, according to reports, the ECB is expected to raise interest rates by 50 basis points. Along with the ECB, even the Bank of England will raise interest rates by 50 basis points on 2 February.

        1. Major Tech Companies Release Quarterly Results

        As we all know, the cryptocurrency market is always correlated with the US stock market, especially the Nasdaq 100 index. This week, major technology companies such as Meta, Apple, Google and Microsoft will release quarterly reports, which will have a profound impact on Bitcoin.

          U.S. Unemployment Data

        This week the US Bureau of Labor Statistics will release data on non-farm payrolls and its unemployment rate. As of December 2022, the U.S. unemployment rate data fell to 3.5%, and the country’s economy added 223,000 jobs during the same period.

        The week ahead will be extremely important for the crypto market as traders and investors will have to reconsider their investment decisions.

            Elena R

              Elena is an expert in technical analysis and risk management in the cryptocurrency market. She has 10+ years of writing experience – so she’s an avid journalist, keen to research new insights into the crypto space.


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