This week and next, the cryptocurrency market will pay attention to global economic movements, especially in relation to inflation. One of the main indicators of this concern is the Consumer Price Index (IPC), which was in line with market expectations last month.
Bitcoin price is struggling to stay above the $26,000 support. BTC is currently trading at $26,190.38 up 0.5% on the day.
Likewise, most major altcoins are stable. ETH is close to the $1,600 level. XRP is now consolidating above the $0.48 level. ADA is close to the $0.2470 level. Solana fell slightly after FTX got approval to sell its assets, but recovered and is trading at US$18.37, up 2% on the day.
Factors that can impact the price of bitcoin and cryptocurrencies
- Fed meeting next week, between September 19th and 20th, 2023 (Tuesday and Wednesday). With today’s CPI data, for many analysts the Fed may no longer raise interest rates – not only in September, but in this cycle as a whole.
- The Delaware court authorized FTX to sell its digital assets. The sale excludes Bitcoin, Ether and certain special tokens. FTX can sell up to $50 million in the first week and up to $100 million in subsequent weeks, but with certain approvals, this amount can reach $200 million per week.
- To sell Bitcoin, Ether and special tokens, FTX needs to notify the US committees and administrator 10 days in advance. All information about these sales will be confidential, but an edited version will be available to the public. FTX has $833 million in Bitcoin and Ether. It can also make special deals with these assets and cannot sell the FTX Token without further court approvals.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.