SHAFAQNA TURKEY- Bitay Research Analyst Betul Yavuz assessed the events affecting the market.
The fact that cryptocurrencies with a total market value of $1.29 trillion have not overcome the resistance zone suggests that the pressure on the altcoin market continues, it is still weak and not ready for a rally.
However, RAD and BETA, which have been outperforming other altcoins in the past 24 hours, stand out as the top growing altcoins of the day with double-digit gains.
The core PCE announced on Friday from the US was 4.6% year on year, raising expectations that the Fed will continue to raise interest rates ahead of the Fed’s rate decision to be announced tomorrow.
Yesterday, the US Deposit and Insurance Agency accepted JPMorgan’s bid to buy bankrupt First Republic Bank. Thus, First Republic Bank was acquired by JPMorgan. Despite the recovery of US stock markets with this news, on the eve of the Fed’s decision ended in a sell-rate.
The cryptocurrency market continues its bearish streak
Also yesterday, MicroStrategy announced its first quarter 2023 revenue of $121 million, higher than expected of $119 million. The cryptocurrency market, on the other hand, continues to decline despite positive news.
As we begin a data-packed week with high volatility, the Fed’s interest rate decision, which is data-critical, will be announced tomorrow at 21:00 Turkish time. With an almost certain opinion in the market, a rate hike of 25 basis points to 94.5% is expected. After the interest rate decision at 21:30, Fed Chairman Powell’s statement will follow.
While the European Central Bank’s interest rate decision is expected on Thursday, earnings reports from Coinbase and Apple will also be released. Finally, data on nonfarm payrolls and the US unemployment rate are expected on Friday.
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