After a minor dip over the week, the crypto market has opened with new gains in the new week. With a positive recovery in investors’ sentiments, the Bitcoin and meme coin prices witnessed an uptrend. Under that influence, the market cap has hit $3.36 trillion, and BTC is near its ATH. However, three US events or decisions can influence this trajectory either to a rally or a crash. Let’s discuss.
3 Key US Decisions to Watch For the Crypto Market
July has been anticipated as a bullish month for the crypto market, especially as the odds of the interest rate cuts peaked. However, with the good US job data, the odds have collapsed, resulting in a minor hiccup over the weekend.
Today marks a recovery as Elon Musk announced the launch of his political party called “America Party.” More importantly, he revealed that his party will embrace Bitcoin, fueling its price and the rest of the altcoins’ prices.
However, the upcoming crypto events like Consumer Credit Report, FOMC Minutes, and US Jobless Claims could change that.
Consumer Credit Report (July 8)
Consumer credit reports will be revealed on July 8 and will signal the consumers’ spending or borrowing habits. A weak number would signal that investors are cautious of their actions and may influence some toward Bitcoin and other prominent digital assets.
However, the opposite result would be bearish for the crypto market.
FOMC Minutes (July 9)
Federal meetings and relevant events often put the investors on standby as they expect a new update on the potential interest rate cuts. The July 9 FOMC minutes could reveal the Fed’s stance on the same.
If they had a dovish tone, this would act bullish for the crypto, but if they had a hawkish tone, this would act bearish.
Notably, July 9 is the most significant factor deciding the trajectory of the market as it’s Trump’s 90-day tariff pause deadline.
Initial Jobless Claims (July 10)
Initial Jobless claims will be released on July 10 and will reveal the number of people who filed for unemployment benefits. Experts anticipate a number higher than last week, to 235,000. The rising number is an indication of a weakening labor market, but it would fuel the chances of Fed rate cuts. As a result, it will be bullish for the crypto market.
Overall, these macroeconomic events could either make or break the market. In this, the investors’ sentiments and reaction to the US decisions would play the most crucial role. Not to forget that the upcoming Crypto Week (July 14 onwards) has different hype and the ability to influence crypto prices.
