Events such as inflation and interest rates in the United States may be key.
There are also two events coming up in the Bitcoin world.
The price of Bitcoin (BTC) and the rest of the cryptocurrency market may depend on some events that are just around the corner. In particular, there are four events that are scheduled to take place in just eight days starting next week.
One of those events, first on the agenda, is the release of the August inflation index in the US. Publication of another North American country’s statistical office report it is expected next Tuesday, September 13
with growing The relationship between BTC and macroeconomic events, it is logical to expect a certain movement in response to the announcement. What effect it will have will depend on what happens. An increase in inflation can lead to more uncertainty and a market downturn, while a decrease in inflation can be positive for the price of bitcoin.
However, inflation has not stopped growing in recent months it is expected to decrease slightly in the next report. First of all, considering the last fall fuel and housing prices.
Although there is no final date, it is expected that between on the same September 13 and in the following days the merge takes place on Ethereum. This is the most anticipated update to the cryptocurrency ecosystem in a long time, as the network, the second most valuable market, will no longer have mining.
Up to nowthe proximity of the said update seems to have had a negative effect on Ether (ETH), the Ethereum cryptocurrency and the rest of the market. In fact, ETH has been credited for leading recently a rally scariest yetseems to have stopped. Will it go back to that path after the update?
Liquidation of bitcoins and new interest rates are possible
Another potential event to keep in mind is start of compensation plan for affected Mount Gox users scheduled for Thursday, September 15like We report CryptoNoticias. Victims of the bitcoin theft from the now-defunct exchange would receive more than 140,000 bitcoins recovered after that 2014 heist. theft.
As you might expect, being a fund “asleep” for so long, it is expected that most would liquidate their bitcoins, which would result in a large profit. Until then, the price of the cryptocurrency had not even reached $1,000, records show CoinMarketCap. It is clear that even with the recent drop to $18,000, these BTCs are carrying huge profits that the victims may want to receive 8 years after the theft.
In the event that those bitcoins were liquidated en masse on exchanges, selling pressure can have a negative impact on BTC price and the rest of the market would probably suffer.
finally, A new announcement regarding US interest rates is expected on Thursday, the 21st of this month. In response to rising inflation, the government has raised interest rates several times this year. This affected the price was famous.
In fact, that there was no announcement in August was accepted as market facilitation. However, with inflation in mind, it is logical to expect that if next Tuesday’s expected index announcement is positive, there will not be a big increase in interest rates either. Domestically, however, this is expected yes there is a new increase and the Federal Reserve is sticking to its policy of the past few months.
While all of these events have the clear potential to affect the price of bitcoin and cryptocurrencies in general, the market will have the last word. No past behavior guarantees that a pattern will repeat itself in the future. and everything will depend on how market participants perceive each event.