The digital assets market showed a decline in anticipation of crucial economic events such as the August retail sales data and US Fed rate decisions.
Key Events This Week
Investors are eagerly awaiting the release of the August retail sales data on September 17, followed by the Fed interest rate decision and press conference scheduled for September 18. The same week will also see the release of the Philadelphia Fed Manufacturing Index and August existing home sales data.
BTC Price Drops
The Fed's decision could significantly impact stocks, bonds, and the crypto market. Bitcoin (BTC) price fell by 3% over the last 24 hours, failing to hold above the $60,000 mark. The crypto fear index indicates increased selling pressure. Major digital assets such as Solana (SOL) and Cardano (ADA) also dropped by more than 4% each.
Investor Takeaways
Many Fed officials advocate for caution, recommending a 25 basis points cut to avoid fuelling rising prices. However, rising unemployment and softer wage growth have led to discussions of a possible 50 basis points cut. Fed Chair Jerome Powell's statements and updated projections could impact all markets, including cryptocurrencies.
Investors will closely monitor the Fed's decisions and their potential impact on the global financial market. Expectations and actual data will be key factors determining market directions in the near future.
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