27 JUL, 2022

Crypto Market Sees Red Ahead Of Momentous Week

The crypto sector has once again been hit by bearish sentiments and the crypto assets including Bitcoin and Ethereum has taken a big hit.

Bitcoin price fell by about 3 % in the last 24 hours and is currently changing hands at $21,865.95 and is expected to stay below the 200 Weekly moving averages.

The number two crypto asset also tanked by almost 5% and when last reports came in was trading at $1,526. 

As per data received from Santiment the number two crypto asset which has been on the rise after Ethereum Merge date declaration has ceased

It is in a down turn and is expected to continue to tank in the coming days. Other major losers in the crypto sector are Solana, Avalanche, and Cosmos

The upcoming FOMC meeting is fueling the bearish sentiments as the crypto sector waits with trepidation for the meeting which is going to happen on 27th July.

The coming week is going to be very crucial for the crypto sector. The crypto sector could be in for more volatility. 

All eyes will be on the FOMC meeting on the 26th and 27th of July where the Fed’s monetary policymaking body and will make its decision on interest rate hikes.

The previous instance when the interest rate was hiked by 75bps it upset the crypto market and it crashed. 

As per CME FedWatch Tool there is a 78.7% chance of a 75bps hike and a 21.3% chance of a 100bps hike.