Crypto News: The crypto market took a heavy beating last week with the FUD over the Silvergate Bank operations. The massive jolt stems from the fact that Silvergate has been over the years the leading bank for companies in the cryptocurrency space. In this context, a series of US macro events are lined up over the next two weeks, in what could have a huge impact on not only stock prices but also cryptocurrency prices. Currently, a US stock market rally failed to spur a Bitcoin price recovery from the 5% drop owing to the Silvergate crisis.
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The Nasdaq Composite and S&P 500 began the week positively with a rise by 0.9% and 0.7% respectively. In normal circumstances, this rise could have stirred a Bitcoin price. This is not the case currently, which indicates the crypto market is yet to factor in the risks associated with the Silvergate crisis. An alternate banking mechanism or a potential bailout, as reported by CoinGape, could go a long way in improving the crypto market mood.
Macro Events – Impact On Crypto
Amid all the FUD, crypto traders will be bracing for what could be a rollercoaster rise until the end-week of 22 March 2023, when the US Fed’s FOMC sets a fresh funds rate based on prevailing economic conditions in the United States. The spree of big events begins when Fed Chair Jerome Powell attends a hearing on The Semiannual Monetary Policy Report to the Congress. It has already been revealed that crypto related arguments will be made during the hearing, besides discussion on the Fed’s outlook on monetary policy.
4 major events (Powell Testimony, Payrolls, CPI, and FOMC) will take place over the next 13 trading days which may determine the fate of the stock market according to a recent Bloomberg headline. pic.twitter.com/gMSri6w8WM
— Barchart (@Barchart) March 6, 2023
With Senator Bill Hagerty expected to raise important questions in support of crypto, the hearing could give interesting outcomes in terms of the central bank’s views on the emerging market. Powell’s hearing will be followed by the jobs report scheduled for release on March 10. Before the FOMC is convened on March 22, the all important consumer price index (CPI) data for February is set for release on March 14.
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