Bitcoin is extending weekend losses this week ahead of major macroeconomic events that could affect the US Federal Reserve’s September interest rate cut decision.
Bitcoin has settled 2.8% on Monday at $109,882, primarily over the last 24 hours, sliding its 2.8% at $109,882, primarily over the last 24 hours, exceeding $940 million, primarily over long distances. Coinglass data.
“Capital is spinning out of risk,” said Rachel Lucas, a crypto analyst at BTC Market. Decryption.
With a recent decline, Bitcoin has pushed the average cost base of investors who have purchased under $110,800 or the top crypto in the past three months.
“Historically, failure to hold above this level has often led to months of market weakness and potentially deeper corrections,” GlassNode warned in a post. x on monday.
Market volatility comes amid President Donald Trump’s firing of Federal Reserve Governor Lisa Cook.
Posted resignation Truth Society After the transaction date ended, he cited “deceitful and potentially criminal” over the allegations. She forged documents related to the main residence.
Investors balked at the news, with the US dollar index curtailing it to 98.32 after cutting 1%. US futures in major indexes also fell by a quarter.
“I don’t think this move will help American business,” said Justin Wolfers, a professor of economics at the University of Michigan. x.
“This is dangerous. This move will help Trump, but not America,” Wolfers added. “If the president undermines the Fed, our economy is at risk,” he said.
Currently, the eyes are locked in this week’s revised GDP figures for the second quarter on Thursday, with economists expecting growth to be revised to 3.1% until it rises slightly from its first 3% estimate.
Meanwhile, according to MarketWatch, the year-over-year core PCE inflation rate, tracking changes in consumer spending, is projected to show a reconfirmation of inflation between 2.8% and 2.9%. data.
However, slow growth and an exceeded expected increase inflation could derail the Fed’s plans for next month, including future cuts this year. Decryption I was told before.
