After the BlackRock iShares spot Bitcoin ETF was submitted to the US SEC and concerns surrounding the US SEC lawsuits were addressed, the crypto market received a slight boost in positive sentiment.
Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies, managed to bounce back from their previous decline when the US Federal Reserve announced the decision to maintain the current interest rate, with potential hikes expected later this year.
Today, Bitcoin and Ethereum witnessed a minor price decrease as cautious investors awaited significant crypto-related news and events scheduled for this week.
The issuance of new T-bills by the US Treasury Department caused US treasury yields to continue rising.
At the same time, the US dollar weakened following a “hawkish pause” from the US Fed, resulting in a drop below 102.50 in the US dollar index (DXY).
It’s important to note that Bitcoin’s price typically moves in the opposite direction of US treasury yields and the US dollar.
Investors are eagerly anticipating fresh insights into monetary policy in the coming months, which will be provided through the testimony of US Fed Chair Jerome Powell in the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.
Furthermore, Fed officials Lisa Cook and Philip N. Jefferson are scheduled to testify before the US Congress.
Additionally, speeches from six other Fed officials, including James Bullard, John Williams, and Raphael Bostic, are planned for this week.
Moreover, the Bank of England is expected to announce a 25 basis points increase in interest rates on Thursday to curb inflation.
Investors will closely monitor updates from European Central Bank officials, who recently raised rates by 25 basis points and hinted at further tightening measures.
The release of inflation data from various countries and the decisions made by China’s central bank to stimulate economic activity through stimulus and other measures could also impact investors’ outlook during the week.
BTC’s price declined by 0.50% to reach $26,404, with a 24-hour low and high recorded at $26,312 and $26,675, respectively.
Meanwhile, ETH is trading at $1,724, marking a 0.5% decrease over the past 24 hours. Cryptocurrency prices have generally remained stagnant amidst uncertainties in the market.
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