The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Bitcoin and Ethereum inch down
On Tuesday, Bitcoin went down, while Ethereum, Bitcoin's closest counterpart, tumbled too.
Bitcoin sank to $2,690.3, on the U.S.-based GDAX exchange, sliding 2.56%.
The previous week Bitcoin tacked on, climbing to a maximum of $2,953.5 on July 19, shrugging off its record peak of $3,000 reached in June.
Prices grew after the previous week Bitcoin dodged a split into two independent currencies when its network backed a proposal on upgrading to its software for the purpose of speeding up transactions on the Bitcoin network.
According to reports, the upgrade to Bitcoin's network won’t occur until autumn.
The support of Bitcoin miners, making up almost 80% of Bitcoin’s computer power turned to be crucial in ‘locking-in’ the software upgrade, known as Bitcoin Improvement Proposal 91.
At the same time, Ethereum mirrored Bitcoin’s dip, sagging 5.18% to $215.00, rebounding further from its all-time maximum of $419.3 hit on June 11.
We prepared an outlook of major events of this week. Check it and be ready!
Here you'll find what awaits the market this week, from the CPI release to a possible gold plunge.
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.