Crypto investors are keeping an eye on three key dates in July that could spell the trajectory of crypto prices for the remainder of the year and most likely beyond.
According to Trading Economics, the current consensus on the June inflation rate, or CPI, is 8.7%, slightly higher than May’s 8.6%.After raising interest rates by 75 basis points in June, one of the most significant monthly increases in 28 years, interest rates are expected to increase further following the Federal Open Market Committee meeting later this month.
Interest rate hikes are one of the primary tools used by the Federal Reserve and the U.S. Central Bank to manage inflation by slowing down the economy. Increased interest rates lead to increases in borrowing costs, which can discourage consumer and business spending, and lending., such as crypto, as investors can start to earn decent returns just by parking their money in interest-bearing accounts or low-risk assets.
This month, the FOMC is expected to decide whether to impose a 50 or 75 basis point hike. Charlie Bilello, founder and CEO of Compound Capital Advisors, placed his bets on the higher amount.-Sep: 50 bps hike to 2.75%-3.00%June 28, 2022On July 28, the U.S. Bureau of Economic Analysis will release an advance estimate of the United States’ GDP for the second quarter of 2022.
After registering a -1.6% GDP decline in Q1 2022, Atlanta Federal Reserve’s GDPNow tracker is now expecting a -2.1% decline in GDP growth for Q2 2022. A second consecutive quarter of GDP decline would place the United States into a “technical recession.”
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