The cryptocurrency market is finally turning around after a turbulent and aimless week. Market decline has been ongoing. The slight upward trend that had begun last week came to a sudden end. Price movement has often been influenced by both positive and negative news. The whales are resting, and since there is little volatility, Bitcoin is essentially going nowhere.
However, Experts are keenly awaiting a change in the market dynamic. Also, volatility might not be far off. This is what could increase pressure on the cryptocurrency market. Bitcoin is in danger of losing additional ground at its shaky $17,000 price as the market remains in the “fear” zone.
Regardless of the absence of momentum, there aren’t many dull aspects of cryptocurrency. But be on the lookout future for volatility
Will the year-end with the CPI and FOMC?
Another significant event that traders and investors are preparing for is the US Consumer Price Index (CPI). The price of the biggest crypto asset in the world has traditionally experienced significant swings as a result of the study, which is scheduled to be issued on December 13. Because of this, even if it had been trading quite calmly before it, Bitcoin can now fully break free from its sideways stock price.
The Federal Open Market Committee (FOMC) conference will also come to an end the following day. The institution will talk about potential interest rate increases during the latter.
Any upward projection campaign might be crushed, as April and August’s reversals were, by a higher-than-anticipated CPI print and a more hawkish Fed. Instead, a further disinflationary print might encourage “many to pursue a continuation of the rally towards year-end.”
SBF Potential Hearing
The FTX drama’s problems are not expected to go away anytime soon. There will be other scoops revealed, and more companies as well. Sam Bankman-Fried, the disgraced CEO of the crashed cryptocurrency exchange, is scheduled to testify before a parliamentary committee tomorrow, December 13.
It’s crucial to remember that Bankman-Fried has only been “invited,” not arrested, despite all the claims of willful fraud and the swelling chorus of individuals calling for a more thorough probe. SBF has now decided to offer an “explanation” of what went wrong after some initial hesitation.
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.
