The crypto market is currently under selling pressure with prices in the crypto market falling. The price of Bitcoin has fallen about 4% in the past 24 hours to trade below the $22K level. BTC is currently trading at $21,930 and is expected to remain below the 200 Weekly moving average.
The price of Ethereum has also fallen by more than 5% and is currently trading at $1,534. On-chain data provider Santiment revealed that the surge in ETH influenced by the merge date report is beginning to subside and the price of ETH is expected to continue to fall. Solana, Avalanche, and Cosmos also posted big losses in the crypto market.
The crypto market is also expected to experience a possible fall due to the upcoming FOMC meeting on July 27. Major crypto traders and analysts are preparing for a volatile few weeks for the crypto market. The most important event of the week is the FOMC meeting on July 26 and 27.
The last interest rate hike of 75bps caused major turmoil in the crypto market. The CME FedWatch tool shows a 78.7% chance of a 75bps hike and a 21.3% chance of a 100bps hike. However, the increase of 100 basis points has received objections from many parties.
2nd Quarter US GDP data is expected to be released on July 28. Data for the first financial quarter showed negative growth in GDP. If the upcoming data repeats the same trend, it will mean that the U.S. is in an economic recession.
In addition, major Technology companies such as Google, Microsoft, Meta, Apple, and Amazon will report their financial figures for the second quarter. Data has shown that tech stocks have a strong correlation with the crypto market and any turbulence can result in a fall in crypto prices.
