The cryptocurrency market now has to rely on macroeconomic conditions following the state of the digital asset showing negative sentiment.
The proof is that the biggest cryptocurrency Bitcoin (BTC) is still hovering at the price level of $19,000 - $20,000 while Ethereum (ETH) is still unable to make a jump in its price.
As a result, several events this week are seen as having the potential to trigger a cryptocurrency recovery.
The 'Hawkish' stance of the Federal Reserve (Fed)
The Fed's hawkish stance caused the crypto market to shrink but the digital asset could recover if the central bank does quantitative easing. Even so, continued tightening policies could cause crypto prices to fall sharply.
Corporate Income Statement
Giant companies such as JP Morgan Chase, Citigroup, Morgan Stanley and BlackRock are about to reveal their earnings reports. Therefore, the crypto market can perform a recovery if the company lives up to its expectations and vice versa if they fail.
International Monetary Fund (IMF)
The World Bank warned that the country will experience recession after the IMF released its report. But the crypto market could climb again if the Fed acts to deal with the recession.
Federal Open Market Committee (FOMC)
The minutes of the meeting by the FOMC for September could make the crypto market jump again if the Fed reverses its hawkish stance based on the current economic data being evaluated.
Consumer Price Index (CPI)
Crypto price movements can show positive conditions after the publication of consumer price index (CPI) and producer price index (PPI) data.
Meanwhile, the unemployment data is also a clear indicator for cryptocurrencies including the focus on the actions of the Bank of England (BOE) will decide whether to continue the hawkish stance or not in addition to implementing quantitative easing at the same time.
