Bitcoin rose to approximately $63,500 on Monday after a quiet weekend, with investors focused on the upcoming release of the Federal Reserve’s minutes from the July 28–29 FOMC meeting. The Fed kept interest rates unchanged for a fifth consecutive meeting, though three officials favored a hike. US retail sales fell 0.6% in July, the first drop in nine months. This week also includes jobless claims and the August Philadelphia Fed Manufacturing Index.
Bitcoin charted a minor increase to $63,500 on Monday after a dull and sluggish weekend. The following days include some important US macro events, though not as notable as last week’s CPI data or the actual FOMC meetings.
The most notable event in the coming days will be the release of the Federal Reserve‘s minutes from the July 28–29 FOMC meeting. The central bank held interest rates unchanged for a fifth consecutive meeting, though three officials favored a rate hike.
Investors will examine the minutes for additional detail on the Fed’s inflation concerns and whether more policymakers may join the call for higher rates. Risk assets like cryptocurrencies tend to be most affected by the Fed’s plans, as tighter monetary policy expectations typically pressure speculative investments.
US retail sales unexpectedly declined by 0.6% in July, the first drop in nine months. Recent unemployment and inflation readings have reduced expectations for a September rate hike.
According to The Kobeissi Letter, this week’s key events include July housing starts and pending home sales on Tuesday, the Fed meeting minutes on Wednesday, the August Philadelphia Fed Manufacturing Index and weekly initial jobless claims on Thursday, and the August S&P Global Services and Manufacturing PMI readings on Friday.
Bitcoin traded at approximately $63,400 on Monday morning, while Ethereum challenged the $1,900 level again. XRP continued to fight for the psychological $1.00 support level.
Among larger-cap tokens, HYPE and RAIN surged the most, gaining 3.5% and 2.5%, respectively. WLFI moved back into the green after the project behind it received a bank charter license.
