An analyst named 3 factors that could affect crypto markets this month

cryptonews

Analyst nicknamed Guy said that the expected release of economic data this month could have a significant impact on cryptocurrency markets

According to him, 3 important factors could interrupt the rally in the cryptocurrency market. The first is the Personal Consumption Expenditures Index (PCE):

“The PCE data for July will be released on August 26. Given that the PCE is the Fed’s favorite measure of inflation, a high value could cause markets to collapse in anticipation of an aggressive rate hike.”

The second factor is the second-quarter gross domestic product figure:

“Revised second-quarter GDP data will also be released on August 26. Pay attention to them. If these figures are revised upward, meaning the U.S. is no longer in a technical recession, it could push the Fed to raise interest rates even more.”

The next factor is the annual Jackson Hole Economic Symposium, where prominent figures from central banks and other sectors discuss global economic issues:

“The Jackson Hole Symposium will be held Aug. 25-27. Who doesn’t know – this is a central bank conference and the coincidence of the timing of this conference and the timing of the release of the two above-mentioned statistics means the possibility of a real-time reaction from Jerome Powell.”

All of these factors could influence Fed Chairman Jerome Powell’s decisions, which would have a cascading effect on the crypto market:

“If the statistics turn out to be unimportant and Jerome is not in the best of spirits, the crypto market will be in a bad place. Chances are, though, he’ll keep his thoughts to himself long enough for the cryptocurrency market to continue its recovery rally.”