Summary
- This macro week will bring heavyweight events that could affect Bitcoin’s price.
- BTC is now trading above $58,000.
This is an important macro week with events that could affect the crypto market, including the annual Jackson Hole global central bank meeting.
Greeks.live addresses the essential economic events in a new post on X, highlighting the importance of the news related to the yen rate hike and the dollar rate cut.
According to their announcement, both the Bank of Japan and the Federal Reserve in the US will make important speeches that can affect the direction of the entire capital market.
There will also be several important monetary policy meeting minutes published this week, and the probability of a Fed rate cut in September will be the best macro-observation indicator worth increased attention from the market.
Top 10 Heavyweight Events of the Week
- The Australian Federal Reserve releases the minutes of its August monetary policy meeting (August 20).
- The Swiss Central Bank governor Jordan will give a speech (August 20).
- The 2024 FOMC Voter and Atlanta Fed President Bostic will offer a speech (August 21).
- The US initial jobless claims for the week will be released (August 22).
- The Fed is set to release minutes of its monetary policy meeting (August 22).
- ECB will publish data from the July monetary policy meeting (August 22).
- The Jackson Hole Annual Meeting of Global Central Banks will take place (August 22).
- BOJ Governor KKazuo Ueda and Japan’s Finance Minister Shunichi Suzuki will attend a parliamentary hearing (August 23).
- Fed chair Jerome Powell will speak on the economic outlook at the annual meeting in Jackson Hole (August 23).
- Bank of England Governor Tony Blair will speak at the Jackson Hole Annual Meeting (August 23).
Crypto Market Outlook
The market action remains weak, as Greeks.live notes, but the risk of a crash is now lifted and the market confidence has been restored as IVs continue to fall across major maturities.
IV is currently at a relatively moderate level and remains under downward pressure this week. There is a probability that short and medium-term IV will fall following the week’s annual central bank meeting, regardless of the outcome.
The crypto market maintains the board-based oscillator trend that has developed since March, with ETH still subdued.
Choosing the right IV can buy short-term options, while the current short-term IV is now relatively low.
Also, the Bitfinex interest rate market is relatively calm, and encountering the right interest rate orders can be actively transacted, especially during a market worth increased attention.
Regarding Bitcoin‘s price today, at the moment of writing this article, BTC is trading above $58,000.