Kraken Warns Bitcoin Faces 48-Hour News Grinder
Kraken says Bitcoin faces a packed 48 hours of Fed policy, U.S. economic data and earnings from Coinbase and Strategy.
Bitcoin is heading into a packed stretch of news that could force traders to process several conflicting market signals within hours, analysts at crypto exchange Kraken cautioned in a blog report on Wednesday, July 29.
The Federal Reserve is due to announce its latest interest-rate decision today at 2 pm ET, followed by a press conference 30 minutes later. With no new rate projections or dot plot scheduled, traders will be focused mainly on the wording of the statement and comments from Fed Chair Kevin Warsh.
Read also: Bitcoin ETFs Lost $526M in Four Days — But Spot Altcoin ETFs Are Attracting Capital
Less than a day later, the U.S. government will release its first estimate of Q2 economic growth alongside June personal consumption expenditures data. As Kraken said, markets may need to “reconcile conflicting signals quickly rather than settle into one narrative.”
Coinbase and Strategy Report Next
Coinbase and Strategy are also scheduled to publish Q2 results on Thursday after U.S. markets close.
Coinbase’s report will offer a fresh look at crypto trading activity after a quiet July, while Strategy’s results will draw attention to the finances behind its 843,775 BTC▲$62,630.00 holdings.
The Bitcoin treasury company paid about $63.7 billion for those BTC but has recently stopped buying more and instead built a $3.7 billion cash reserve to cover preferred dividends and debt interest.
Monthly BTC and ETH▲$1,761.17 options on Deribit expire Friday at 8 am UTC, adding yet another possible source of short-term volatility as traders close or roll over positions. And that still won’t clear the calendar, with the July U.S. jobs report due Aug. 7 and inflation data following on Aug. 12.
Read more: Bitcoin Trading Is on Track for Slowest Month Since 2023
