Imminent Macro Events Could Rock Bitcoin and Crypto Markets, According to Analytics Firm Santiment
A leading analytics firm is issuing an alert to crypto traders to brace for wild price swings as key macro data are due for release this week.
In a new Insights edition, Santiment says it is expecting a volatile week ahead for crypto as the Federal Open Market Committee (FOMC) is scheduled to announce its latest policy decision today at 2:00 pm Eastern Time.
Investors expect the Federal Reserve to hike interest rates by 50 basis points, a deceleration from the 0.75% increases imposed over the previous four meetings. A higher-than-expected print is traditionally bearish as it signals that the Fed is intent on tightening monetary policies to combat inflation.
Santiment also tells traders to keep a close watch on the purchasing manager’s index (PMI), an economic indicator that gauges the health of the manufacturing and service sectors. The PMI is slated for release on Friday, December 16th.
Says Santiment,
“The decisions from these events will eventually guide the market to be risk-on or risk-off.”
The analytics firm also says that while crypto has moved in tandem with the stock market for the most part of the year, the correlation snapped in November amid the high-profile implosion of FTX.
The analytics firm concludes by saying that crypto investors have been jittery as of late and any negative surprises from the two key macro events could trigger another sell-off event.
“Decision time is coming.”
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Author: Daily Hodl Staff
