Crypto Volatility: Events to Watch Closely This Week!
The cryptocurrency market is making a lot of noise this week due to a number of significant events that might potentially affect its path. Let's take a look at the most noteworthy news stories and the possible impact they could have.
The crypto event
Cryptocurrency: the most important happenings of the week of August 12, 2024!
Cryptocurrency markets are notoriously sensitive to economic and financial events, which can have direct or indirect effects on the pricing of digital assets. These events might have a direct or indirect impact on investors. A look at the most important news stories and the possible impact they could have is presented here.
The Consumer Price Index (CPI) for the United States was released.
The Consumer Price Index (CPI) report for the month of July is scheduled to be made public on August 14, 2024. Analysts anticipate that the statistics will validate the trend of deflation that has been observed over the past few months. In the event that the report reveals low inflation, the Federal Open Market Committee (FOMC) can decide to reduce interest rates next month, specifically in September. The market would experience an increase in liquidity as a result of such a shift, which might result in higher prices for assets, including cryptocurrency.
Unlocking Cryptocurrency Tokens Worth 230 Million Dollars
A total of approximately 230 million dollars' worth of cryptocurrency tokens are slated to be released this week. Aptos (APT), The Sandbox (SAND), and Starknet (STRK) are some of the projects that are actively being worked on. On August 12, Aptos will unveil 11.31 million APT tokens, and on August 14, The Sandbox will unveil 205.59 million SAND tokens. Both releases are scheduled to take place. On the other hand, Starknet is planning to distribute 64 million STRK tokens on August 15th.
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It is possible that these disclosures will cause the cryptocurrency market to become more volatile. When a significant quantity of tokens is distributed, it has the ability to increase the supply that is accessible, which may result in a decrease in pricing if demand does not follow suit. On the other hand, it additionally has the potential to offer purchasing opportunities to investors who are trying to enter the market at cheaper costs.
Master of the MakerDAO Spark Tokenisation Competition
On August 12, 2024, MakerDAO will commence its Spark Tokenisation Grand Prix with the intention of onboarding up to one billion dollars' worth of tokenised assets, the majority of which will be United States Treasuries. The purpose of this event is to highlight the strategic initiatives that MakerDAO is doing to improve its DeFi ecosystem. By successfully onboarding these assets, the cryptocurrency market may be able to attract a greater number of institutional investors, which would result in an increase in market confidence and stability.
Recent events have shown that the cryptocurrency market is extremely volatile, as seen by the recent decline of Bitcoin's price below $59,000. Due to the fact that the events of this week have the potential to significantly intensify this volatility, investors must exercise extreme care.