Crypto community eyeing three macro events to tip crypto scales in July
The crypto community is looking into three key dates this month that could profoundly impact the trajectory of the crypto market and the wider United States macroeconomic environment this year.
On July 13, the monthly Consumer Price Index (CPI) and data relating to inflation will be released to the public. On July 26-27, a decision will be made as to whether to hike interest rates further, while on July 28, the United States Q2 2022 Gross Domestic Product (GDP) estimates will tell us whether the country is in a technical recession.
Micahel van de Poppe, CEO and founder of crypto consultancy and educational platform EightGlobal, told his 614,300 Twitter followers on July 4 that it’s “all eyes on the CPI data next week,” adding bullish forecasts for Bitcoin should it flip above its $20,000 price point.
Blurry chart, but would be looking at $28K for #Bitcoin, if there's a chance that $20K can be flipped (and in between I'd be monitoring $23K).All eyes on the CPI data next week and the FED, but would make sense. pic.twitter.com/pcWwEmkoHT
Co-founder of The Crypto Academy, known on Twitter as 'Wolves of Crypto', told his followers to keep an eye out for the date, adding that CPI going lower than expected “could be the catalyst for a dead cat bounce” for Bitcoin.
CPI is one of the benchmarks for gauging how inflation progresses by measuring the average change in consumer prices based on a representative basket of household goods and services.
Continued rising inflation could impact demand for cryptocurrencies, with consumers needing to spend more to get by than before.
Interestingly, while Bitcoin was created amid high inflation following the 2008 Global Financial Crisis, and touted as an inflation hedge due to its fixed supply
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