The crypto market held steady last week, with Bitcoin price rising to $64,000, a few days after it moved below the support of $60,000. Other top altcoins like Bittensor, Humanity, FET, Ethena, and Worldcoin. This article looks at the top crypto news to watch this week.
Crypto News: Federal Reserve Rate Decision
One of the top crypto market news this week will be the upcoming Federal Reserve interest rate decision on Wednesday. Economists expect the bank, under Kevin Warsh, will leave interest rates unchanged between 3.5% and 3.75% in this meeting.
The bank is highly concerned about the rising inflation in the United States. Data released last week showed that the headline Consumer and Producer inflation jumped to 4.2% and 6.4% in May.
Another report released a week earlier showed that the economy added 172k jobs in May. As a result, a combination of high interest rates and strong labor market means that the Fed will embrace a hawkish tone. Officials may even hint at future interest rates hikes in this meeting.
READ MORE: Here’s Why Humanity, Bittensor, Worldcoin, Pi Network are Soaring Today
US and Iran Memorandum of Understanding
The other main catalyst for the crypto market is that the US and Iran will have a memorandum of understanding that ends the war as soon as today. Trump said that the two sides will sign a deal that will immediately reopen the Strait of Hormuz.
The rising hopes of a deal explain why crude oil prices have continued falling in the past few days. Brent and the WTI have all moved downwards and are approaching the key support level of $80.
A deal will be bullish for the crypto market because it will lower inflation expectations. Such a move will lead to lower US bond yields and reduce the pressure of the Fed to cut interest rates.
Bitcoin and Ethereum ETF Flows
The other top crypto news this week is the ongoing development in the ETF market. Data shows that spot BTC and ETH ETFs continued their outflows last week.
However, there are signs that the outflow trend is waning. Bitcoin ETFs added over $85 million on Friday, bringing the total outflows last week to over $315 million, much lower than the previous week’s $1.72 billion. Ethereum ETFs shed $14 million last week, also lower than $173 million a week earlier.
There is a likelihood that spot Bitcoin and Ethereum ETFs will start adding assets as investors start rotating to beaten-down assets after the SpaceX IPO.
The other top crypto news to watch will come on Monday when Michael Saylor’s Strategy will publish its Bitcoin buying stats. Traders have watched these flows recently after the company sold 32 coins earlier this month.
READ MORE: Here’s Why Silver, Gold, and Bitcoin Prices Are Lagging the Stock Market
