Some key crypto news will have a major impact on the industry this week, including the upcoming Fed decision, the Midnight launch, and inflows into exchange-traded funds (ETFs). This article explores some of the top crypto market news that may impact the industry this week.
Federal Reserve Decision Will Be the Key Crypto News This Week
The first, and possibly the most important, crypto news this week will be the upcoming Federal Reserve meeting, which will start on Tuesday and end on Wednesday, with officials delivering their interest rate decision.
This will be a crucial meeting amid intense debate among officials over whether to pause or hike interest rates. Officials like Michael Barr and Jeff Schmid have argued that inflation remains so high and that cutting rates will be a mistake.
On the other hand, some members, like Michelle Bowman, Stephen Moran, and Christopher Waller, have supported cutting interest rates at the upcoming meeting, citing ongoing cracks in the labor market.
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Odds are in favor of the doves, with data compiled by Polymarket showing that they stood at 93%. An interest rate cut and a signal of further easing will be bullish for the crypto market, as these risky assets often rise during periods of easy money.
Cardano Midnight Launch and NIGHT Token Listing
The other main crypto news will be the upcoming Midnight launch, scheduled for Monday this week.
Midnight is a zero-knowledge sidechain that Cardano hopes will solve some of its top challenges and boost its ecosystem growth.
The network will launch this week, a few days after the developers launched the NIGHT token as the first Cardano Native Asset (CNA).
This midnight launch will enable trading of the NIGHT token, with several notable exchanges, including Gate, Bybit, and OKX, listing it. Also, the Midnight launch will make it possible for Cardano holders who participated in the Glacier airdrop to claim it.
Oracle and Broadcom Earnings
Meanwhile, large companies like Oracle and Broadcom, worth over $2.4 trillion, will publish their financial results this week, which may set the tone for the stock and crypto markets.
While Oracle and Broadcom are not big names in the crypto industry, they are among the top companies in artificial intelligence, which has driven the financial markets over the past two years.
Oracle stock surged three months ago after it published its financial results, which showed a backlog of over $455 billion. Most of this backlog was from its $300 billion deal with OpenAI. Broadcom has a deal worth between $300 billion and $350 billion with OpenAI.
Therefore, the upcoming earnings will shed more light on the state of the AI industry as talk of the bubble rises. Strong results and guidance may push the stock market higher, which will likely boost cryptocurrency prices.
The other top crypto news to watch this week will be ETF inflows and outflows, open interest, and top unlocks such as Aptos and Starknet.
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