Several important events are to take place this week, IMF World Economic Outlook adds on to the list.
On 26th July, the International Monetary Fund brings World Economic Outlook Update for July month. The report titled as ‘Gloomy and More Uncertain’ has outlined some crucial issues. From slow economic growth to decreased output globally. The IMF report further went on to discuss the reasons that led the economy into such miserable and pathetic situations.
Since the report came out, experts and analysts have taken out different inferences from the report. However, one of the most echoing concerns was continued tough times for the crypto industry ahead. Moreover, these concerns went on to explain that the situations for cryptocurrencies may be dense ahead.
Undoubtedly the stock and crypto markets are sensitive to negative impressions or such slightly pessimistic growth signals. The IMF report might act as yet another reason, but it might not be the only one. For example, take several instances into account that crypto analyst Miles Deutscher explained on Twitter.
Miles noted that some of the other upcoming events could also result in crypto market volatility and turbulence. According to the crypto analyst, these events are Microsoft, Google Apple, and Meta-like giants releasing their earning reports. Additionally, the second quarter’s gross domestic products (GDP) figures in the United States are also to be released this week.
Let’s take out this last one, the US released their GDP figures. This one is significant as many experts and people with industry knowledge think these figures might bring unwanted circumstances. On 28th July, when GDP figures will be out, experts believe this could officially start a recession in the country.
Hold on, if it’s not enough then one more hit is yet to come. US Federal Reserves are going to raise interest rates this week, once again. As per several reports, this time Fed is expected to hike the rates by 0.75% to 2.25%. Such efforts of the American central bank come in the wake of their efforts to control inflation and strict monetary policy.
However, for many instances, Fed’s interest rate hikes resulted in creating panic in the markets. Seems like crypto investors started holding back to preparing to face the upcoming hit.
Source: https://www.thecoinrepublic.com/2022/07/27/imf-report-echoes-more-uncertainties-for-crypto-ahead/