Weekly Market Update: Global cryptocurrency market cap reaches $1.09 trillion
  • Bitcoin is gaining strength
  • What’s in store next week?

This week, members of the Bank of England's Monetary Policy Committee voted to raise the U.K. interest rate by 50 basis points to a total of 1.75% in an effort to curb inflation.

The U.S. employment rate came out better than expected at 3.5%, matching a 50-year low despite headwinds from supply chain bottlenecks and stubbornly high inflation. Overall the report makes it more likely that the Fed will raise its key rate by 75 basis points (0.75%) for a third straight time in September.

Bitcoin is gaining strength

Bitcoin fell slightly this week, but did not experience any structural changes. So far, Bitcoin has only reached higher highs (HH) and higher lows (HL), indicating a bullish trend.

Ethereum was rejected from the daily supply zone around 1800, but did not fall significantly. Like Bitcoin, there were no structural changes for Ethereum this week.

The total crypto market cap is also making HH's and HL's towards the $1.2 trillion level. Almost all major cryptocurrencies have made gains this week, especially BNB, which increased by 9%.

What’s in store next week?

Next week, figures for the U.S. consumer price index (CPI) and the U.S. producer price index (PPI) will be published on Wednesday and Thursday. The CPI is expected to be slightly lower than in the previous month, which would indicate that the inflation rate is gradually slowing.

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