This week, the crypto market is buzzing with several major events that could influence its direction. Here’s a look at the most notable news and their potential impact.
Crypto: the key events of the week of August 12, 2024!
The crypto market is notoriously sensitive to economic and financial events, which can have direct or indirect repercussions on the prices of digital assets. Here’s a look at the most significant news and their potential impact.
- US Consumer Price Index (CPI) Released
The July Consumer Price Index (CPI) report will be released on August 14, 2024. Analysts expect the data to confirm the disinflationary trend seen in recent months. If the report shows low inflation, it could prompt the Federal Open Market Committee (FOMC) to cut interest rates in September. Such a move would increase liquidity in the market, which could lead to higher asset prices, including crypto.
- Crypto Tokens Worth $230 Million Unlocked
This week, crypto token releases totaling over $230 million are scheduled. The projects involved include Aptos (APT), The Sandbox (SAND), and Starknet (STRK). Aptos will release 11.31 million APT tokens on August 12, while The Sandbox will release 205.59 million SAND tokens on August 14. Starknet, meanwhile, is scheduled to release 64 million STRK tokens on August 15.
These releases can lead to increased volatility in the crypto market. When large amounts of tokens are released, it can increase the available supply, potentially driving prices down if demand does not follow. However, it can also provide buying opportunities for investors looking to enter the market at lower prices.
MakerDAO Spark Tokenization Grand Prix
MakerDAO is launching its Spark Tokenization Grand Prix on August 12, 2024, aiming to onboard up to $1 billion in tokenized assets, primarily U.S. Treasuries. This event highlights MakerDAO’s strategic efforts to strengthen its DeFi ecosystem. The successful onboarding of these assets could attract more institutional investors to the crypto market, increasing market confidence and stability.
The crypto market has been extremely volatile lately, as evidenced by Bitcoin’s recent drop below $59,000. This week’s events could further exacerbate this volatility, making caution essential for investors.
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