Today, 3 Central Bank Decisions are Expected: What About Bitcoin?

This week, the Bitcoin and altcoin world is on high alert due to the three major central banks announcing their benchmark interest rate decisions. The Bank of Japan (BOJ), the Federal Reserve (FED), and the Bank of England (BOE) are holding policy meetings, and analysts are expecting different outcomes from each.

BoJ, FED, and BoE will announce their decisions.

The Bank of Japan (BOJ) will be the first institution to announce its decision on Wednesday morning in Japan (Tuesday evening in the US). Analysts are divided on whether the BOJ will raise its policy interest rate from the current range of 0% to 0.1%, or whether it will signal that an interest rate hike is imminent. In Japan, inflation has been running above the bank's 2% target for some time, and despite recent increases, the yen is trading near its lowest levels in a decade against the US dollar. According to The Wall Street Journal, the BOJ believes that a tighter monetary policy could revive Japan's sluggish consumption. Higher rates could lower the cost of important imports such as gasoline and food, thereby easing inflationary pressures.

After that, attention will turn to the FED, which will make an announcement on Wednesday. The FED will announce its decision at 21:00 Turkish time, followed by Fed Chairman Powell's assessments at 21:30. While a rate cut by the FED is not expected, the majority of analysts think that the FED will signal a rate cut at its next meeting in mid-September. According to the CME FedWatch tool, market expectations predict a 100% probability of a rate cut in September, but the likelihood of the cut being 50 basis points instead of the traditional 25 basis points is evaluated at 12%.

Finally, the Bank of England will announce its policy decision on Thursday afternoon. Economists and market participants are almost equally divided on whether the BOE will cut interest rates for the first time in a long time. Even if the BOE lowers interest rates, it is expected to be cautious by warning markets not to expect a series of interest rate cuts.

What is the current situation in Bitcoin and altcoins?

This week, there are also exciting moments in the cryptocurrency market. After briefly falling to $65,000, Bitcoin (BTC) managed to hold the $66,000 level. Ethereum (ETH), on the other hand, displayed a sluggish performance and remained around $3,300 today. However, XRP achieved unprecedented gains by challenging the overall market trend. As of the press time, Bitcoin was trading at $66,072.70 with a decrease of 0.74%. The lowest and highest values in the last 24 hours were recorded as $65,323.19 and $66,987.67 respectively. Despite intense BTC purchases by whales, the token could not gain upward momentum. At the same time, Bitcoin ETFs recorded an outflow of $18.3 million, aligning with the current price movement of BTC.

Ethereum fell to $3,293.36 with a 0.86% decrease in the last 24 hours. The lowest and highest values of the coin in the last 24 hours were recorded as $3,235.76 and $3,365.32, respectively. Despite the ETF launch, the coin is showing a rather stagnant performance. Solana (SOL) lost 0.88% in line with the general market trend, with the SOL price at $180.92. The lowest and highest values of the coin in the last 24 hours were recorded as $176.02 and $184.18, respectively. Ripple Labs-backed XRP, on the other hand, showed an extraordinary 8.04% increase, reaching $0.6492. The lowest and highest values of XRP in the last 24 hours were recorded as $0.5973 and $0.6579, respectively. Today, XRP stands out as the biggest gainer. Stellar (XLM) reached $0.1054 with a 5.92% increase, Kaspa (KAS) reached $0.1965 with a 2.69% increase, and Aave (AAVE) reached $106.88 with a 2.43% increase.

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