The result of the post-FOMC meeting was favorable to the cryptography market, as it witnesses a significant rise. Previously, experts anticipated high volatility around the Fed decision on interest rates, but the market remains relatively stable and even optimistic for some cryptocurrencies. However, this may not last long because two important macroeconomic events will take place today, on May 8, whose result would affect digital assets. Let's discuss.
Crypto Market News: Key macroeconomic events to monitor today
Various macroeconomic events exert strong pressure on the cryptography market, and two of these events occur today. The versions of economic data, including the first complaints of unemployment, the costs of unitary labor, the Fed balance sheet and many others, will take place on May 8.
In this, the initial unemployment claim is an important macroeconomic event, which will be published at 8:30 am he. It is expected at 231k, down compared to the previous 241k per Zacks report. In addition, the report on the results of Coinbase Q1 2025 will be released.
Coinbase is among the largest exchanges of cryptocurrency and has a significant impact on digital assets and the stock market. Crypto investors and equity investors await its results, especially since analysts expect BPA to $ 1.93, less than the fourth quarter of 2024 ($ 2.26).
In addition, experts also plan to decrease income and the volume of negotiation. Overall, this could affect the cryptocurrency market and the part of the play's shares. The Coinbase results report will be announced on May 8, 2025, once the market is over.
Coinbase crushed it in the first quarter of 2024
– Income: $ 1.6 billion (+ 72% vs Q4)
– OPEX: $ 0.9 billion (+ 5% vs Q4)
– Net income: $ 1.2 billion (+ 331% vs Q4)
– adj. EBITDA: $ 1.0 billion (+ 213% vs Q4)
– Fund: $ 7.1 billion (+ 24% vs Q4)
– 2x USDC on the platform vs q4
– Basic developers 8x vs Q4 pic.twitter.com/neo96t687p– Ryan Rasmussen (@Rasterlyrock) May 2, 2024
Will the cryptography market compete next?
The performance of digital assets and the market depends entirely on the feelings of the investor. The drop in expectations of the report on Coinbase gains already indicates the weakest feelings of users, and other macroeconomic events could worsen it.
If unemployed complaints are lower than expected, the cryptography market could crash. However, if the data is higher than expectations, the market could rally. The result of the FOMC meeting fueled the gathering of digital assets, and more can be anticipated, but uncertainty remains.
The price of Bitcoin has increased massively and approaches the $ 100,000 mark. A bullish stimulus of these macroeconomic events could help the rally.
Frequently asked questions (FAQ)
The cryptography market is up while the Trump rate has influenced the feelings of fear, and the confidence of investors has increased on the market.
Both are key economic events that could affect the feeling of investors; Consequently, the performance of the cryptography market depends on these factors and other similar factors.
Bitcoin Price is approaching the $ 100,000 mark after an increase of more than 3% in the last 24 hours. If macroeconomic events support and the upward trend continues, BTC could reach $ 100,000.
Pooja Khardia
With a deep passion for reading and five years of experience in writing content, Pooja is now focusing on the manufacture of trendy content on the cryptocurrency market. As a dedicated cryptographic journalist, Pooja is constantly looking for trendy subjects and informative statistics to create convincing pieces for crypto enthusiasts. Staying informed of the latest trends and progress in the field is an integral part of your daily routine, fueling a commitment to offer timely and perceptive coverage
Warning: The content presented may include the author's personal opinion and is subject to the market state. Do your market studies before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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