Biggest Week In The Crypto Year 2022?

The eventful week started with the FUD around Binance. Some time ago I remember Binance announcing the scheduled halting of some coins withdrawals because of maintenance work. Of course, should have guessed that some users would have missed the news and saw this as a red flag and then created FUD intentionally or unintentionally.

There were other rumors around CZ and Binance too. Those included mainstream media attacking Binance because of the investigation that started in 2018, shrinking reserves and Twitter influencer CoinMamba having issues with his Binance account.

source

Today

When I woke up this morning, the first story I read was Sam Bankman-Fried was charged by SEC and arrested by Bahamas authorities. I'm not exactly sure how I feel about that at the moment but one thing is for sure, we haven't heard the last of him.

The good news is that the CPI(US Consumer Price Index) numbers are in and the index rose 7.1% which is lower than the predicted 7.3%.

The price of BTC quickly rose to near the $18k resistance level and is currently trading at $17,882 according to Coingecko. BTC is up 5% on a 24-hour chart.

source

That is indeed good news but is it enough to push the BTC price above the resistance and make me feel short-term bullish?

Tomorrow

The push needed for that just might come tomorrow if not priced in already. The Federal Open Market Committee (FOMC) meetings' decision and projections are scheduled to be released on Wednesday.

After increasing the interest rates by 0.75% for four months in a row, it is now widely believed that this month's increase would be smaller, a half-point increase. Some analysts calculated that there is almost an 80% chance of this happening.

Besides that, there's Powell's speech and we might hear news about how many rate hikes are on the table and future increases. If the speech isn't too 'hawkish', we could see BTC surge even more.

BTC Price When The Week Closes

I remember taking part in this BTC price prediction contest. I have participated before but this time I found it extremely hard to predict. There is so much happening right in crypto, economics, and macroeconomics.

It's like predicting those World Cup group-stage matches. You keep adding up the pros and cons but in the end, there are just too many surprise factors. Too many characters and too many centralized exchanges.

Conclusion

I'm not sure if this will go down in history as the biggest week in the crypto year 2022 but it sure is an interesting one!

In my opinion, the whole FTX madness isn't just shrugged off any time soon. Personally, the falling moon, Terra disaster is still vivid in my memory. Even though the FED numbers might be good, it doesn't need more than a misunderstanding or a rumor concerning CEXs to be like throwing gasoline into the fire. Feels like BTC is some guy, constantly walking on thin, crackling ice.

At the beginning of the summer some years ago when I had just bought my first crypto, I remember thinking how over-hyped this whole thing is. BTC was moving sideways the entire summer and I was bored and anxious to make moves.

On weeks like these, I don't have those kinds of problems! And years like this? No thanks.

Thank you for reading!