Macro Events and Their Impact on Crypto - Bitcoin is still holding the $30,000 level earlier this week while investors seem to be “holding their breath” waiting to see what will happen to the crypto market.

    Macro event signals a volatile week

    World events such as the Consumer Price Index (CPI), the Producer Price Index (PPI), and the US Initial Jobless Rate (IJR) can have an impact on the crypto market. For the US, there are several speeches from Fed members as well as the Fed chair Powell on Monday that could be the main cause of the volatility in the market.

    Tedtalkmacro, who often shares macroeconomic views followed by more than 100,000 people, said that the core CPI is expected to fall to 5.1% YoY (lowest level since Nov 2022).

    Bitcoin  NFT breaks its own record

    According to Wu Blockchain, the number of Bitcoin Ordinals Inscriptions (or Bitcoin NFT) minted each day has reached 350,000 – the highest number since May 14. Notably, despite the number of transactions increased, the transaction fee has decreased by only 2.5 BTC. This is attributed to the new standard BRC-69 which helps to optimize transaction costs on the network.

    Bitget publishes proof of reserve

    As a way to strengthen the confidence of users, Biget has published proof of reserve. Bitget said the data was recorded on July 6. According to Wu Blockchain collation, BTC reserves increased by 7%, ETH by 9% and USDT by 4%.

    Not only investors, the number of developers also plummeted

    In a July 9 post, Miles Deutscher, who has nearly 350,000 followers, found that although the market has seen growth since January 2023, the number of developers in the market has plummeted. Their attention seems to be shifting to hot trends like AI. It can also cause investment funds to drop.

    US presidential candidate buys $250,000 in Bitcoin

    According to Interlock, Robert F. Kennedy Jr., a Democratic presidential candidate, holds between $100,000 to $250,000 in bitcoin (BTC). The holdings contradict his statements at the Bitcoin 2023 conference in May, where Kennedy claimed he was not an investor.

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