Critical week begins for cryptocurrencies and financial markets

The critical week that will determine the direction of the Bitcoin price, at least in the short term, begins. Wednesday stands out as the most important day of the week. Both the Fed decision and inflation data will be announced on this day, which may increase volatility in cryptocurrency and financial markets. At Tesla, Elon Musk’s record compensation will be put to a vote again.

Critical week begins for cryptocurrencies and financial markets

The US Federal Reserve (Fed) is not expected to cut interest rates at this week’s meeting, but Jerome Powell’s statements after the rate decision will show the Fed’s thinking and road map for the future. The fact that the announcements will come after the inflation data at noon makes Wednesday particularly important. US inflation data (Wednesday) will be released at 15:30 on Wednesday and Fed’s decision will be announced at 21:00 on Wednesday. Powell’s speech will start at 21.30.

Dot-plot also arrives

The dot-plot chart will be one of the most important indicators that will reflect the Fed’s thoughts on interest rate cuts in the coming period. The dot-plot graph, published after the Federal Open Market Committee (FOMC) meetings held in March, June, September and December, will also reflect the members’ thoughts in the short and long term.

Will inflation get to the desired level?

The US Consumer Price Index (CPI) will also be released on Wednesday, hours before the Fed decision. Expectations for the US CPI, which fell from 3.5% in April to 3.4% in May, are expected to be 3.4% on an annual basis. Higher-than-expected inflation may lead the Fed to further delay the rate cut. The Fed has been persistently targeting 2% as a target for interest rate cuts.

Important voting for Musk at Tesla

This week will also be critical for Tesla, one of the world’s largest electric car manufacturers. On June 13, Elon Musk’s record $56 billion compensation plan, which has been discussed since 2018, will be put to a vote. The course and statements at the shareholder meeting may also closely affect the Tesla share price. Shareholders will also vote on whether to move Tesla’s headquarters from Delaware to Texas. Musk’s compensation was rejected by a Delaware court judge as a result of the lawsuit.

Artificial intelligence breakthrough from Apple

Apple, one of the 3 largest companies in the world and overtaken by Nvidia last week in terms of market capitalization, will introduce new artificial intelligence developments at this week’s Developers Conference. The conference, which starts today and will last for 5 days, will also introduce artificial intelligence features for iMessage and Safari applications.

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