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The crypto market had a tough start to the week, with Bitcoin and most altcoins remaining in the red. Bitcoin dropped below the key support at $75,000, while top tokens like Aave, LayerZero, and RaveDAO were some of the top laggards. This article explores some of the top crypto market news to watch this week.
Crypto Market News: Fed Chair Nominee Kevin Warsh Interview
One of the top crypto market news this week will come from Washington, where Kevin Warsh will be grilled by senators in a banking panel.
This will be an important testimony because of the central bank’s role in the economy. His statement will be watched closely because he will provide more color on whether the bank will hike or cut interest rates later this year.
Additionally, the statement will be important because it will provide more information on Bitcoin and other altcoins. Positive statements on cryptocurrencies will be bullish for the industry.
Still, Warsh’s path to the Federal Reserve remains murky, with Senator Thom Tillis vowing to stop the process as long as Jeanine Pirro’s lawsuit against Jerome Powell remains.
US-Iran Crisis to Have an Impact on Cryptocurrencies
Another important catalyst for Bitcoin and altcoins is the ongoing war in Iran. The crisis escalated during the weekend after Iran announced that it had shut down the Strait of Hormuz.
In its response, the United States boarded a large Iranian tanker, while Iran shot at the US warships. As a result, there are concerns that the two sides will not have a successful meeting in Pakistan, which will lead to higher crude oil prices and market volatility.
A deal, on the other hand, will be bullish for Bitcoin and other altcoins, as it will lead to lower crude oil prices and increase the likelihood that the Federal Reserve will cut interest rates.
Crypto Hacks and Market Manipulation
Crypto traders are also focusing on ongoing concerns about market manipulation and industry hacks.
The most recent case of market manipulation involved RaveDAO, whose token jumped from below $1 to nearly $30 in a matter of days and then pulled back to below $1.
In an X post, ZachXBT, a top online investigator, noted that the rise and fall was largely due to a pump and dump scheme by the developers. He identified several suspicious addresses that caused the situation and warned that some other tokens were exhibiting the same behavior.
At the same time, crypto hacks have continued rising this month. Data shows that hacks this month have caused investors over $600 million in losses. The most recent hack occurred this weekend, when hackers siphoned over $300 million from Kelp.
As a result, most DeFi protocols have suffered substantial losses in the past few days, with Aave losing $7 billion. Other top networks, such as Uniswap, Morpho, Lido, and Compound, have also lost billions of dollars in assets as investors remain fearful of the industry.
Top Cryptocurrencies to Have Unlocks
Some of the top tokens will have large unlocks this week. LayerZero, a top bridge network, will unlock tokens worth $37 million on Monday, while Kaito’s unlocks will be worth $7.2 million, which is equivalent to 7.2% of its total supply.
The other top unlocks to watch this week will be Perpetual Protocol, Kwenta, Celestia, and Contango. Pi Network will continue its unlocks, releasing over 45 million tokens this week.
Crypto Prices to React to Corporate Earnings Season
Additionally, Bitcoin and other altcoins will react to her upcoming corporate earnings dump in the United States. In addition to the upcoming Tesla earnings, other large companies like UnitedHealth, General Electric, Raytheon, and Intel will publish their financial results this week.
No major crypto company will publish its financial results this week. Nonetheless, the fact that hundreds of blue-chip companies are releasing their earnings will affect the stock and crypto markets.
