We have come to the end of another week in the cryptocurrency market. Over the past week, the leading cryptocurrency Bitcoin (BTC) started the new week by losing over 1% in value. #Bitcoin

The cryptocurrency market is focusing on a number of important events that will occur this week. These developments, which may affect both the crypto world and the general economy, are being followed closely.

Here are the important developments that may affect the price movements of Bitcoin and altcoins this week, according to the latest economic data:

🚨 Important Developments This Week 🚨

Tuesday, September 26

• Lisk (LSK), Testnet v4 migration will take place.

• $13 million worth of dYdX (DYDX) will be unlocked, representing 0.64% of the total supply.

• Federal Open Market Committee (FOMC) member, that is, Fed official, Bowman will give a speech at 20.30.

• Kashkari, a member of the Federal Open Market Committee (FOMC), that is, a Fed official, will give a speech at 01:00.

Wednesday, September 27

• SEC Chairman Gary Gensler will testify.

• $6 million worth of Flow (FLOW) will be unlocked, corresponding to 1.06% of the total supply.

Thursday, September 28

• US Gross Domestic Product (GDP) data will be announced at 15.30. (It is expected to come to 2.2, the previous one was 2.)

• Fed Chairman Powell will give a speech at 23.00.

• Türkiye September Economic Confidence Index data will be announced at 10.00. (It is expected to reach 94.10.)

Economic Confidence Index is an important indicator that measures the evaluations, expectations and tendencies of consumers and producers regarding the general situation of the economy. This index is created by predominantly bringing together the subcomponents of consumer confidence. However, confidence indices of the real sector (manufacturing industry), services, retail trade and construction sectors, adjusted for seasonality effects, are also included. In calculating the index, the impact of each sector is not directly based on five different confidence indices. Instead, sub-indices in each sector are applied to equally weighted and normalized data series. In this context, a total of 20 different confidence indices are used from the consumer, real sector, services, retail trade and construction sectors. These indices are calculated with data collected in the first two weeks of each month.

An Economic Confidence Index above 100 indicates that the general economic situation has a positive perspective, while below 100 reflects a pessimistic outlook. This index is an important tool for keeping the pulse of the economy and making predictions about the future.

• The US Federal Reserve (Fed) balance sheet will be announced at 23.30. (Previously it was $8.024 trillion.)

Friday, September 29

• European Region Annual Inflation Rate will be announced at 12:00. (It is expected to be 4.6, the previous one was 5.2.)

• US Annual Core Personal Consumption Expenditures Price Index will be announced at 15.30. (It is expected to be 3.9, the previous rate was 4.2.)

• Last day for users who lost their cryptocurrencies on the FTX exchange to submit evidence.

Saturday, September 30

• $32 million worth of Optimisim (OP) will be unlocked, corresponding to 0.56% of the total supply.

Sunday, October 1

• $5.3 million worth of Merit Circle (MC) will be unlocked, corresponding to 2.20% of the total supply.

These important developments may cause fluctuations in the cryptocurrency market and have an impact on the value of Bitcoin and other altcoins. Cryptocurrency investors and market followers can improve their trading strategies and shape their decisions accordingly by monitoring these developments closely.

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At the beginning of this week, new KKM instructions were sent to banks by the Central Bank in order to strengthen the Turkish Lira. Following these developments, the economic management expressed its determination to strengthen the Turkish Lira. #Bitcoin

Experts predict that the Central Bank may increase the policy rate by 250 to 500 basis points. Since this increase directly affects credit card interest rates and late payment interest, citizens' attention has also been turned to credit card interest.

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CBRT President Hafize Gaye Erkan

After Hafize Gaye Erkan was appointed as the Governor of the Central Bank, the interest rate increase trend began. The decisions to be taken today are awaited with great curiosity. Now all eyes are on the Central Bank. Today, the Monetary Policy Committee (MPC) will meet for the September Interest Rate Decision. At the beginning of the week, instructions were sent to banks in order to strengthen the Turkish Lira.

With this decision, TL deposit interest rates are expected to be reduced to 45-50 percent. It is considered certain that there will be an interest increase in the MPC meeting to be held today. According to estimates, the increase will be between 250 and 500 basis points. A 500 basis point increase is generally expected, but there are estimates that a 600 basis point increase is also possible.

The effect of the Central Bank interest rate increase on credit card interest rates

The first effects of the Central Bank's interest rate increase are observed in interest rates close to the policy rate. In this context, credit card interest and cash withdrawal interest stand out. The highest interest rate applied to credit cards is determined based on the reference interest rate.

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The determinant of the reference interest rate is the policy interest rate. A special model is used to calculate this reference rate. While the reference interest rate was determined as 0.81 percent in June, the credit card interest rate was 1.36 percent and the default interest was 1.66 percent.

If an interest rate increase of 500 points is made, credit card interest will be 3.26 percent!

With the interest rate increase in August, the policy rate increased to 25 percent. Thus, the reference interest increased to 2.26 percent, the interest applied on credit card transactions increased to 2.81 percent, the delay rate increased to 3.11 percent and the interest used on cash withdrawals increased to 3.57 percent.

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If there is a 500 basis point increase in the policy rate at the MPC meeting today, the policy rate will increase to 30 percent. In this case, the reference interest rate will increase from 2.26 percent to 2.71 percent. The interest applied to credit cards will increase from 2.81 percent to 3.26 percent. Overdue interest will be 3.56 percent. Interest on cash withdrawals such as overdraft accounts will increase to 4.02 percent.

If there is an increase of 600 basis points, the policy rate will be 31 percent. While the reference interest will be 2.80 percent, the interest applied to credit cards will increase to 3.35 percent and the delay interest will increase to 3.65 percent in this case. Interest on cash withdrawals will increase to 4.11 percent.

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