The cryptocurrency market is bracing for another crucial week on the macroeconomic front. 

On Thursday, the U.S. Federal Reserve is on track to have another meeting. 

So far, the consensus appears to be that the meeting will be used by the central bank to set the stage for a much-anticipated rate cut in September. However, the Fed is unlikely to make such a significant step this week since it likely believes that it needs more economic data.

The Fed went on a rate hike spree in 2022, eventually bringing the benchmark interest rate into the 5.25%-5.5% target range. Its aggressive tightening campaign was prompted by rapidly growing inflation. 

While inflation has cooled substantially, the Fed is yet to achieve its long-stated target of 2%. Nevertheless, most economists are convinced that the recent data is favorable enough for implementing a rate cut. 

As reported by U.Today, U.S. inflation cooled in July, prompting market watchers to predict two rate cuts in 2024. Yardeni Research President Ed Yardeni, however, believes that the Fed will not go that far. "I think the market has discounted the fact that the Fed will most likely cut the funds rate in September, and that might be one and done," he told CNBC's Squawk Box earlier today. 

Apart from that, investors remain on edge ahead of the release of U.S. jobs data. The upcoming year is expected to see a gain of roughly 200,000 jobs. The data will be crucial for determining whether or not the Fed will be capable of pulling off a soft landing this year.

The leading cryptocurrency is currently trading at $69,197 after failing to top the $70,000 level.