Markets
Five Things That Could Move Cryptocurrency Markets This Week
Cryptocurrency markets remained relatively stable over the weekend, with total market capitalization hovering just above $2.5 trillion.
Also, on Friday inflation numbers helped markets recover some ground late last week, with Core PCE coming in line with expectations after a small increase.
Digital assets, especially Bitcoin, have also been boosted by Donald Trump’s initiative bullish comments at the Bitcoin 2024 Conference on Saturday. However, the market went north on Monday morning.
Economic events from July 29th to August 2nd
The July Consumer Confidence Index report is due on Tuesday, providing a measure of confidence that impacts consumer spending, which contributes about 70% of U.S. GDP.
The ISM Manufacturing PMI report will be released on Thursday. This data reflects business conditions in the manufacturing sector and is a measure of overall economic conditions.
Employment and unemployment data will be released on Friday, offering numbers on new jobs created and the percentage of people who actively sought employment in the previous month. These reports are also key indicators as the central bank considers changes in the labor market when making decisions.
However, investors will be waiting until Wednesday, when Federal Reserve officials meet to discuss possible interest rate cuts.
Economists are unlikely to see any rate cuts this week, but the Fed is expected to send a clear signal for a cut at its next meeting in September.
“Volatility is back with a huge week ahead,” the Kobeissi Letter commented before adding: “We have economic data, earnings and the July Fed meeting all at the same time this week.”
There are also some big Q2 earnings reports coming out this week, including members of the “Magnificent Seven” Apple, Amazon, Meta, and Microsoft. Others to watch include AMD, Coinbase, PayPal, and MasterCard.
Cryptocurrency Market Outlook
Total market capitalization rose more than 3% in the past 24 hours to $2.59 trillion in early trading Monday in Asia.
As has been the case for most of this month, Bitcoin is leading the charge after the recent politically bullish sentimentwith a value of just under $70,000 in the early hours of July 29.
Altcoins were mostly in the green, but gains were minimal, hovering around 2%-4%. Only Bitcoin Cash (BCH) moved the most, gaining 13% in 24 hours to hit $445.