Economic events of this week that can impact crypto
Over the weekend, cryptocurrency markets maintained the upward momentum sparked by the Federal Reserve's significant half-percent cut in interest rates.
The coming days promise a slew of economic updates, including insights into consumer attitudes, the nation's economic output, and fresh figures on inflation.
Monday will unveil the S&P Global Services PMI report, which sheds light on the performance of the service sector, a crucial component of the overall GDP. Following this, Tuesday brings updates on consumer confidence, offering a glimpse into the economy's pulse.
Thursday is set to deliver a rich stream of data, including the latest employment figures, orders for long-lasting goods, revisions to GDP data, and indicators of the housing market's condition.
Come Friday, the spotlight shifts to the personal consumption expenditures (PCE) price index, a critical measure of inflation closely watched by central bank officials for policy direction.
Noteworthy Events This Week:
1. S&P Global Services PMI release – Monday
2. CB Consumer Confidence update – Tuesday
3. New Home Sales figures for August – Wednesday
4. Durable Goods Orders for August – Thursday
5. Final GDP numbers for Q2 2024 – Thursday
6. PCE Inflation figures for August – Friday
Interest is mounting towards the Federal Reserve's next gathering on November 7, with speculations divided evenly over another 25 or 50 basis point reduction in rates, as per the CME Fed Watch tool.
In Asia, Monday's morning trading saw stock markets moving cautiously within tight bands, amidst incoming data highlighting persistent economic strains within China, as detailed by Bloomberg.
In the last 24 hours, the crypto market has shown robust stability, boasting a total valuation of $2.31 trillion.
Following the Fed's substantial rate cut, an impressive $200 billion has flooded back into cryptocurrencies, underscoring the positive sentiment towards riskier assets.
Bitcoin managed to sustain its position around the $63,000 mark through most of the weekend, but as of Monday's trading session in Asia, it began to inch towards $65,000, marking an impressive 9% rise from the previous week.
Ethereum, too, caught a bullish wave after dispelling recent doubts and fears, surging past $2,600 in Asia's early hours and registering a formidable 14.5% increase over the week.
While the performance of altcoins varied, Binance Coin (BNB), Litecoin (LTC), Sui (SUI), and Bittensor (TAO) notably edged higher.
