3 Things That Could Move Crypto Markets Higher This Week

The crypto market capitalization has surpassed $2.5 trillion for the first time since late July as Bitcoin hits $70,000, but will this week’s economic reports push it further?

In addition, the US presidential election is only two weeks away, “which should begin to bring more volatility,” Kobeissi’s Letter commented.

Economic events from October 21 to 25

Existing home sales data will be released on Wednesday, providing insight into the health of the housing market, which has important implications for US economic activity but has little impact on crypto markets.

There will be more data on home sales and initial jobless claims on Thursday. This latest report paints a picture of the labor market, which has wider implications for economic activity.

September’s durable goods orders report, which measures the cost of orders received by manufacturers of durable goods such as vehicles and electrical appliances, is released on Friday. This assesses the state of productive activity and demand for high-priced goods, which is also a measure of consumer sentiment.

The Michigan Consumer Sentiment Index and Consumer Inflation Expectations reports are also released on Friday. This data shows the results of a monthly survey of consumer confidence levels and views on long-term inflation.

Key events this week:

1. Existing home sales data: Wednesday

2. Initial data on unemployment claims – Thursday

3. New home sales data – Thursday

4. Durable goods order data for September – Friday

5. MI Consumer Sentiment Data – Friday

6. ~15% of S&P 500 companies report earnings…

— Kobeissi Letter (@KobeissiLetter) October 20, 2024

Also, about 15% of S&P 500 companies report earnings this week. Some of the big names in technology include Microsoft, IBM, Amazon and Tesla.

Tech stocks ended last week at highs, and that momentum could continue this week, which could also happen in digital asset markets.

Crypto market outlook

The total cap topped $2.5 trillion in early trading in Asia on Monday morning. It’s the highest they’ve been in nearly three months.

Bitcoin was the main mover, as it has been for the past few weeks, reaching $69,430 during early trading on Monday. However, the asset failed to reach the psychological level of $70,000 and dipped to $68,900 at the time of writing.

Ethereum also got a strange boost and surpassed its big brother in terms of daily gains, which were 3.5%. ETH hit $2,760, its highest level since August 25, but retreated slightly a few hours later.

Altcoins were also boosted by the move, with Solana (SOL) hitting $170 after gaining 6.6%, Cardano adding 5% to $0.368, and Chainlink (LINK) surging above 12 dollars after a similar gain.

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