Three things that could influence the crypto markets this week

Crypto markets surged over the weekend, with more than $100 billion added to the total market capitalization.

While this week’s calendar of economic events isn’t as influential as last week’s, which included key inflation reports, it could still have an impact.

Here are some things to watch out for in the week ahead as the main market catalyst appears to be shifting to earnings season.

Economic calendar from July 15 to 19

Last week’s CPI report showed the first month-on-month decline in inflation in four years, and markets reacted positively.

On Tuesday, retail sales data for June will be released in a report that provides insight into how much money consumers spend on various durable and non-durable goods. It is used to measure the overall health of the economy, in addition to consumer spending habits and inflationary pressures.

Industrial production reports will be released on Wednesday showing the volume of output from US industries. However, this should not affect the crypto markets.

There are reports of home sales and manufacturing data this week, but they also have little impact on high-risk asset markets.

Key events this week:

1. Fed Chairman Powell speaks on Monday

2. Retail sales data for June – Tuesday

3. Data on building permits for June – Wednesday

4. Philly Fed manufacturing data – Thursday

5. Total of 11 Fed speaker events this week

6. Big banks report results for the second quarter of 2024

All eyes…

— Kobeissi Letter (@KobeissiLetter) July 14, 2024

“Earnings season will take us straight into the July Fed meeting and volatility is back,” Kobeissi Letter commented in a post on X on July 14.

Federal Reserve Chairman Jerome Powell speaks on Monday, and his comments are always on the watch of investors looking for signs of a change in monetary policy.

Powell’s testimony to Congress last week boosted investor sentiment, prompting a flurry of interest rate cut bets and increasing the odds of two rate cuts, with the first in September.

Also, Q2 2024 earnings season is underway this week. There are several reports that investors should consider, including big banks like Goldman Sachs, Bank of America and Morgan Stanley.

Crypto market outlook

Crypto markets have traded higher over the weekend, with total market capitalization surpassing $2.4 trillion for the first time in a fortnight.

However, they have been trending down since early June and it is too early to tell if this trend has yet reversed.

Bitcoin rose 4.7% over the past 24 hours, reaching $63,000 in early Monday morning trading in Asia. The asset has now recovered 16% from its correction low on July 5.

The rest of the market is following suit, with Ethereum hitting a two-week high of $3,360 and altcoins like Solana (SOL), Chainlink (LINK), and Near Protocol (NEAR) gaining more than 5% on the day.

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