Five things that could move crypto markets this week

Crypto markets remained relatively stable over the weekend, with a total market capitalization above $2.5 trillion.

Also, Friday’s inflation numbers helped markets regain some ground late last week, with Core PCE in line with expectations after a small increase.

Digital assets, particularly Bitcoin, were also buoyed by bullish comments from Donald Trump at the Bitcoin 2024 Conference on Saturday. However, the market went north on Monday morning.

Economic events from July 29 to August 2

The July Consumer Confidence Index report will be released on Tuesday, providing a measure of confidence affecting consumer spending that contributes about 70% of US GDP.

The ISM Manufacturing PMI report will be released on Thursday. These data reflect business conditions in the manufacturing sector and are a measure of general economic conditions.

Employment and unemployment data will be released on Friday, offering figures for new jobs created and the percentage of people actively looking for work in the previous month. These reports are also key indicators as the central bank takes labor market changes into account when making decisions.

However, investors will be waiting on Wednesday when Federal Reserve policymakers meet to discuss possible interest rate cuts.

Economists predict a rate cut is unlikely 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 big week ahead,” commented Kobeissi Letter before adding: “We have economic data, earnings and the July Fed meeting all at the same time this week.”

Key events this week:

1. CB Consumer Confidence Data – Tuesday

2. Data from JOLTs job offers – Tuesday

3. Fed rate decision and statement – Wednesday

4. ISM Manufacturing PMI data: Thursday

5. June jobs report – Friday

6. ~20% of S&P 500 companies report earnings

Volatility…

— Kobeissi Letter (@KobeissiLetter) July 28, 2024

There are also big second-quarter earnings reports coming out this week, including from “Magnificent Seven” members Apple, Amazon, Meta and Microsoft. Others to consider include AMD, Coinbase, PayPal, and MasterCard.

Crypto market outlook

Total market capitalization has gained more than 3% over the past 24 hours, reaching $2.59 trillion during Monday trading in Asia.

As has been the case for most of this month, Bitcoin is leading the charge following recent politically bullish sentiment, with the asset falling short of $70,000 in the early hours of July 29.

Altcoins were mostly in the green, but gains were minimal at around 2% to 4%. Only Bitcoin Cash (BCH) moved more, gaining 13% in 24 hours to reach $445.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!