These important events may affect the price of Bitcoin this week

Crypto markets gained over the weekend and are maintaining momentum in early Monday trading in Asia.

This week’s series of economic and inflation reports could give them a fresh boost, especially if the likelihood of another major rate cut increases.

“A November rate cut of 50 basis points was almost fully paid for last week, but that could change,” Kobeissi’s letter said.

Last week’s jobs and employment numbers highlighted the continued resilience of the labor market and raised the odds that the economy will continue to grow above trend this quarter.

Economic events from October 7 to 11

The Federal Reserve will release the minutes of its September meeting on Wednesday, offering another look at how monetary officials view the current economy.

The core Consumer Price Index (CPI) report, one of the two main indicators used to measure inflation, will be released on Thursday.

The CPI report is watched closely by central bank policymakers, businesses and consumers as it reflects price trends, affects consumer spending and directly influences the Fed’s policy rate decisions .

Declining price pressures led the Fed to cut rates in September, which influences borrowing costs across the economy.

The producer price index (PPI) for September will be released on Friday. This report reflects prices for producers and manufacturers, which directly affects retail prices. It is considered a leading indicator of inflationary pressures and the following month’s CPI.

Friday will also see preliminary readings of the Michigan Consumer Sentiment Index and consumer inflation expectations. These data revealed the results of monthly surveys of consumer confidence and long-term inflation expectations.

Key events this week:

1. EIA Short-Term Energy Outlook – Tuesday

2. Fed meeting minutes – Wednesday

3. September CPI inflation data – Thursday

4. Initial data on unemployment claims – Thursday

5. September PPI inflation data – Friday

6. Total 18 Fed speaker events this week…

— Kobeissi Letter (@KobeissiLetter) October 6, 2024

Earnings reports from JPMorgan Chase, Wells Fargo and BlackRock will also be on the table this week.

Crypto market outlook

Crypto markets gained marginally over the weekend, with total market capitalization rising more than $100 billion to $2.32 trillion by Monday morning in Asia.

Bitcoin rose to its highest level in a week, reaching $63,900 on Monday morning before pulling back slightly. The asset is currently up 2.8% on the day, erasing most of last week’s losses.

Ethereum has performed even better, with a daily gain of 3.7%, reaching $2,500 during Aian trading on Monday morning. However, ETH is still down 4% since the same time last week.

At the time of writing, altcoins were a sea of ​​green, with biggest gains for Avalanche (AVAX), Shiba Inu (SHIB), Near Protocol (NEAR), Sui (SUI), and Bittensor (TAO).

However, the escalating conflict in the Middle East and Israeli retaliation could slow the recovery of the crypto market.

$BTC Sunday Update:

It will NOT be an easy week to trade.

We have FOMC Minutes, CPI, PPI, Israel-Iran escalation…so the best days could probably be Monday and Tuesday.

It’s important to plan your week ahead, let me share mine with you:

pic.twitter.com/bEm2HE3xUD

— CrypNuevo (@CrypNuevo) October 6, 2024

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