As the crypto markets show signs of recovery, it is crucial to pay attention to the upcoming economic calendar events in the United States. These events have the potential to fuel momentum for the bears, impacting market sentiment and ultimately influencing price movements in the crypto space.
One of the key events to watch this week is the Federal Reserve’s key inflation metric. This metric has the potential to impact monetary policy going forward, making it a crucial indicator for market participants to monitor. Any deviation from expectations could strongly affect market sentiment and lead to increased volatility in both traditional and crypto markets.
Around 20% of S&P 500 companies are set to report their quarterly earnings this week, including tech giants Microsoft and Alphabet (Google). These earnings reports could provide valuable insights into the health of the overall economy and influence market sentiment across different asset classes, including cryptocurrencies.
The crypto market cap has returned to and held the $2.5 trillion level, with Bitcoin leading the charge following its fourth halving event. While BTC prices have been range-bound since the end of February, more market volatility is expected as key economic indicators such as the Core Personal Consumption Expenditures (PCE) report are released later this week.
Altcoins such as Ethereum, LINK, NEAR, and DOT have also shown impressive gains, indicating growing investor interest in the crypto space. Ethereum recovered to reclaim $3,200, while other altcoins were predominantly in the green this Monday morning. These positive performances highlight the potential for further growth and market expansion in the coming weeks.
The impact of key economic calendar events on crypto markets cannot be underestimated. Market participants should closely monitor events such as the Federal Reserve’s key inflation metric, quarterly earnings reports, and economic indicators like the PCE report to gauge market sentiment and anticipate potential price movements. As we navigate through a busy week ahead, it is essential to stay informed and proactive in responding to changing market dynamics.
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