Markets
Crypto: 6 key events to watch this week!
3:00 PM ▪ 4 min read ▪ by Evans S.
This week is shaping up to be a promising one for crypto enthusiasts, with major events likely to influence the market. From economic indicator analysis to political announcements, here’s a look at the six key things to watch closely to anticipate crypto movements.
US economic indicators in the spotlight
The week will kick off with the release of existing home sales on Tuesday. While this may seem innocuous, real estate figures often provide valuable insights into the overall health of the economy. A rise in sales could boost investor confidence, which could, in turn, impact the cryptocurrency market.
On Wednesday, we will have a look at economic conditions through the S&P Global manufacturing and services PMI indices.
These indicators help measure the health of the manufacturing and services sectors, two pillars of the American economy. Strong performance in these sectors could support cryptocurrency prices by reinforcing market optimism.
The highlight of the week in terms of economic indicators will be the release of second-quarter GDP data this Thursday.
With growth expectations at 2%, an upside surprise could push back expectations of a Federal Reserve rate cut, impacting financial markets and, consequently, cryptos.
PCE inflation: a key indicator for the Fed
On Friday, all eyes will be on June’s inflation figures. The core personal consumption expenditures index is one of the Federal Reserve’s favorite indicators for assessing inflation.
A continued decline in this index could increase the chances of an interest rate cut in September, which would be beneficial for the cryptocurrency market.
Additionally, the Michigan Consumer Confidence Index will also be released on Friday. This indicator provides valuable insights into consumers’ long-term inflation expectations. High confidence could support markets in general, including cryptocurrencies.
This week will also see about 20% of S&P 500 companies report quarterly results. Giants like Alphabet and Tesla are set to unveil their performance, which could create significant moves in the stock market and indirectly influence cryptos.
The cryptocurrency market is on the rise
Earlier this week, the total cryptocurrency market cap hit a six-week high of $2.6 trillion. This positive momentum was largely driven by bitcoin, which broke through $68,000 in early Asian trading on Monday morning. Although the announcement of Joe Biden’s withdrawal from the presidential race temporarily sent bitcoin below $66,000, it quickly rebounded.
Altcoins are not far behind, with Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) posting significant gains Monday morning. This upward trend could continue if the week’s economic and political events confirm the market’s positive expectations.
Another element to watch is the IPO of Ethereum spot ETFs, scheduled for this Tuesday, July 23. This news could attract a new influx of investments into Ethereum, creating increased volatility and profit opportunities for investors.
In summary, this week is full of events that could cause significant fluctuations in the cryptocurrency market. Indeed, from economic indicators to political announcements, each element can play a crucial role in the future direction of cryptocurrency prices.
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Evans S.
Fascinated by bitcoin since 2017, Evariste has never stopped reading up on the subject. While his first interest was in trading, he is now actively trying to understand all the advances centered on cryptocurrencies. As a writer, he aspires to consistently deliver high-quality work that reflects the state of the industry as a whole.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be considered investment advice. Do your own research before making any investment decision.