Crypto markets have remained relatively stable over the weekend, with total capitalization holding just above $2.5 trillion.
Moreover, Friday’s inflation numbers helped markets regain a little ground at the end of last week, with Core PCE coming in line with expectations after a small increase.
Digital assets, especially Bitcoin, were also buoyed by Donald Trump’s bullish comments at the Bitcoin 2024 Conference on Saturday. However, the market went north on Monday morning.
Economic Events July 29 to August 2
July’s Consumer Confidence Index report is due out on Tuesday, providing a measure of confidence that affects consumer spending which contributes to around 70% of US GDP.
The ISM Manufacturing PMI report will be released on Thursday. This data reflects business conditions in the manufacturing sector and is a measure of overall economic conditions.
Friday, jobs and unemployment data will be released, offering numbers on new jobs created and the percentage of people actively seeking employment in the previous month. These reports are also key indicators as the central bank considers labor market changes when making decisions.
However, investors will be waiting for Wednesday when Federal Reserve policymakers meet to discuss potential interest rate cuts.
Economists predict that there are unlikely to be any rate cut rates this week but the Fed is expected to convey a clear signal for a cut at the next meeting in September.
“Volatility is back with a huge week ahead,” commented the Kobeissi Letter before adding, “We have economic data, earnings, and the July Fed meeting all at the same time this week.”
There are also some big Q2 earnings reports due out this week, including “Magnificent Seven” members Apple, Amazon, Meta, and Microsoft. Others to look out for include AMD, Coinbase, PayPal, and MasterCard.
Crypto Market Outlook
Total market cap has gained over 3% over the past 24 hours, reaching $2.59 trillion during early Monday trading in Asia.
As has been the case for most of this month, Bitcoin is leading the charge following the recent politically bullish sentiment, with the asset coming just shy of $70,000 in the early hours of July 29.
The altcoins were mostly in the green, but gains were minimal at around 2% to 4%. Only Bitcoin Cash (BCH) was moving more, with a 24-hour gain of 13% to reach $445.
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