Stay Informed on Economic Events Shaping Crypto Markets 📈
Over the weekend, crypto markets saw a surge following the Federal Reserve meeting led by Fed Chair Jerome Powell at Jackson Hole. Powell hinted at an upcoming shift in monetary policy, emphasizing the need for adjustments based on incoming data.
This week, keep an eye out for the release of crucial inflation data that could impact the volatility of high-risk assets like cryptocurrencies. Nvidia earnings and the PCE inflation report are expected to create favorable trading conditions.
Economic Calendar Highlights for August 26-30 🗓️
Key economic events to watch out for this week include:
- Release of consumer confidence levels on Tuesday
- Second-quarter GDP report on Thursday
- July’s Core Personal Consumption Expenditures (PCE) report on Friday
- Consumer inflation expectations from August’s Michigan Consumer Sentiment Index on Friday
Anticipated Market Data This Week 📊
Upcoming events include:
- July Durable Goods Orders data on Monday
- CB Consumer Confidence report on Tuesday
- Nvidia’s earnings report on Wednesday
- Release of Q2 2024 GDP data on Thursday
- July Pending Home Sales data on Thursday
- July PCE Inflation data on Friday
Insights into the Crypto Market 🚀
Fueled by the Federal Reserve’s accommodative stance, crypto markets have seen a 6% increase post the Jackson Hole speech. Despite remaining steady over the weekend, a slight dip was observed during Asian trading hours on Monday, resulting in a total market capitalization of $2.34 trillion.
Bitcoin briefly touched a three-week high at $65,120 before retracing to $64,000, with support holding strong. Ethereum also witnessed a spike to $2,788 before settling around $2,740 at the time of writing.
Outlook for the Week Ahead ⚡
The market’s momentum may sustain if inflation indicators provide optimistic signals, shaping the trajectory of crypto assets in the coming days.
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