A Busy Economic Calendar Ahead
This week, there are several key economic events for the United States. The Kobeissi Letter has listed these events, which include jobs and consumer sentiment figures. However, there are no notable Federal Reserve speeches scheduled.
Macroeconomics Calendar
On Tuesday, the ISM non-manufacturing PMI data will be released. This index provides an overall economic condition indicator for the non-manufacturing sector.
Thursday will see the release of initial jobless claims figures, which are expected to be slightly higher than the previous month.
On Friday, the consumer sentiment data and November jobs report will be published. Consumer sentiment is an economic indicator that measures consumers’ optimism about their finances and the state of the economy.
No Impact on Crypto Markets
Despite these economic events, it is unlikely that they will have a significant impact on crypto markets. The current momentum in crypto markets is driven by the anticipation of spot Bitcoin ETF approvals in January.
Total Market Capitalization Surges
Over the weekend, the total market capitalization of cryptocurrencies increased by around $40 billion. This has pushed it to a 19-month high of $1.59 trillion. The market is now only 48% down from its peak in November 2021.
Bitcoin Reaches $40K
Bitcoin has surged to $40,800 during the Monday morning Asian trading session. This is the highest price BTC has reached since April 2022 and represents a 3.5% gain in the past 24 hours.
In the past week, Bitcoin has gained 9% and has been steadily increasing since September. Ethereum is also performing well, with a 2.6% gain to $2,217. Other altcoins have seen more modest gains.
Hot Take: Crypto Markets Surge as Bitcoin Tops $40K
The crypto markets are experiencing a surge as Bitcoin surpasses the $40,000 mark for the first time since April 2022. This milestone has sparked optimism among investors and has contributed to the overall momentum in the market. Despite a busy economic calendar for the week, it is unlikely that these events will significantly impact crypto markets, which are currently being driven by the anticipation of spot Bitcoin ETF approvals in January. With total market capitalization reaching a 19-month high and Bitcoin leading the way with its steady increase, it will be interesting to see how the market evolves in the coming weeks.
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