Stay Updated on the Market Events This Week
The crypto market has experienced significant growth over the weekend, adding over $100 billion to its total market capitalization. This week may not have as many impactful economic events as the previous week, but it still holds potential for market movements. As we enter the earnings season, it’s crucial to keep an eye on upcoming events that could influence the market.
Key Economic Events to Watch Out For
Here are some important economic events scheduled for this week that may impact market dynamics:
- Tuesday: Release of June’s retail sales data, providing insights into consumer spending habits and inflation pressures.
- Wednesday: Industrial production reports, showcasing the volume of production from U.S. industries.
- Throughout the week: Home sales and manufacturing data reports, though they may have minimal impact on high-risk asset markets.
Scheduled Events of the Week:
- Fed Chair Powell’s Speech on Monday
- Release of June Retail Sales Data on Tuesday
- Publication of June Building Permits Data on Wednesday
- Philly Fed Manufacturing Data on Thursday
- Several Fed speaker events scheduled throughout the week
- Major banks reporting Q2 2024 earnings
Earnings season is expected to pave the way for the upcoming July Fed meeting, reigniting volatility in the market. Investors are closely monitoring signals from Federal Reserve Chair Jerome Powell, especially regarding any shifts in monetary policy. Last week, Powell’s remarks before Congress sparked optimism among investors, leading to increased expectations of rate cuts in the near future.
With the 2024 Q2 earnings season gaining momentum, keep an eye on reports from key players like Goldman Sachs, Bank of America, and Morgan Stanley as they could influence market sentiments.
Current State of the Crypto Market
The crypto market has seen a surge over the weekend, surpassing a total capitalization of $2.4 trillion, marking a significant milestone after a period of decline. However, the overall trend since June has been bearish, and it remains uncertain whether this recent uptick signifies a reversal.
Bitcoin recorded a 4.7% increase in the past 24 hours, reaching $63,000 in Asian trading on Monday morning. The leading cryptocurrency has recovered by 16% since hitting a correction low on July 5. Ethereum also reached a two-week high of $3,360, while altcoins like Solana (SOL), Chainlink (LINK), and Near Protocol (NEAR) have witnessed gains of over 5%.
Hot Take: Embrace Market Changes and Stay Informed
As the market continues to evolve, it’s crucial to adapt to changes and stay informed about upcoming events that could impact your investments. Keep a close watch on economic indicators, earnings reports, and market sentiments to make well-informed decisions in the ever-changing crypto landscape.
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