Market Recovery and Economic Calendar Impact on Crypto
Over the weekend, crypto markets started to bounce back with a 4% increase in total capitalization, primarily driven by Bitcoin’s surge to $63,000 during Asian trading on Monday morning. This recovery comes amidst a pivotal economic calendar week that could influence the direction of the United States’ economic recovery and impact crypto markets.
Key Economic Events to Watch
Throughout this week, keep an eye on the following key economic events:
- June ISM Manufacturing PMI Data: Monday’s report will provide insights into business conditions in the manufacturing sector, serving as an indicator of broader economic conditions.
- ISM Services PMI Report: Wednesday’s report will focus on conditions in the U.S. services industry, crucial as it contributes over 70% to the GDP.
Upcoming Events This Week:
- June ISM Manufacturing PMI data on Monday
- Fed Chair Powell Speaks on Tuesday
- JOLTs Jobs Data on Tuesday
- Fed Meeting Minutes on Wednesday
- Stock Market Closed on Thursday
- June Jobs Report data on Friday
- A busy week ahead…
Watch out for Federal Reserve Chair Jerome Powell’s remarks at a European Central Bank conference on Tuesday, and pay attention to the Fed’s June meeting minutes set to be released on Wednesday for further insights into inflation, interest rates, and the economy.
Unemployment data slated for Friday will be a key metric for the Fed to gauge the overall economic health, amidst rising jobless claims as highlighted by the Kobeissi Letter.
Impact on Crypto Markets
The U.S. economic data release could have a significant impact on the ongoing recovery of crypto markets. Here’s what to anticipate:
- If U.S. economic data is positive, expect crypto markets to continue their gradual recovery.
- Crypto markets have been range-bound around $2.5 trillion since late February, with a recent dip testing the lower boundary.
- Bitcoin saw a 3% gain, touching $63,300, its highest level in over a week.
- Ethereum also experienced a similar increase, hitting $3,483 ahead of important ETF announcements.
- Altcoins like Solana (SOL), Avalanche (AVAX), Chainlink (LINK), and Near Protocol (NEAR) posted notable gains as well.
Hot Take: Crypto Recovery Amidst Economic Data
As the week progresses with crucial economic data releases, the crypto market’s recovery is poised to maintain its momentum. Stay updated on market movements and economic indicators to navigate potential trends and opportunities in the crypto space.
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