“Why Next Week’s FOMC Minutes Matter“
Next week’s FOMC minutes are crucial as they may have a significant impact on the overall market sentiment. The cautious stance of investors reflects the need for more clarity on economic performance and the Fed’s potential rate hike plans due to recent economic data, like the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI), which showed inflation cooling in October. Despite this, inflation remains above the Fed’s 2% target and has investors anticipating higher policy rates.
The FOMC minutes on Tuesday, November 21, will provide insights into the potential future stance of the Federal Reserve, with consumer sentiment data scheduled for Wednesday. These figures could trigger a market rally or a downturn, making them closely watched by market participants.
“Performance of the Crypto Market“
Following recent volatility, the global crypto market cap has fallen 0.43% over the last 24 hours to $1.38 trillion. The fear and greed index stand at 72, indicating a bullish sentiment. Bitcoin has regained 0.22% to reach $36,470.42, while Ethereum and XRP experienced declines. However, Solana added around 1.5%, signaling mixed performance across the market.
In the meme coin segment, Dogecoin surged over 6% but Shiba Inu was down around 7%. The market remains volatile, especially after BlackRock’s filing for a Spot Ethereum ETF sparking a recent sell-off.
“Top Altcoins This Week“
Celestia (TIA) gained over 92% this week, trading at $6.63 during writing and adding 13.35% in its one-day volume. Kaspa (KAS) saw a 50% increase and traded at $0.1311, while Avalanche (AVAX) added 49% to trade at $21.20 and is up over 48% over the last seven days.
“Hot Take: Keys to Next Week’s Crypto Market“
Next week will be crucial as global financial markets await the FOMC minutes release and consumer sentiment data for signs of the market’s direction. Keep an eye on these events and the performance of top altcoins, as they may trigger significant shifts in the overall market sentiment. Remember to conduct market research before investing in cryptocurrencies, as opinions may vary and market conditions are always changing.
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