“Why Next Week’s FOMC Minutes Matter“
Next week’s FOMC minutes are critical as they may have a whole lot of impact on the overall market sentiment. The cautious stance of investors reflects the need for more clarity on economic performance and the Fed’s probable rate hike plans due to recent economic data, like the United States Consumer Price Index (CPI) and Producer Price Index (PPI), which showed inflation cooling in October. Regardless of this, inflation remains over the Fed’s 2% target and has investors anticipating higher policy rates.
The FOMC minutes on Tuesday, November 21, will provide insights into the capacity 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 Cryptocurrency Market“
Following recent volatility, the worldwide cryptocurrency market cap has dropped 0.43% over the previous day to $1.38 trillion. The fear and greed index stand at 72, indicating a positive trend sentiment. Bitcoin (BTC) has regained 0.22% to reach $36,470.42, while Ethereum (ETH) and XRP experienced declines. Nonetheless, Solana (SOL) added around 1.5%, signaling mixed performance across the market.
In the Meme Coin coin segment, Dogecoin (DOGE) surged over 6% but Shiba Inu (SHIB) was down around 7%. The market remains volatile, especially after BlackRock’s filing for a Spot Ethereum (ETH) ETF sparking a recent sell-off.
“Top Altcoins This Week“
Celestia (TIA) gained over 92% this coming week, currently worth $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 7 days.
“Hot Take: Keys to Next Week’s Cryptocurrency Market“
Next week will be critical as worldwide financial markets await the FOMC minutes release and consumer sentiment data for indications of the market’s direction. Keep an eye on these events and the performance of top altcoins, as they may trigger whole lot of shifts in the overall market sentiment. Remember to conduct market research before investing in digital currencies, as opinions may vary and market conditions are always changing.
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