Crypto Markets Surge Over the Weekend: What to Watch This Week

Crypto Markets Surge Over the Weekend: Key Events to Monitor This Week

Crypto Markets Surge– Crypto markets saw significant growth over the weekend, with over $100 billion added to the total market capitalization. While this week’s economic events calendar isn’t as packed with high-impact items as last week’s, which included crucial inflation reports, there are still factors that could influence the market.

Here are a few key things to keep an eye on in the coming week, as the main market catalyst seems to be shifting towards the earnings season.

Key Economic Events for July 15-19

Last week’s Consumer Price Index (CPI) report showed the first month-on-month decline in inflation in four years, prompting positive reactions from the markets.

On Tuesday, June’s retail sales data will be released. This report provides insight into how much money consumers are spending on various durable and non-durable goods. It’s used to gauge the overall health of the economy, consumer spending habits, and inflation pressures.

Industrial production reports are due on Wednesday, which will show the volume of production in U.S. industries. However, these reports are not expected to significantly impact crypto markets.

This week also brings home sales and manufacturing data reports, but these typically have little effect on high-risk asset markets. Federal Reserve Chair Jerome Powell is scheduled to speak on Monday, and his comments are always closely watched by investors looking for signals of any shifts in monetary policy.

Last week, Powell’s testimony before Congress boosted investor sentiment, leading to increased bets on interest rate cuts. Investors are now anticipating two rate cuts, with the first one expected in September.

Moreover, the 2024 Q2 earnings season is ramping up significantly this week. Key reports to watch include those from major banks like Goldman Sachs, Bank of America, and Morgan Stanley.

Crypto Market Update

The crypto markets saw significant gains over the weekend, with total market capitalization surpassing $2.4 trillion for the first time in two weeks.

However, the overall trend has been downward since the beginning of June, and it’s still too early to determine if this upward movement marks a lasting reversal.

Bitcoin rallied 4.7% in the past 24 hours, reaching $63,000 in Monday morning trading in Asia. The asset has now recovered 16% since its correction low on July 5.

Following Bitcoin’s lead, the rest of the market is also showing strength. Ethereum hit a two-week high of $3,360, while altcoins such as Solana (SOL), Chainlink (LINK), and Near Protocol (NEAR) have gained more than 5% in the past day.

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