5 things that could move the crypto market this week

The cryptocurrency market remained relatively stable over the weekend, with total capitalization at just over $2.5 trillion.

Additionally, Friday's inflation data helped the market regain a bit of ground last weekend, with core PCE in line with expectations after a modest rise.

Digital assets, particularly Bitcoin, also rose on Saturday's bullish comments from Donald Trump at the Bitcoin 2024 conference. However, the market rose north on Monday morning.

Economic events July 29th to August 2nd

The July Consumer Confidence Report is scheduled to be released on Tuesday and is a measure of confidence that influences consumer spending, which accounts for about 70% of U.S. GDP.

The ISM Manufacturing PMI report will be released on Thursday. This data reflects business conditions in the manufacturing sector and is a measure of overall economic conditions.

Employment and unemployment data will be released on Friday, showing new jobs created and the percentage of people actively seeking employment in the past month. These reports are also important indicators for central banks to consider changes in the labor market when making decisions.

But investors will have to wait until Wednesday, when Federal Reserve policymakers meet to discuss a possible rate cut.

Economists say a rate cut is unlikely this week, but the Fed is expected to send a clear signal of a rate cut at its next meeting in September.

“Volatility is back ahead of a tough week ahead,” the Kobessi letter said, adding, “This week brings economic data, earnings results, and the July Fed meeting all at the same time.”

This week's main events:

1. CB Consumer Confidence Data – Tuesday

2. JOLT Job Data – Tuesday

3. Fed Interest Rate Decisions and Statements – Wednesday

4. ISM Manufacturing PMI Data – Thursday

5. June Employment Report – Friday

6. About 20% of S&P 500 companies report earnings.

Volatility…

— Kobeissi Letter (@KobeissiLetter) July 28, 2024

This week will also see some big Q2 earnings reports, including those from the Magnificent Seven: Apple, Amazon, Meta, and Microsoft. Other notable companies include AMD, Coinbase, PayPal, and MasterCard.

Virtual currency market outlook

Its market capitalization rose more than 3% in the past 24 hours to reach $2.59 trillion in early Monday trading in Asia.

As has been the case for most of this month, recent politically bullish sentiment has led to Bitcoin taking the lead, with Bitcoin assets reaching just under $70,000 in the early hours of July 29th.

Altcoins were mostly in the green, but their gains were minimal at around 2% to 4%. Only Bitcoin Cash (BCH) rose further, rising 13% in 24 hours to $445.