Markets rebounded strongly following last week's Federal Reserve policy change and the assumption that more liquidity would be injected.
The total value of cryptocurrencies has returned to its pre-crash levels, returning to the middle of the range channel by the end of the week, approaching $2.5 trillion.
This week's economic calendar will be less volatile than last week. “After several weeks of non-stop economic and inflation data, markets begin to digest this week,” Kobessi Letter said.
“While there is some macro news this week, the impact has been limited and, unsurprisingly, the Fed has maintained current interest rates in recent months.” Said Greeks Live, a cryptocurrency derivatives provider.
economic calendar
Changes in consumer credit for March are reported on Tuesday and calculate the change in the total amount of credit balances extended to individuals for personal spending.
Investors and analysts pay attention to this data because changes in consumer credit are strongly correlated with both consumer confidence and spending.
The first jobless claims numbers are expected to be released Thursday and are expected to increase slightly from last month.
On Friday, preliminary numbers for the Michigan Consumer Confidence Index for May, which shows the results of a monthly survey of consumer confidence levels, will be released.
A preliminary report on consumer inflation expectations for May will also be released on Friday. This University of Michigan study analyzes consumers' views on long-term inflation and is used as a component of the Fed's calculation of inflation expectations.
In addition to the economic report, there will be eight Federal Reserve speeches this week, but these speeches could cause some volatility as the latest inflation and employment numbers do not look positive.
Several major earnings reports were released this week, but none of them are related to the digital asset market.
Virtual currency market outlook
In Monday morning's Asian trading session, the cryptocurrency market rose 1.7% on the day to reach $2.49 trillion.
Volume was slow over the weekend, but the gains were sustained and Bitcoin recovered key price levels. The asset currently trades for around $64,000, having hit an intraday high of $64,500 in late trading on Sunday.
Ethereum price is up 1.6% to $3,170 at the time of writing. This asset also moved back within the integration channel and didn't spend much time under $3,000.
Altcoins are also showing a slight uptick today. Toncoin (TON), Near Protocol (NEAR), and artificial intelligence tokens Fetch.ai (FET) and Render (RNDR) are doing particularly well.
