Following last week's decline, the cryptocurrency market remained flat over the weekend, with total capitalization declining to $2.38 trillion.
This week's economic calendar could trigger more volatility as key inflation data is reported alongside a number of Federal Reserve speeches that could signal future monetary policy direction. There is sex.
economic calendar
On Tuesday, the Core PPI (Producer Price Index) report will be released, which reflects producer and manufacturer input prices, which measure the cost of producing consumer products and directly impact retail prices.
This is seen as a precursor to inflationary pressures and is a leading indicator for next month's CPI (Consumer Price Index) report.
The core CPI report for April will be released on Wednesday. It is one of two main indicators used to measure inflation, the second being personal consumption expenditures (PCE).
The CPI directly influences price trends in the economy, consumer spending, and economic outlook. It also directly influences the determination of the Federal Reserve's policy interest rate.
“If CPI inflation rises again this week, it will be the third consecutive month of increases,” the Kobeissi letter said.
A total of 12 Federal Reserve speaker events are also scheduled this week, including Chairman Jerome Powell on Tuesday.
A majority of U.S. CEOs expect the Fed to cut interest rates just once this year, according to a Conference Board survey of business CEO expectations conducted last week.
Of the 136 CEOs surveyed, 31% said they do not expect a rate cut this year, while 26% said they expected a second rate cut. “On the other hand, the market is pricing in only two rate cuts this year as a base case, based on the first rate cut in September.” report Kobessi.
Interestingly, Elon Musk criticized the Fed over the weekend, likening it to the board game Monopoly. He specifically cited a section of the rules that refers to banks in the game, saying they can never go bankrupt and can print new money when needed.
Virtual currency market outlook
The Asian crypto market remains sluggish this Monday morning, with little movement in most majors.
At the time of writing, Bitcoin price is around $61,000, which is about the same point as yesterday. However, the asset is down 4.3% compared to the same period last week.
Ethereum has failed to recover above $3,000 since falling below $3,000 on May 10, and remains in short-term bearish conditions at $2,900 at the time of writing.
Altcoins were mostly in the red, with major losses for Solana, Dogecoin, Avalanche, and Near Protocol.
