Over the weekend, crypto markets maintained the advancements seen at the end of last week. The positive trend might persist into the upcoming days.
As a crypto investor, I’ve noticed an encouraging start to the new year, with a ‘Santa rally’ taking shape in both traditional stock markets and the digital asset space. Approximately $280 billion has flowed into the crypto market during this period.
This week will see the release of key employment figures along with consumer sentiment reports.
The Kobeissi Letter noted that attention is being focused on labor market statistics as the Federal Reserve’s meeting approaches, which takes place on January 29th.
Economic Events Jan. 6 to 10
On Monday, we’ll unveil the S&P Global Services PMI (Purchasing Managers’ Index), followed by the ISM (Institute for Supply Management) Services PMI on Tuesday. These reports provide insights into the state of the services sector and serve as important economic indicators for economists and analysts, helping them understand business conditions in this sector.
Then, attention shifts towards employment market statistics, starting with the release of the Job Openings and Labor Turnover Survey (JOLTS) Report for November on Tuesday, followed by the ADP National Employment Report for Nonfarm Employers on Wednesday.
The monthly Nonfarm Payrolls and Unemployment figures will be released this coming Friday. These reports showcase the number of new positions filled in the past month, as well as the proportion of individuals currently job hunting.
These two reports serve as crucial economic barometers, as they monitor changes in job positions closely tied to the general state of the economy.
Key Events This Week:
1. S&P Global Services PMI data – Monday
2. November JOLTS Job Openings – Tuesday
3. December ADP Nonfarm Employment data – Wednesday
4. Fed Meeting Minutes – Wednesday
5. December Jobs Report – Friday
6. Total of 8 Fed Speaker Events
Get ready for a…
— The Kobeissi Letter (@KobeissiLetter) January 5, 2025
On Fridays, we get the initial readings for both the Michigan Consumer Sentiment Index and Consumer Inflation Expectations in January. These figures represent the findings from a regular poll on American consumers’ confidence and their perceptions about future inflation rates in the U.S. economy.
Additionally, the Q4 2024 earnings season will begin in earnest in mid-January.
The Kobeissi Letter warned that if China’s property market crashes, its effects could extend far beyond the real estate sector within China itself. Furthermore, as we move towards 2025, they are preparing for increased market turbulence.
Crypto Market Outlook
The total value of all cryptocurrencies, which currently stands at around $3.68 trillion, has been stable for the last 24 hours as I write this.
Bitcoin‘s value was gradually gaining traction, reaching a new peak within the last ten days, surpassing $99,000 during early Asian trading hours on Monday. Over the past week, its value has increased by approximately 7.5%, and it appears set to exceed the psychologically significant $100,000 mark in the near future.
#BTC
Post-breakout Quarterly Retest and Trend Continuation confirmed$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) January 5, 2025
Over the past week, I’ve seen my Ethereum investments reflecting a comparable surge, reaching an impressive high of $3,670 on January 6th – the highest it’s been since December 19th.
On the day, the majority of alternative cryptocurrencies maintained their weekend growth, showing no significant changes, and it seems they will carry this trend forward into the upcoming week.
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2025-01-06 10:26