As a seasoned researcher with a keen eye for market trends and a knack for deciphering economic reports, I find myself intrigued by this week’s unfolding events. The crypto market capitalization surging past $2.5 trillion is indeed a significant milestone, and Bitcoin’s relentless push towards $70,000 is nothing short of captivating.
The total value of cryptocurrencies surpassed $2.5 trillion for the first time in about a month and a half, driven by Bitcoin‘s rise toward $70,000. However, this week’s economic updates could potentially push it even higher – is that possible?
Moreover, as we are now only two weeks away from the U.S. presidential election, The Kobeissi Letter predicts that this could lead to increased market instability or volatility.
Economic Events Oct. 21 to 25
On Wednesday, we’ll get a glimpse into the current state of the housing market through the release of existing home sales data. While this information carries substantial weight in relation to U.S. economic activity, it generally does not have much influence on cryptocurrency markets.
On Thursday, we’ll get new figures on home sales and first-time jobless claims. The jobless claims report gives us a glimpse into the state of the employment market, which in turn affects broader economic activities.
The figures for September’s orders placed on long-lasting products like cars and home appliances are set to be disclosed this Friday. These statistics reflect the level of production and demand for high-value items, which can also indicate consumer confidence levels.
On Fridays, both the Michigan Consumer Sentiment Index and the Consumer Inflation Expectations report are published. These reports reflect the findings from a monthly survey that gauges consumer confidence and their outlook on long-term inflation rates.
Key Events This Week:
1. Existing Home Sales data – Wednesday
2. Initial Jobless Claims data – Thursday
3. New Home Sales data – Thursday
4. September Durable Goods Orders data – Friday
5. MI Consumer Sentiment data – Friday
6. ~15% of S&P 500 companies report earnings…
— The Kobeissi Letter (@KobeissiLetter) October 20, 2024
Moreover, approximately 15% of the S&P 500 companies are expected to disclose their earnings for this week. Among these tech giants are Microsoft, IBM, Amazon, and Tesla.
Last week saw tech stocks reaching their peak, and it’s possible that this positive trend might persist through the current week. This momentum, if sustained, may potentially extend to the digital assets market as well.
Crypto Market Outlook
On Monday morning in Asia, the total market capitalization surpassed $2.5 trillion during early trading, marking a nearly three-month high.
In recent days, Bitcoin served as the main catalyst, reaching an early-trade peak of $69,430 on Monday. Yet, it didn’t manage to surpass the symbolic $70,000 threshold and instead dropped to $68,900 at the time this text was written.
Ethereum unexpectedly surpassed its larger counterpart, registering a daily increase of 3.5%, with the price reaching an unprecedented high of $2,760 – not seen since August 25. However, it momentarily dipped shortly after.
Additionally, the movement had a positive impact on altcoins as well. Solana climbed up to $170, marking a 6.6% increase, while Cardano rose by 5% to hit $0.368. Similarly, Chainlink surged to $12 after experiencing a comparable growth.
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2024-10-21 08:35