As a seasoned crypto investor, I’m always keeping an eye on market movements and economic reports. Last week’s Federal Reserve pivot and the injection of more liquidity into the markets resulted in a strong rebound, with total crypto capitalization returning to pre-pullback levels of $2.5 trillion.
Following last week’s Fed announcement signaling a change in monetary policy and an infusion of additional funds, markets bounced back robustly.
The total value of all cryptocurrencies reclaimed their previous levels, reaching approximately $2.5 trillion once more during the weekend, and resumed their position in the center of their price range.
“This week’s economic calendar is expected to be less turbulent than the previous one, according to the Kobeissi Letter. After a series of intense weeks filled with constant economic and inflation updates, the markets will have some time to process the information.”
“This week, there have been several major news items affecting the crypto market. However, their influence has been minimal, and it came as no surprise that the Federal Reserve kept interest rates unchanged in the past few months,” commented crypto derivatives provider Greeks Live.
Economic Calendar
On Taylor, the figure for consumer credit modifications in March will be disclosed, representing the difference in the overall debt owed by individuals for non-business related expenses.
Investors and analysts closely watch this data as changes in consumer credit are strongly connected to consumer confidence and spending habits.
The Initial Jobless Claims report will be released on Thursdays, and it’s anticipated that there will be a slight uptick in numbers compared to the previous month.
As an analyst, I would express it this way: On Friday, I will be analyzing the initial data release of the Michigan Consumer Sentiment Index for May. This index is derived from a monthly survey measuring consumers’ confidence levels.
As a researcher, I’m excited to share that on Friday, the preliminary Consumer Inflation Expectations report from the University of Michigan will be released. This survey provides insight into consumers’ perspectives on long-term inflation rates, which is an essential component in the Federal Reserve’s assessments of anticipated inflation trends.
Key Events This Week:
1. EIA Short-Term Energy Outlook – Tuesday
2. 10-Year Note Auction – Wednesday
3. Initial Jobless Claims data – Thursday
4. MI Consumer Sentiment data – Friday
5. Total of 8 Fed speaker events this week
6. ~20% of S&P 500 companies report earnings
A…
— The Kobeissi Letter (@KobeissiLetter) May 5, 2024
This week, eight speeches from the Federal Reserve are scheduled in addition to the economic reports. Given the latest unfavorable inflation and employment figures, these speeches might lead to market fluctuations.
As a researcher, I’ve come across multiple earnings reports unveiled this week, yet none of them pertain to the digital asset market sector.
Crypto Market Outlook
During the Asian trading session on Monday morning, the total value of crypto markets has risen by 1.7%, amounting to approximately $2.49 trillion.
As a researcher, I’d rephrase it as follows: During the weekend, trading volumes were relatively low, but bitcoin managed to hold onto its gains. Currently, the price of bitcoin hovers around $64,000, reaching an intraday peak of $64,500 in late trading on Sunday.
At present, Ethereum‘s value has risen by 1.6%, touching a new level of $3,170. Notably, this price movement has brought Ethereum back into its previous trading range, with only brief dips below the $3,000 threshold.
Today, Altcoins are exhibiting modest growth. Notable performers among them include Toncoin (TON), Near Protocol (NEAR), Fetch.ai (FET), and Render (RNDR). These tokens are experiencing above-average gains.
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2024-05-06 09:30