As a seasoned researcher with over two decades of experience in financial markets, I find myself closely monitoring this week’s economic events and crypto market movements. My career has taken me through multiple market cycles, from the dot-com bubble to the 2008 financial crisis, and now the digital asset revolution.
The crypto market experienced growth during the weekend, and it’s maintaining its positive pace as we begin trading in Asia on Monday morning.
As a crypto investor, I’m closely watching this week’s barrage of economic and inflation reports, hoping for positive signs that could potentially bolster my investments, particularly if there’s an increased likelihood of another significant interest rate reduction.
According to The Kobeissi Letter, a potential 50-basis point interest rate reduction, which had almost been completely discounted the previous week, might once again be under consideration.
The recent job and employment statistics from last week emphasize the robustness of the job market, boosting the likelihood that the economy will surpass its usual growth rate during the current quarter.
Economic Events Oct. 7 to 11
On Wednesday, the Federal Reserve is set to publish the records from their September gathering, offering another perspective on how financial authorities are assessing the present economic situation.
On Thursday, we’ll get the latest update on the key Consumer Price Index (CPI) report – a significant tool that helps track inflation levels.
Various groups, including central bank officials, businesses, and consumers, keenly follow the Consumer Price Index (CPI) report. This is because the CPI shows the direction of prices, affects consumer spending habits, and plays a significant role in determining the Federal Reserve’s interest rates.
In simpler terms, because there was less pressure on prices, the Federal Reserve decided to lower interest rates in September. This action affects the cost of loans throughout the entire economy.
On Friday, we’ll get the latest update on the Producer Price Index (PPI) for September. This index measures prices that producers and manufacturers charge for their goods, which can directly impact retail prices. It serves as a precursor for inflationary pressures and often predicts the Consumer Price Index (CPI) for the next month.
On Friday, we’ll get a peek at the preliminary readings for the Michigan Consumer Sentiment Index and Consumer Inflation Expectations, which are based on the month’s consumer confidence survey findings and long-term inflation expectation assessments.
Key Events This Week:
1. EIA Short-Term Energy Outlook – Tuesday
2. Fed Meeting Minutes – Wednesday
3. September CPI Inflation data – Thursday
4. Initial Jobless Claims data – Thursday
5. September PPI Inflation data – Friday
6. Total of 18 Fed speaker events this week…
— The Kobeissi Letter (@KobeissiLetter) October 6, 2024
This week, we’ll also be discussing financial reports from JPMorgan Chase, Wells Fargo, and BlackRock.
Crypto Market Outlook
On weekends, crypto market values experienced a slight increase, resulting in a total capitalization of approximately $2.42 trillion by Monday mornings in Asia, surpassing the previous figure by over $100 billion.
On Monday morning, Bitcoin reached its weekly peak at around $63,900, but subsequently experienced a slight dip. However, the digital currency has since seen an increase of 2.8%, nearly reversing the setbacks it faced in the previous week.
On Monday morning during Asian trading hours, Ethereum saw an impressive daily increase of 3.7%, peaking at around $2,500. Nevertheless, compared to a week ago, Ethereum has experienced a minor setback, with its value decreasing by 4%.
Currently, as I type this, altcoins are displaying a predominantly green trend. Notably, Avalanche (AVAX), Shiba Inu (SHIB), Near Protocol (NEAR), Sui (SUI), and Bittensor (TAO) have seen significant price increases.
On the other hand, intensifying conflicts in the Middle East might negatively impact the recovery of the cryptocurrency market as a result of Israeli counter-actions.
$BTC Sunday update:
It’s NOT going to be an easy week to trade.
Given the release of FOMC Minutes, Consumer Price Index (CPI), Producer Price Index (PPI), and the ongoing Israel-Iran tension, it’s plausible that the most impactful trading days might be Monday and Tuesday.
It’s important to plan the week ahead, let me share mine with you:
— CrypNuevo (@CrypNuevo) October 6, 2024
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2024-10-07 10:13