As a seasoned crypto investor with a knack for navigating market volatility, I find myself exhilarated by the recent surge in the crypto markets. The weekend’s gains, particularly Bitcoin pushing past $81,000, have sent ripples of excitement through the community. My life experience tells me that such price movements often signal a shift in the market dynamics, and I can’t help but feel a sense of anticipation about what lies ahead.
Over the weekend, cryptocurrency markets experienced an upward trend, particularly notable in altcoins as Bitcoin surpassed $81,000 and ventured into uncharted price territories.
Over the past week, I’ve witnessed two significant triggers that set the crypto market abuzz. The first was the triumphant re-election of President Donald Trump in the U.S., which sent ripples through the financial world. The second catalyst came from the Federal Reserve, as they decided to lower interest rates by another 0.25%. These events have undeniably sparked a surge of activity in my crypto investments.
In simpler terms, Jerome Powell, head of the Federal Reserve, emphasized once more that their upcoming monetary policy choices would hinge on economic indicators, with significant inflation figures due out this week.
Economic Events Nov. 11 to 15
Powell implied that he thinks interest rates are still too high even after last week’s decrease, hinting that inflation could be trending towards the Federal Reserve’s 2% goal. Furthermore, his remarks left room for speculation that the central bank may decide to halt these reductions during its December meeting.
On Wednesday, we’ll receive the monthly Consumer Price Index (CPI) inflation report, which is a crucial piece of data for gauging inflation. Another vital indicator is the PCE report. The CPI data reflects the price changes happening within the economy and influences both consumer spending habits and business outlook, as well as directly impacting the Federal Reserve’s policy rate decisions.
On Thursday, we’ll get the latest Producer Price Index (PPI) report for October, which shows the prices that producers and manufacturers pay for their inputs. This index influences retail prices and serves as a precursor for the next month’s Consumer Price Index (CPI) and the broader outlook on inflation.
Key Events This Week:
1. OPEC Monthly Report – Tuesday
2. October CPI Inflation data – Tuesday
3. October PPI Inflation data – Thursday
4. Fed Chair Powell Speaks – Thursday
5. October Retail Sales data – Friday
6. Total of 12 Fed speaker events this week
We have another…
— The Kobeissi Letter (@KobeissiLetter) November 10, 2024
The upcoming release of the retail sales report for October takes place this Friday, shedding light on the total expenditure made by American consumers on a range of products, including both long-lasting (durable) and disposable (non-durable) items.
On Thursday, Chair Powell is scheduled to deliver a speech, and multiple speeches by other central banks are also planned throughout the week.
According to the Kobeissi Letter, markets will be processing the results from earnings season, the final decision of the election, and the upcoming Federal Reserve meeting.
Bitcoin Hits $81K ATH
The value of the cryptocurrency market has soared to its greatest height since mid-March, surpassing $2.88 trillion after a successful run over the weekend for the majority of digital currencies.
On Sunday night, Bitcoin peaked at a record-breaking $81,800 in late trading, and it’s currently holding above $80,500, suggesting that its upward trend might persist.
Over the past weekend, I observed an upward trajectory for Ethereum, soaring beyond the $3,200 mark. Even during the early trading hours of Asia on Monday, it maintained its upward momentum.
On the weekend, there was a significant surge in value for various alternative cryptocurrencies such as Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB), resulting in substantial increases for each of them.
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2024-11-11 09:45