The crypto markets have shown stability over the weekend, with the total capitalization staying above $2.5 trillion. This stability was supported by Friday’s inflation numbers and Donald Trump’s bullish comments at the Bitcoin 2024 Conference. However, the market experienced an upward trend on Monday morning.
Looking ahead to economic events from July 29 to August 2, important reports such as the Consumer Confidence Index, ISM Manufacturing PMI, and jobs and unemployment data are expected to be released. Additionally, Federal Reserve policymakers are meeting on Wednesday to discuss potential interest rate cuts. While economists predict no rate cuts this week, a signal for a cut at the next meeting in September is anticipated.
Key events this week include the release of CB Consumer Confidence data, JOLTs Job Openings data, the Fed Rate Decision and Statement, ISM Manufacturing PMI data, the June Jobs Report, and earnings reports from several major companies like Apple, Amazon, Meta, and Microsoft. This convergence of economic data, earnings, and the Fed meeting is expected to bring volatility to the markets.
In terms of the crypto market outlook, the total market cap has increased by over 3% in the past 24 hours, reaching $2.59 trillion during early Monday trading in Asia. Bitcoin has been leading the charge, approaching $70,000 in the early hours of July 29. Altcoins have also seen modest gains, with Bitcoin Cash (BCH) showing a significant 24-hour increase of 13%.
Overall, the markets are experiencing volatility with various economic events, earnings reports, and the Fed meeting all happening this week. Investors will be closely monitoring the data releases and statements from policymakers to gain insights into the future direction of the markets. With both traditional and crypto markets showing signs of strength, it will be interesting to see how they respond to the upcoming events and developments.
