Crypto markets held on to gains over the weekend, and Bitcoin has remained in command, dominating the sector while the rest continue to sleep.
Last week’s CPI data were in line with expectations, while producer-prices inflation was above estimates. However, markets retreated after Fed Chair Jerome Powell commented that policymakers are now on a more gradual path of monetary easing.
“The economy is not sending any signals that we need to be in a hurry to lower rates,” he said, adding to concerns that the central bank may not be cutting rates as much as previously expected.
This week, manufacturing data and consumer sentiment reports will be released, in addition to one big earnings report from semiconductor giant Nvidia.
Thursday, November’s S&P Global Manufacturing PMI and Services PMI preliminary reports will provide leading economic indicators to gain timely insights into changing economic conditions and potential inflationary pressures.
On Friday, preliminary readings of November’s Michigan Consumer Sentiment Index and Consumer Inflation Expectations will be released. This data portrays the results of a monthly survey of consumer confidence levels and their views of long-term inflation. Consumer confidence levels impact spending, which contributes about 70% of the US GDP.
Several real estate reports, such as new housing starts and existing home sales data, are also due this week, though these have no impact on crypto markets.
The world’s most valuable company, Nvidia, will report third-quarter results after the bell Wednesday. It is projected to report revenue growth driven by demand for artificial intelligence infrastructure.
Analysts expect the chipmaker’s revenue to grow 84% year-over-year to $33.3 billion and net income to jump to $17.4 billion or 70 cents per share.
This could have a big impact on AI-related digital assets such as Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Artificial Superintelligence Alliance (FET), all of which are up over the past 24 hours.
Crypto market capitalization has remained relatively stable over the weekend, with a total cap of $3.18 trillion at the time of writing.
Bitcoin held above $90,000 for most of the weekend, recovering from a minor dip below $89,000 during Asian trading on Monday morning to reclaim $90,800 at the time of writing.
Ethereum has not seen any gains but has held on to the $3,100 for the past couple of days. Meanwhile, most of the altcoins showed signs of recovery during Monday’s trading in Asia.
The post 3 Things That Could Impact Bitcoin and Crypto Prices This Week appeared first on CryptoPotato.
Last week’s CPI data were in line with expectations, while producer-prices inflation was above estimates. However, markets retreated after Fed Chair Jerome Powell commented that policymakers are now on a more gradual path of monetary easing.
“The economy is not sending any signals that we need to be in a hurry to lower rates,” he said, adding to concerns that the central bank may not be cutting rates as much as previously expected.
Economic Events Nov. 18 to 22
This week, manufacturing data and consumer sentiment reports will be released, in addition to one big earnings report from semiconductor giant Nvidia.
Thursday, November’s S&P Global Manufacturing PMI and Services PMI preliminary reports will provide leading economic indicators to gain timely insights into changing economic conditions and potential inflationary pressures.
On Friday, preliminary readings of November’s Michigan Consumer Sentiment Index and Consumer Inflation Expectations will be released. This data portrays the results of a monthly survey of consumer confidence levels and their views of long-term inflation. Consumer confidence levels impact spending, which contributes about 70% of the US GDP.
Several real estate reports, such as new housing starts and existing home sales data, are also due this week, though these have no impact on crypto markets.
The world’s most valuable company, Nvidia, will report third-quarter results after the bell Wednesday. It is projected to report revenue growth driven by demand for artificial intelligence infrastructure.
Analysts expect the chipmaker’s revenue to grow 84% year-over-year to $33.3 billion and net income to jump to $17.4 billion or 70 cents per share.
This could have a big impact on AI-related digital assets such as Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Artificial Superintelligence Alliance (FET), all of which are up over the past 24 hours.
Crypto Market Outlook
Crypto market capitalization has remained relatively stable over the weekend, with a total cap of $3.18 trillion at the time of writing.
Bitcoin held above $90,000 for most of the weekend, recovering from a minor dip below $89,000 during Asian trading on Monday morning to reclaim $90,800 at the time of writing.
Ethereum has not seen any gains but has held on to the $3,100 for the past couple of days. Meanwhile, most of the altcoins showed signs of recovery during Monday’s trading in Asia.
The post 3 Things That Could Impact Bitcoin and Crypto Prices This Week appeared first on CryptoPotato.
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