According to Greeks.live Macro Research Analyst: The crypto market sentiment seems to be getting a boost, fueled by the unexpected upswing in global inflation momentum and a slowing U.S. economy. Last week's economic data revealed a decline in U.S. consumption, a downward revision in GDP, and an unexpected surge in global inflation, which, combined with the eurozone HICP accelerating to a 2.9% year-on-year rate, points to an increasingly evident slowdown in the U.S. economic landscape. The forecast for GDP by the Atlanta Fed has fallen below 2% with the growth of real disposable income easing below 1%.
Anticipations of ideal economic deceleration spurred by the ongoing decline in PCE, a drop in oil futures by 10%, and optimism are triggering macro asset rallies over the past few sessions.
On the political front, former President Trump's odds of winning the election have rocketed over 50%.
As for cryptocurrencies, the overall recovery in risk sentiment has led to a comeback in the U.S. stock market. As a result, market sentiment has been upbeat as of last Friday, marked by Bitcoin taking aim at the $70,000 mark and Ethereum lingering around $3,800. This week is slated to witness the release of critical data, including JOLTS today, the ADP and ISM service sector indices on Wednesday, and non-farm payrolls on Friday.