The cryptocurrency market has held onto the gains from the weekend and the momentum is likely to continue into the next few days.
In the first few days of this year, the stock and cryptocurrency markets saw a small "Christmas rally", with about $280 billion entering the digital asset market.
This week will see the release of key employment data as well as a report on consumer confidence.
Kobeissi Letter commented: “Labor market data is in the spotlight ahead of the Fed’s January 29 meeting.”
Economic events from January 6 to 10
On Monday, the S&P Global Services PMI (Purchasing Managers' Index) will be released, and on Tuesday, the ISM (Institute for Supply Management) Services PMI will be released. These reports describe business conditions in the services sector and are leading economic indicators used by economists and analysts.
The focus will then shift to labor market data, with the JOLTS job openings report for November set to be released on Tuesday, followed by the ADP non-farm employment data for December on Wednesday.
The non-farm employment and unemployment report for December will be released on Friday, showing the number of new jobs added last month and the percentage of people actively seeking work.
These two reports are important economic indicators as they track changes in the number of jobs closely related to the overall health of the economy.
On Friday, the Michigan Consumer Confidence Index and the preliminary consumer inflation expectations for January will be released. This data reveals the monthly survey results regarding the level of consumer confidence and long-term inflation views in the United States.
Additionally, the earnings season for the fourth quarter of 2024 will officially begin in mid-January.
Kobeissi's letter also warns that "the impact of the Chinese real estate collapse will far exceed the Chinese real estate itself," and adds, "As we enter 2025, we will bring more volatility to the market."
Cryptocurrency market outlook
The cryptocurrency market capitalization has remained stable over the past 24 hours, standing at $3.68 trillion as of the time of this writing.
Bitcoin's momentum continues to strengthen, with the price reaching a 10-day high of over $99,000 during Monday's Asian trading session. Over the past week, Bitcoin's price has risen by approximately 7.5%, and it is expected to soon break the psychological barrier of $100,000 again.
Ethereum also showed a similar weekly rise, reaching $3,670 on January 6, the highest price since December 19.
Most altcoins remained flat on the day, maintaining gains from the weekend, and the momentum this week seems likely to continue.
