The cryptocurrency market has seen a noticeable recovery in the past few days, but it has started to calm down with corrections in most cryptocurrency prices at the beginning of this week.
Strong economic backdrop and expected political changes with the Donald Trump administration are boosting optimism about the cryptocurrency market and AI-related assets.
The upcoming economic events between November 25 and 29 will have a direct impact on the market.
This includes the release of the consumer confidence index on Tuesday, which reflects confidence in the economy and influences spending, as well as the minutes of the Federal Open Market Committee meeting, which provide deeper insight into monetary policy decisions after the latest rate cut.
Wednesday will see the third-quarter GDP growth report, expected to hold at 2.8%, along with the October personal consumption expenditures report, a key indicator of inflation expectations.
With the chances of a December rate cut receding, this data is particularly telling.
In the crypto market, the total market cap of cryptocurrencies fell 3% to $3.44 trillion on Monday morning, after a sharp rise following the presidential election.
Bitcoin has fallen 2.5% since hitting a high of $99,645, settling at $98,000, while Ethereum has fallen to $3,400 after finding resistance in this range.
Despite the overall decline, some assets like Near Protocol (NEAR) showed positive performance, rising 7.6% to surpass $7 for the first time since June.
With over $1 trillion having entered the market since the election, the medium-term outlook remains bullish.
