Cryptocurrency events worth our attention this week;
The initial July S&P Global Manufacturing PMI and Services PMI will be released on Wednesday. These reports provide a brief overview of business conditions in the U.S. manufacturing and service sectors
The annualized GDP growth report for the second quarter of 2024 will be released on Thursday, which provides a preliminary understanding of changes in gross domestic product. It is estimated that GDP growth in the second quarter rose to 2% from 1.4% in the first quarter, higher than expected, which may lead to a delay in the central bank's expected interest rate cuts.
All eyes are on personal consumption expenditures (PCE) inflation data this week,
which reflects the average amount of money consumers spend each month and is a key indicator for Federal Reserve policymakers to measure inflation levels. Slowing PCE inflation and continued deflationary trends will increase the possibility of a rate cut in September.
On Friday, we will also release the Michigan Consumer Confidence Index and Consumer Inflation Expectations Report for July, which will provide further views on long-term inflation.
With just 10 days until the Federal Reserve’s July meeting, about 20% of S&P 500 companies report results this week, including Google parent Alphabet and Elon Musk’s Tesla.
Tuesday, July 23, is also the day the long-awaited spot Ethereum ETF is expected to begin trading, which could also have an impact on the cryptocurrency market.
Major moves in the U.S. presidential election campaign, with Joe Biden out of office, could also affect the market in this busy economic week ahead.
Cryptocurrency market capitalization hit $2.6 trillion over the weekend, the highest level since early June. The move was driven primarily by Bitcoin, which topped $68,000 in early Asian trading on Monday. The asset fell below $66,000 following news that Biden had dropped out of the presidential race, but quickly recovered.
Cryptocurrency market momentum is once again positive, with most altcoins trending higher this morning, with SOL, DOGE, and AVAX leading the gains.
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