Four major factors that may stimulate the cryptocurrency market in the coming week!
After the Fed meeting last Friday, the cryptocurrency market ushered in a wave of gains, and this momentum continued over the weekend. In his speech, Fed Chairman Powell confirmed the intention to adjust monetary policy, saying bluntly that "the time for policy adjustment has come", and hinted that the pace of interest rate cuts will depend on subsequent economic data.
This week, we have to keep an eye on several major events, especially those big data that may affect the market.
The consumer confidence index will be released on Tuesday,
The second quarter GDP report will be released on Thursday, which is the highlight. Everyone is watching it. It is expected to be similar to the 2.8% annualized growth rate mentioned earlier.
Also, don't forget to look at the July PCE inflation data on Friday, which is a key indicator for the central bank to measure inflation.
At the same time, the Michigan Consumer Confidence Index and the Inflation Expectations Report will also come out, so we can more intuitively understand the people's confidence in the economy and their views on inflation.
There is another big event this week, that is, Nvidia will release its financial report on Wednesday. This is a big name in the technology industry. Its performance directly affects the trend of the stock market, and our cryptocurrency market also has to look at its face.
Speaking of cryptocurrencies, the Fed's dovish stance did give them a big boost, and the market has risen 6% since then. However, the market pulled back slightly during Asian trading hours on Monday morning, but it was generally stable.
Bitcoin hit a three-week high of $65,120, and then pulled back to around $64,000. Ethereum also hit a high of $2,788, and then fell back a bit.
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