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Economic reports could impact cryptocurrencies this week
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The cryptocurrency market entered a period of sharp correction, recording losses of US$200 billion between Saturday and Sunday. The total market cap of cryptocurrencies fell 2.4% in the last 24 hours to US$3.4 trillion on the morning of this Monday (23).
As a result, the “market cap” eliminated the gains accumulated throughout December and returned to the levels observed at the end of November.
Bitcoin, Ethereum and most other altcoins are trading lower today. BTC, in particular, has lost the $100,000 level and is trading around $96,000 this week. The week, which comes with the Christmas holidays, could move cryptocurrencies even more.
Despite the Christmas holiday on Wednesday (25), some important economic reports should be released later this week. This Monday, for example, the US will release the Consumer Confidence Index for December. This indicator evaluates the level of optimism in relation to economic activity and influences consumption, responsible for around 70% of GDP North American.
Economic events can impact cryptocurrencies
On Tuesday, it will be the turn of the November Durable Goods Orders come public. This document measures orders for high-value goods, such as vehicles and household appliances. These data reflect the economic sentiment and confidence of the consumer on higher cost items.
After the holiday, on Thursday, the US is expected to release the initial unemployment insurance claims and GDP data from the Atlanta Fed.
Although these events do not have a direct relationship with cryptocurrencies, can impact them. After all, they help measure consumer sentiment and can guide investments.
Much of the market’s losses last week are related to recent decisions by the Federal Reserve (Fed), the US central bank. The monetary authority reduced the interest rate by 0.25%but indicated, in its projection graph (“Dot Plot”), that it expects to carry out only two new reductions in 2025, instead of the four predicted in September.
Furthermore, the Fed chairman, Jerome Powellanticipated that core inflation in 2025 will be higher than expected, highlighting the central bank’s caution in making additional rate cuts.
According to the Kobeissi Letterthe volatility observed last week should extend into the first days of this week, influencing not only traditional markets, but also cryptocurrencies.
Economic reports could impact cryptocurrencies this week
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Economic reports could impact cryptocurrencies this week
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Economic reports could impact cryptocurrencies this week
