Crypto market capitalization has hit a peak above $3.6 trillion over the weekend as altcoins outperformed their big brother Bitcoin.
This weekās economic data is primarily focused on employment and jobs, but there are also some manufacturing PMI reports in the mix.
This will be the last week of labor market data before the Dec. 18 Federal Reserve meeting, reported the Kobeissi Letter, which added, āItās a huge week for the labor market.ā
Stock and crypto markets were buoyed last week as investors found reassurance in Donald Trumpās pick for the Treasury secretary position, choosing seasoned hedge fund executive Scott Bessent.
However, the Fedās preferred inflation measure, Core PCE, came in hot at 2.8%, causing some jitters about increasing inflation and a hawkish pivot from the US central bank.
A strong economy, as seen through last weekās GDP data, and persistently high inflation, has raised questions among investors as to whether to expect another rate cut this year.
Monday will see Novemberās ISM Manufacturing PMI report released reflecting business conditions in the US manufacturing sector. It provides a leading indicator for assessing the state of the economy and anticipating changing trends.
Tuesday has the latest job openings data, while Wednesday will show Novemberās nonfarm employment data. Wednesday also has Novemberās ISM Services PMI, which shows business conditions in the US services sector. PMIs are leading indicators for changes in economic conditions.
Friday has more jobs data, with nonfarm payrolls and unemployment rate reports. These reports are two of the most important economic indicators for policymakers following shifts in the number of positions since they are strongly associated with overall economic health.
Friday also has the preliminary readings of Decemberās Michigan Consumer Sentiment Index and Consumer Inflation Expectations. These reports provide the results of a monthly survey of consumer confidence levels and views of long-term inflation.
There are a number of Fed speeches this week, including Chair Jerome Powell on Thursday, Dec. 5.
Crypto markets continued to gain over the weekend, with total capitalization reaching a record high of $3.65 trillion in early trading in Asia on Monday morning.
Bitcoin inched higher to reclaim $98,000 before retracing again, but Ethereum was the driving force, tapping a six-month high of $3,750 on Dec. 2.
XRP also exploded more than 30% to reach a six-year high of $2.48 on Monday morning. Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Shiba Inu (SHIB), and Stellar (XLM) were also seeing solid gains.
The post 4 Things That Could Influence Crypto Markets This Week appeared first on CryptoPotato.
This weekās economic data is primarily focused on employment and jobs, but there are also some manufacturing PMI reports in the mix.
This will be the last week of labor market data before the Dec. 18 Federal Reserve meeting, reported the Kobeissi Letter, which added, āItās a huge week for the labor market.ā
Economic Events Dec. 2 to 6
Stock and crypto markets were buoyed last week as investors found reassurance in Donald Trumpās pick for the Treasury secretary position, choosing seasoned hedge fund executive Scott Bessent.
However, the Fedās preferred inflation measure, Core PCE, came in hot at 2.8%, causing some jitters about increasing inflation and a hawkish pivot from the US central bank.
A strong economy, as seen through last weekās GDP data, and persistently high inflation, has raised questions among investors as to whether to expect another rate cut this year.
Monday will see Novemberās ISM Manufacturing PMI report released reflecting business conditions in the US manufacturing sector. It provides a leading indicator for assessing the state of the economy and anticipating changing trends.
Tuesday has the latest job openings data, while Wednesday will show Novemberās nonfarm employment data. Wednesday also has Novemberās ISM Services PMI, which shows business conditions in the US services sector. PMIs are leading indicators for changes in economic conditions.
Friday has more jobs data, with nonfarm payrolls and unemployment rate reports. These reports are two of the most important economic indicators for policymakers following shifts in the number of positions since they are strongly associated with overall economic health.
Friday also has the preliminary readings of Decemberās Michigan Consumer Sentiment Index and Consumer Inflation Expectations. These reports provide the results of a monthly survey of consumer confidence levels and views of long-term inflation.
There are a number of Fed speeches this week, including Chair Jerome Powell on Thursday, Dec. 5.
Crypto Market Surges
Crypto markets continued to gain over the weekend, with total capitalization reaching a record high of $3.65 trillion in early trading in Asia on Monday morning.
Bitcoin inched higher to reclaim $98,000 before retracing again, but Ethereum was the driving force, tapping a six-month high of $3,750 on Dec. 2.
XRP also exploded more than 30% to reach a six-year high of $2.48 on Monday morning. Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), Shiba Inu (SHIB), and Stellar (XLM) were also seeing solid gains.
The post 4 Things That Could Influence Crypto Markets This Week appeared first on CryptoPotato.
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