This week is marked by several key economic events in the United States that could influence market mood and investor confidence. Despite the high anticipation of these events, it's unlikely they will trigger significant movements in the cryptocurrency markets. The overall sentiment remains positive, with the total market capitalization reaching its highest level since May 2022, indicating a strengthening investor sentiment towards high-risk assets like cryptocurrencies.
Economic Calendar for the Week: The week following the U.S. holiday weekend is packed with important economic data releases. US GDP figures and inflation data are on the agenda, which could potentially impact market moods for the rest of the year. The Kobeissi Letter highlighted these key events, including inflation data and a speech by a Federal Reserve governor on Friday.
Specific Data Releases: The week's schedule includes the release of new home sales data on Monday, which is expected to show a slight decline from the previous month. Tuesday will see the release of monthly consumer confidence data, a crucial indicator of overall economic activity. Additionally, three Federal Reserve governors are set to speak on Tuesday, covering topics on monetary policy and the economy.
Mid-Week Data and Federal Reserve Speech: Wednesday will feature the release of the third quarter's gross domestic product data, anticipated to remain unchanged from the previous quarter. Personal consumption expenditures inflation data is scheduled for Thursday, expected to show a slight decline. The week concludes with ISM manufacturing data and a speech by Fed Chair Jerome Powell on Friday, December 1.
Market Volatility and Bullish Forecasts: According to The Kobeissi Letter, the market is expected to experience full trading with continued volatility. Despite recent suppressed economic sentiment, forecasts remain bullish for the markets, which could reflect positively on investor confidence and interest in high-risk assets such as cryptocurrencies.
Crypto Market Outlook: The total market capitalization of cryptocurrencies reached nearly $1.5 trillion over the weekend, though it has seen a marginal decrease during the Monday morning Asian trading session. Bitcoin is currently trading at $37,290 after a 1.3% drop over the past 24 hours, while Ethereum prices are down 1.5% at $2,045. Altcoins across the board have also retreated from their weekend highs, indicating a cooling in the crypto markets.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
