As a busy week packed with macroeconomic data begins, cryptocurrencies are assessing the relatively dovish messages delivered by Fed Chairman Jerome Powell at Jackson Hole last week. Although Powell acknowledged that the risk balance might demand a less restrictive monetary policy and a potential rate cut next month, he refrained from making a definitive commitment. Following this, Bitcoin $0.000016 and altcoins began the week with an unexpected decline, relinquishing a significant portion of last week’s gains.
ContentsFocus on Five Key DevelopmentsLatest in the Cryptocurrency Market Focus on Five Key Developments
The weekly data flow calendar will be shaped by the upcoming data between August 25-29. The Conference Board (CB) Consumer Confidence data, set for release on Tuesday, will shed light on households’ inflation perception and spending appetite. On Thursday, the Gross Domestic Product (GDP) data for the second quarter will be announced. HSBC economists anticipate an upward revision of growth to 3.2% from an initial estimate of 3.0%. The same day, the Jobless Claims data will be released, providing insights into the current state of the U.S. labor market. On Friday, the Core Personal Consumption Expenditures Index, closely monitored by the Fed, will be published.
Beyond the economic calendar, significant developments are unfolding on the corporate front. Chipmaker Nvidia will announce its second-quarter results on August 27. According to Reuters, the company is expected to report a 48% increase in earnings per share and $46 billion in revenue. Nvidia’s quarterly report serves as a benchmark for AI-themed stocks and has the potential to impact markets and, consequently, cryptocurrencies through risk appetite channels.
Latest in the Cryptocurrency Market
The cryptocurrency market opened the week with a mildly negative mood. The total market capitalization declined by 2.35%, dropping to $3.89 trillion. According to CoinMarketCap data, Bitcoin erased its weekend gains, reverting to around $112,000. After Powell’s speech, the price had extended to the $117,000 level but retraced sharply from this level. In the short term, the market is observing Bitcoin’s reaction around the $113,000 level.
The largest altcoin, Ethereum $4,601, rose to $4,950 over the weekend, surpassing its November 2021 peak, yet as of this report, it was trading at $4,636. The altcoin market presents a mixed picture, with Tron, Bitcoin Cash, and Litecoin experiencing notable declines of up to 5%, while increases are seen in Chainlink $25 and Hyperliquid.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
