Reserve

United

Jerome Powell

Ignite

Crypto markets have held on to gains over the weekend following an upsurge in the wake of the Federal Reserve meeting last Friday.
<a href="https://cryptopotato.com/heres-everything-you-need-to-know-about-powells-jackson-hole-speech/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Speaking </a>at Jackson Hole, Fed Chair Jerome Powell <a href="https://cryptopotato.com/4-cryptocurrencies-to-watch-following-jerome-powell-jackson-hole-update/" data-wpel-link="internal" rel="noopener noreferrer nofollow">affirmed</a> expectations of an impending monetary policy pivot stating “the time has come for policy to adjust,” before adding that the “timing and pace of rate cuts will depend on incoming data.”
This week will see the release of key inflation data which could result in more volatility for higher risk assets such as crypto.
“Nvidia earnings and PCE inflation in the same week make for great trading conditions,” commented the Kobeissi Letter on Aug. 25.
<h2 id="economic-calendar-aug-26-to-30">Economic Calendar Aug. 26 to 30</h2>
Data on consumer confidence levels will be released on Tuesday, signaling the overall market sentiment of shoppers. However, the larger and more impactful second-quarter GDP report is due on Thursday.&nbsp; The second update is expected to show little or no change from the initial estimate of a 2.8% annualized growth rate.
July’s Core Personal Consumption Expenditures (PCE) report is due on Friday. This data reflects the average amount of money consumers spend monthly, excluding seasonally volatile products such as food and energy, and is used by the central bank as a primary gauge of inflation.
Friday will also see August’s Michigan Consumer Sentiment Index consumer inflation expectations reporting. The data provides the results of a monthly survey of consumer confidence levels and their views of long-term inflation in the US.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
 Key Events This Week:
 1. July Durable Goods Orders data – Monday
 2. CB Consumer Confidence – Tuesday
 3. Nvidia, <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$NVDA</a>, Reports Earnings – Wednesday
 4. Q2 2024 GDP data – Thursday
 5. July Pending Home Sales data – Thursday
 6. July PCE Inflation data – Friday
 Buckle up for a…
 — The Kobeissi Letter (@KobeissiLetter) <a href="https://twitter.com/KobeissiLetter/status/1827705738929561773?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">August 25, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The anticipated earnings report this week is chip giant Nvidia, which will release its second-quarter revenue figures on Wednesday. Analysts have said this could be a pivotal moment for US stock markets which have been driven by tech stocks such as NVDA.
<h2 id="crypto-market-outlook">Crypto Market Outlook</h2>
Crypto markets were boosted by the Fed’s dovish pivot, gaining 6% since the speech. They have remained stable over the weekend but dipped a little during the Monday morning Asian trading session, with total capitalization falling to $2.34 trillion.
Bitcoin spiked to its highest level for three weeks at $65,120 on Monday morning but retreated soon after, dropping back to the $64,000 level where support held.&nbsp;<a href="https://cryptopotato.com/heres-how-ethereums-pectra-upgrade-will-bannish-the-eth-bears/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a> hit $2,788 but also retreated back to around $2,740 at the time of writing.
Market momentum could continue this week if inflation indicators are positive.
The post <a href="https://cryptopotato.com/4-things-that-could-ignite-crypto-markets-in-the-week-ahead/" rel="noopener noreferrer nofollow">4 Things That Could Ignite Crypto Markets in The Week Ahead</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

4 Things That Could Ignite Crypto Markets in The Week Ahead

Table of Contents

CryptoPotato_News

Other articles published on Aug 26, 2024

Tether CEO: Pavel Durov's Arrest Very Concerning; ‘Dark Ages Will Be Our Future’

Tether Launches USDT on Aptos, Offering ‘Fraction-of-a-Penny’ Transaction Fees

Boost Your Core Ignition Sparks With IceCreamSwap

UAE’s Phoenix Group is a strategic shareholder in Tether’s Dirham stablecoin

Amid WOMIO’s Community Focus & Pawfury’s Gamification MoonBag Leads Presales?

Peasant Pepe Solana Memecoin Will Rally Over 19,000% Ahead of Exchange Listings, While SHIB and D...

Join our free newsletter for daily crypto updates!