3 Things That Could Move Crypto Markets Higher This Week
This week’s economic schedule includes several crucial news as the crypto market grows in ‘October.’ Crypto market capitalization has surpassed $2.5 trillion for the first time since late July, as Bitcoin approaches $70,000, but can this week’s economic reports push it further higher? Furthermore, the US presidential election is only two weeks away, “which should begin to bring more volatility,” stated the Kobeissi Letter.
Economic Events Oct. 21 to 25
Existing home sales data will be revealed on Wednesday, providing insights into the housing market’s health. This has enormous ramifications for US economic activity but has little impact on crypto markets.
Thursday will bring additional house sales statistics and initial unemployment claims. The latter report provides an overview of the labor market, which has broader consequences for economic activity.
The September durable goods orders reports, which measure the cost of orders received by manufacturers for durable items like autos and electrical appliances, will be revealed on Friday. This report analyses the state of production activity and demand for large-ticket items and also serves as a consumer sentiment indicator.
The October Michigan Consumer Sentiment Index and Consumer Inflation Expectations reports will also be released on Friday. This data represents a monthly survey of consumer confidence and attitudes towards long-term inflation. Additionally, around 15% of S&P 500 companies report earnings this week. Microsoft, IBM, Amazon, and Tesla are among the most well-known technology companies.
Last week, tech stocks concluded on a high note, and that momentum is expected to continue this week, potentially affecting digital asset markets.
Crypto Market Outlook
The total market capitalization surpassed $2.5 trillion during early trading in Asia on Monday morning. It’s the highest they’ve been in nearly three months.
Bitcoin was the key driver, as it has been for the past few weeks, reaching $69,430 in early trade on Monday. However, the asset failed to achieve the psychological $70,000 barrier, falling back to $68,900 at the time of writing.
Ethereum also received a rare boost, outperforming its bigger brother in terms of daily gains, which were 3.5%. ETH reached $2,760, its highest level since August 25, but fell marginally a few hours later.
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