Three Things That Could Influence Crypto Markets This Week 

Crypto markets have cranked over the weekend, with more than $100 billion being added to total market capitalization.

While this week’s economic events calendar isn’t as influential as last week’s, which included key inflation reports, it could still have an impact.

Here are a few things to keep an eye out for in the week ahead as the main market catalyst appears to be shifting to the earnings season.

Economic Calendar July 15-19

Last week’s CPI report showed the first month-on-month decline in inflation in four years, and markets reacted positively.

Tuesday, June’s retail sales data will be released in a report that provides information on the amount of money consumers are spending on various durable and non-durable goods. It is used to gauge the overall health of the economy in addition to consumer spending habits, and inflation pressures.

Industrial production reports are due on Wednesday showing the volume of production of U.S. industries. However, this shouldn’t impact crypto markets.

There are home sales and manufacturing data reports due this week, but these also have little impact on high-risk asset markets.

Key Events This Week:

1. Fed Chair Powell Speaks – Monday

2. June Retail Sales data – Tuesday

3. June Building Permits data – Wednesday

4. Philly Fed Manufacturing data – Thursday

5. Total of 11 Fed speaker events this week

6. Large banks report Q2 2024 earnings

All eyes…

— The Kobeissi Letter (@KobeissiLetter) July 14, 2024

“Earnings season is going to lead us right into the July Fed meeting, and volatility is back,” commented the Kobeissi Letter in a post on X on July 14.

Federal Reserve Chair Jerome Powell speaks on Monday, and his comments are always keenly eyed by investors who are looking for signals of a shift in monetary policy.

Last week, Powell’s testimony before Congress boosted investor sentiment, sparking a slew of interest rate-cut bets and increasing the odds of two rate cuts, with the first one in September.

Additionally, the 2024 Q2 earnings season is kicking into a much higher gear this week. There are several reports investors should keep an eye out for, including large banks such as Goldman Sachs, Bank of America, and Morgan Stanley.

Crypto Market Outlook

Crypto markets have traded higher over the weekend, with total capitalization topping $2.4 trillion for the first time in a fortnight.

Nevertheless, they have been trending downward since the start of June, and it is too early to say whether this trend has been reversed yet.

Bitcoin rallied 4.7% over the past 24 hours, tapping $63,000 in Monday morning trading in Asia. The asset has now recovered 16% since its correction low on July 5.

The rest of the market is following suit, with Ethereum hitting a two-week high of $3,360 and altcoins such as Solana (SOL), Chainlink (LINK), and Near Protocol (NEAR) gaining more than 5% on the day.