Three Factors That Could Influence Cryptocurrency Markets This Week

The cryptocurrency market witnessed a significant slump over the weekend with Bitcoin falling back to a support level of $112,000 amidst trade tariff uncertainties. President Trump's newly introduced reciprocal tariffs and a weak US job report have reignited trade tensions, leading to potential market volatility. Market watchers are keenly observing key PMIs, job data, and various earnings reports this week.

A series of economic events, including speeches by Fed Chair Jerome Powell, may provide indications of potential future rate cuts. The crypto market has shown some signs of recovery on Monday, with Bitcoin rising to $114,500 and Ethereum recovering to $3,560. However, both cryptocurrencies remain below their recent highs, and August has traditionally been a bearish month for these digital assets.