Four factors that may move the cryptocurrency market next week📉
The cryptocurrency market experienced relative stability over the weekend, before declining this morning as more than $75 billion exited the market cap, bringing the total market to approximately $3.98 trillion.
The four factors likely to impact the crypto market this week:
1. Jerome Powell's speech (Tuesday): Investors will watch the tone of the Federal Reserve Chair to gauge monetary policy directions following the recent interest rate cut. The cryptocurrency sector is highly sensitive to any changes in this policy.
2. Housing market data (Wednesday and Thursday): This includes new and existing sales data, providing indicators of local economic activity and its impact on interest rate decisions.
3. GDP adjustment (Thursday): This will provide an updated picture of growth, investment, and consumer spending during the second quarter.
4. Release of the Personal Consumption Expenditures Index and Consumer Confidence (Friday): The PCE index is the Fed's preferred measure of inflation, while Michigan data reflects consumer sentiment and inflation expectations.