Crypto’s Next Big Move: 3 Factors to Fuel a Market Rise This Week
Table of Content
- Overview of the Current Crypto Market Capitalization
- The Anticipation of Economic Reports
- Overview of S&P 500 Earnings Reports
- Potential Spillover Effects on Digital Assets
Crypto market capitalization has surged past $2.5 trillion for the first time since late July, with Bitcoin pushing closer to the $70,000 marks. The big question now: will this week’s economic reports give an extra boost to climb even higher?
Economic Events Oct. 21 to 25
On Wednesday, existing home sales data will be released, iwt will be offering a glimpse into the health of the U.S. housing market, a key indicator of overall economic activity. However, this data is unlikely to have much direct influence on crypto market apparently. Bears little impact on crypto markets.
On Thursday, will see more home sales data will be released alongside initial jobless claims. The jobless claims report provides valuable insight into the state of the labor market, offering a broader view of economic activity and potential.
On Friday, September durable goods orders report will be released, measuring the value of orders received by manufacturers for long-lasting items like vehicles and appliances. This report gauges the strength of production activity and demand for high-cost goods, which offering a snapshot of consumer sentiment and confidence in the economy.
Additionally, about 15% of S&P 500 companies are set to report earnings this week, including major tech giant like Microsoft, IBM, Amazon, and Tesla. These reports has to be closely watched, if they could provide a key insight into the tech sector’s performance it will boost the overall market.
Tech stocks ended last week on a strong note, and that momentum could continue to carry this week. If the trend continues, it probably spill over into digital asset market, potentially boosting the performance of cryptocurrencies alongside tech.
Crypto Market Insights
Total cap surged past $2.5 trillion during early trading in Asia on Monday morning, marking its highest level in nearly three months.
Bitcoin remained the main catalyst for the market, reaching $69,430 in early trading on Monday. However, it couldn’t break through the psycological $70,000 level and retraced to $68,900 at the time of writing.
Bitcoin remained the main catalyst for the market, reaching $69,430 in early trading on Monday. However, it couldn’t break through the psychological $70,000 barrier and retraced to $69,064 at the time of writing.
Ethereum received a notable boost, outperforming Bitcoin with daily gains of 3.5%. ETH reached $2,760, its the highest price level since August 25, but experienced a slight pullback a few hours later.
