- The duo of Bitcoin and Ethereum have continued to lead the broader crypto market.
- Top economic data from both the US and China can impact market momentum.
Some economic and financial metrics have been earmarked for investors to look out for while trading crypto this week. So far Bitcoin (BTC) and Ethereum (ETH) have been performing well in the market. The leading cryptocurrency by market capitalization recently hit a new high for the year at $31,525, a growth that was complemented by Ethereum which soared to around $1,978 per coin.
But the days following the resurgence of Bitcoin and that of Ethereum were not so friendly as both tokens began to pare off their gains. At the time of this writing, the price of Ethereum is pegged at $1,866.41 while BTC is currently trading at $30,266.12, having dropped about 1.28% in the past 24 hours.
While some altcoins have benefited significantly from the price rally of these two top cryptocurrencies, it is, however, worth noting that the broad crypto market has seen wild fluctuations to fuel broad uncertainties. This volatile trend appears to be mimicking the United States stock indices – S&P 500 and Nasdaq 100 – which had to give up their gains after a strong first half of the week. The stock indices were debased following the release of inconsistent labor market data.
The recently heightened interest of institutional asset managers to spot Bitcoin Exchange Traded Funds (ETF) trailed by the multiple applications submitted to the Securities and Exchange Commission (SEC) is partly responsible for the price jump of BTC as well as other cryptocurrencies.
According to Stefan Lübeck, if the price of BTC does not get any further here in the coming days, the probability of a price consolidation will be high.
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Economic and Financial Data That Are Likely to Trigger Bitcoin Market
The data expected to impact the crypto market in the coming days are new economic data from the People’s Republic of China. As it is generally perceived, China has one of the largest economies in the world, hence, it is a major influencer of current consumer and producer prices globally. Based on analysts’ predictions, a slight increase in negative consumer prices is expected from -0.2% to 0.0%.
Noteworthy, in the last 4 months, the actual consumer prices fell short of expectations. If this happens this time around, the Chinese central bank, the People’s Bank of China (PBoC) is likely to continue to deploy hawkish monetary policies to stimulate the economy.
Another important economic and financial data is the U.S. consumer prices for June which is expected on Wednesday. Up next would be producer prices for June which many believe will shape a lot of investor’s perception in the USA. This would be announced on Thursday and the week would end with new data from the University of Michigan on consumer expectations and consumer confidence in U.S. private households.
During this second trading week in July, it is also expected that some members of the United States Federal Reserve would make an appearance to discuss their assessment of the state of the nation’s economy and monetary policy developments in the coming months, all of which will also impact Bitcoin and the general market.
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