Last week, Bitcoin surpassed $118,800, leading to a record crypto market capitalization of $3.68 trillion. With inflation data, earnings reports, and legislative initiatives on the horizon, the market may face both opportunities and challenges.
Impact of Inflation on Market
Upcoming US consumer inflation data will be a major factor for Bitcoin and altcoins. It's expected that June inflation rose by 0.3%, leading to an annual inflation rate of 2.9%. This data may influence the Federal Reserve's decisions on interest rates.
Importance of Earnings Reports
The earnings season for major Wall Street firms, including Goldman Sachs and JPMorgan, begins this week. Strong earnings could lift the stock market and, in turn, boost cryptocurrency prices.
Legislative Updates
Three key bills are on the agenda: CLARITY, GENIUS, and an anti-CBDC bill. Clarity in regulation typically bodes well for crypto prices, and expectations around these bills remain high.
Current macroeconomic factors, including inflation, earnings reports, and new legislative initiatives, create both risks and opportunities for Bitcoin and other altcoins in the upcoming week.
