Cryptocurrency markets faced minor changes over the weekend but dipped into the red again on Monday morning as a week full of events begins.
Market Overview
Last week, markets were shaken by US President Donald Trump's abrupt tariff announcements. Some stability returned due to encouraging inflation data that came in below expectations. However, the Consumer Sentiment Index continued its three-month slide to its lowest level since November 2022 as recession fears mount.
Economic Events of the Week
The February Retail Sales report, due on Monday, will provide insights into consumer spending on durable and non-durable goods. An industrial production report is expected on Tuesday, although its impact is minimal. On Wednesday, all eyes will be on the US Federal Reserve meeting, with a 99% chance that it will keep interest rates unchanged, according to the CME Fed Watch Tool. Other significant events include Initial Jobless Claims data on Thursday and manufacturing data on Friday.
Crypto Market Outlook
The cryptocurrency market capitalization has decreased by 3.3% to $2.8 trillion. Bitcoin has dropped to $82,000 before slightly recovering to $83,000. Ethereum remains in a bear market below $1,900. Most altcoins are seeing declines, except for Shiba Inu and Polkadot, which are showing minor gains.
Amid economic events that could impact the cryptocurrency market, traders should remain vigilant. The coming week promises to be intense, with potential changes in Fed policies and other economic indicators being key factors in assessing market prospects.
