Amid potential changes in the Fed's monetary policy, the cryptocurrency market is experiencing fluctuations. A number of economic indicators are expected in the coming week that could affect investor activity.
Key Economic Events
This week, several important economic events are scheduled.
- **New Home Sales data – Monday**
- **Consumer Confidence data – Tuesday**
- **Nvidia Earnings Report – Wednesday**
- **US Q2 GDP Data – Thursday**
- **Michigan Consumer Sentiment data – Friday**
- **July PCE Inflation data – Friday**
HSBC economists forecast the Q2 GDP growth to be revised from 3.0% to 3.2%.
Crypto Market Forecasts
Digital asset markets are retreating on Monday morning in Asia, with total capitalization dipping 1% to $4.04 trillion.
Bitcoin has returned to levels around $113,000, wiping out weekend gains. Ethereum hit a high of $4,950 but has now settled at $4,700. Altcoins are showing mixed results: losses for Tron, Bitcoin Cash, and Litecoin, while Chainlink and Hyperliquid are seeing gains.
Earnings Reports and Their Impact
Investor attention is focused on Nvidia's report, which serves as a bellwether for the entire AI industry. A 48% rise in earnings on revenue of $46 billion is expected for the second quarter. This could significantly influence sentiment in the tech market and in cryptocurrencies specifically.
Given the anticipated economic indicators and developments in the cryptocurrency sector, investors should closely monitor changes and adjust their strategies accordingly.
