In the early days of the new year, both stock and cryptocurrency markets experienced a recent surge, drawing substantial funds into the crypto sector. This week, significant economic reports are anticipated, which could impact the markets' further development.
Global Markets Focus on Economic Data
Significant employment and consumer sentiment reports are expected in the U.S. According to Kobeissi Letter, labor market data will be closely monitored ahead of the Fed meeting on January 29.
Current Status of the Crypto Market
The total value of the cryptocurrency market remains stable at approximately $3.68 trillion. Bitcoin surged above $99,000, reaching its highest level in the last ten days. Ethereum displayed similar performance, reaching $3,670 on January 6, marking its highest level since December 19. Regardless of upcoming data, an upward momentum in the cryptocurrency market is expected to persist.
Expected Economic Reports
This week will see various economic indexes and reports being released. Key among them are the data on job openings and private sector employment, providing critical insights into the U.S. economy's condition. Also expected are consumer sentiment and inflation expectations data, which could significantly influence the markets.
The outcome of this economic week will provide a better understanding of current market conditions and help in identifying potential future trends, particularly in light of labor market data and consumer sentiment.
