The Crypto markets are known for volatility and stock interrelationships. Bitcoin and altcoins have suffered from the collapse of crypto exchanges, Fed hike rates, Bitcoin dump sales by the German government, and Mt. Gox BTC repayments.
Over the weekend, the survival of the pro-Bitcoin president, Donald Trump, has led to a market recovery. Right now, Bitcoin is valued at $62,950, up 5.5% in 24 hours. Also, the global crypto market cap is now $2.42 trillion, up 4.97% in the last 24 hours.
The crypto market ahead
The third week of July has key events that will shape the trajectory of the crypto market. According to an X post from The Kobeissi Letter, Fed Chair Jerome Powell will address the markets today, Monday.
Powell will participate in a “fireside chat” discussion with the Economic Club of Washington, D.C. Traders, regulators, and investors will watch Powell’s comments as signals of a shift in monetary policy.
Note that the Fed officially meets on July 30th and 31st. However, according to the central bank’s rules, policymakers should not speak on monetary policy from Saturday, July 20th, until Friday after the meeting.
The American Angle
Secondly, large American banks will release Q2 2024 report earnings. Data from banks such as Goldman Sachs, Bank of America, and Morgan Stanley will state the financial stability of American banking clients.
In addition, Charles Schwab, PNC Financial, State Street, US Bancorp, Fifth Third Bancorp, Huntington Bancshares, and Regions Financial are set to report their earnings this week.
On Tuesday, Dow Jones’s UnitedHealth will report earnings. On Wednesday, Johnson & Johnson will post its earnings.
After weak readings last quarter, Netflix will release earnings Thursday. Also, Amazon Prime Day earnings come on Tuesday and Wednesday, marking the e-commerce giant’s 10th annual summer sales event.
The focus will be on US jobless claims on Thursday, July 18. Weaker labor market conditions could promote a more dovish Fed rate path. Lastly, the Philly Fed Manufacturing Index data will also be released on Thursday.
Also Read: Bitcoin Surpasses $63K After Donald Trump’s Narrow Escape
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