4 Things That Could Further Impact Crypto Markets in Week Ahead
The focus this week is on labor markets and backdated PMI reports, with September’s PCE inflation report also due.
Investor outlook mostly improved last week as rate-cut expectations firmed, with CME futures pricing an 87% chance of a rate cut on December 10.
Meanwhile, President Trump says he has decided who will be the next Federal Reserve Chair, and he will announce it “soon.”
Economic Events Dec. 1 to 5
November’s ISM Manufacturing PMI data is due on Monday, providing an indication of the US manufacturing sector’s performance. Tuesday has some delayed September job openings data, and Wednesday sees nonfarm employment data. Also on Wednesday is the November S&P Global Services PMI report and the non-manufacturing PMI data.
Initial jobless claims are on Thursday, and any signs of weakness in the labor market or in economic activity would add to the prospects of a rate cut.
Friday has September’s delayed PCE inflation data and the December Consumer Sentiment report, adding more fuel to the economic fire.
This week’s reports will help set the tone going into the end of the year and whether markets will continue to price in the easing of monetary policy.
Crypto Markets Tank
Crypto markets have suffered another leverage flush with a $540 million wipeout in late trading on Sunday, causing a 4% slump in total capitalization.
Bitcoin lost almost 5% of its value, crashing from $91,500, where it had consolidated over the weekend, to below $86,000 by Monday morning in Asia.
The asset was still falling at the time of writing, trading 5% lower than this time on Sunday, following its worst November performance since 2018.
Ether lost the $3,000 level, falling 4.8% to $2,860 at the time of writing, and the altcoins were a bloodbath.
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