The global digital asset market is riding high on positive sentiments as Bitcoin (BTC) and Ethereum (ETH) reclaimed crucial price points last week. As per the data, the cumulative crypto market cap has added more than $90 billion since November 6, 2023, to stand at $1.41 trillion, at the press time. However, the week ahead can prove to be a much volatile period for the market as several major reports are scheduled to come out.
Volatile week: Key reports and market expectations
Traders keenly await US Consumer Price Index (CPI) data this week as it will provide insights into the Federal Reserve’s inflation operation. CPI data is scheduled to be released on Tuesday. The Fed’s policy meeting has already tempered its hawkish stance. However, Fed Chair Jerome Powell last week dropped some hints that the battle against inflation may not be over yet, more rate hikes remain a possibility.
As per reports, Core CPI data is expected to come in at 0.3% month-on-month and 4.1% year-on-year. It might remain unchanged from September.
US Producer Price Index inflation data (PPI) provides additional perspectives on inflation, shaping market expectations, and is scheduled to come out on Tuesday. However, data for October retail sales and industrial production are due too with weekly jobless claims.
US retail sale data will provide insights into consumer spending patterns, an essential of economic activity. The Fed Manufacturing Survey will paint a regional picture of manufacturing conditions which will impact broader economic sentiments.
Biden- Xi meeting
US President Joe Biden and China’s President Xi Jinping are set to meet for their first in person meeting this year, on Wednesday. Investors are looking ahead to more economic data ahead of talks between the US and China.
As these major events await to unfold, the crypto market looks stable for now. Bitcoin price is up by 6% in the last 7 days. BTC is trading at an average price of $37,037, at the press time.