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5 Things That Could Move Crypto Markets in The Week Ahead
A Federal Reserve meeting minutes event and two key inflation reports are due this week as tension in the Middle East remains at a boiling point.
Crypto markets are up on Monday morning following President Trump’s extended deadline for Iran to open the Strait of Hormuz. He told Fox News on Sunday that he will “blow everything up” and “take over the oil” if they do not make a deal by Tuesday.
It appears that President Trump has shifted his deadline for US strikes on Iranian power plants for the fourth time, observed the Kobeissi Letter.
Economic Events April 6 to 10
The week kicks off with Monday’s March ISM Non-Manufacturing data, providing a broader picture of the state of the economy. Tuesday is Trump’s latest deadline, which could induce market volatility as Iran does not want to come to the negotiating table.
Wednesday’s Fed meeting could provide signals of rate cut or hike expectations as inflationary pressures increase again.
Thursday is a big data day with the third estimate of fourth-quarter GDP and PCE inflation data for February, while Friday will see the March CPI inflation report and April’s Michigan University Inflation Expectations data.
Weekly jobless claims figures are due Thursday, while the Michigan preliminary consumer survey for April is released Friday.
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Crypto Market Outlook
Markets are up around 2.4% over the past 24 hours, hitting an almost two-week high of $2.45 trillion during Asian trading on Monday morning.
Bitcoin led the charge, topping $69,000 again following a weekend of lulling below $67,000. However, it remains stuck within a two-month-long sideways channel.
Ether prices reclaimed $2,100 on Monday morning, but also remain stuck, facing heavy resistance at this price zone. A de-escalation in the Middle East this week could provide a boost for crypto markets, but inflationary pressures also weigh heavily on high-risk asset investing.
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