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Take Note: Pay Attention to These 9 Developments in the Cryptocurrency Market This Week

Not Alın: Bu Hafta Kripto Para Piyasasında O 9 Gelişmeye Dikkat
Not Alın: Bu Hafta Kripto Para Piyasasında O 9 Gelişmeye Dikkat
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While it’s been a relatively quiet week on the economic calendar in the United States, a major earnings report could have an impact on some crypto assets. Cryptocurrency markets held onto their gains over the weekend, with Bitcoin continuing to dominate the sector and others remaining dormant.

What’s next for cryptocurrency market?

Last week’s Consumer Price Index (CPI) data was in line with expectations, with producer price inflation coming in above estimates. However, markets pulled back after Fed Chair Jerome Powell said policymakers were now moving toward a more cautious monetary policy path. “The economy is not sending any signals that we’re in a hurry to cut interest rates,” he said, adding to concerns that the central bank may not cut rates as much as previously expected.

Binance de Açıkladı: O 16 Altcoin İçin Listeleme Müjdesi! Fiyatlar Uçuyor

This week, manufacturing data and consumer confidence reports are due, as is a major earnings report from semiconductor giant Nvidia. On Thursday, preliminary November S&P Global Manufacturing PMI and Services PMI will provide leading economic indicators that will provide timely insight into changing economic conditions and potential inflationary pressures. On Friday, preliminary November Michigan Consumer Confidence Index and Consumer Inflation Expectations will be released. These data reflect the results of a monthly survey of consumer confidence levels and long-term inflation expectations. Consumer confidence levels affect spending, which accounts for about 70% of U.S. GDP.

What else is coming?

Several real estate reports, such as housing starts and existing home sales, are also due this week, but they will have no impact on cryptocurrency markets. Nvidia, the world’s most valuable company, is set to report third-quarter results after trading closes on Wednesday. It is expected to report revenue growth driven by demand for semiconductor infrastructure. Analysts expect the chipmaker’s revenue to rise 84% annually to $33.3 billion and net income to rise to $17.4 billion, or 70 cents per share.

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This could have a major impact on AI-related digital assets such as Near Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Artificial Superintelligence Alliance (FET), which have all gained value in the past 24 hours. The crypto market cap has remained relatively stable over the weekend, with a total market cap of $3.18 trillion at press time. Bitcoin has remained above $90,000 for most of the weekend, and has regained $90,800 after a small dip below $89,000 in Asian trading on Monday morning. Ethereum has not seen any gains, but has held its $3,100 level for the past few days. Meanwhile, most altcoins showed signs of recovery in Asian trading on Monday.

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Take Note: Pay Attention to These 9 Developments in the Cryptocurrency Market This Week
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