- Ripple’s court win, coupled with falling US consumer and producer prices, triggered substantial gains in the crypto market.
- US retail sales data, Eurozone inflation figures, and a slew of other economic indicators will heavily influence Bitcoin and crypto markets this week.
As investors traverse the ever-evolving landscape of cryptocurrencies, this week presents crucial financial and economic data that could significantly influence Bitcoin and its crypto counterparts.
The Ripple Effect and the State of Crypto Markets
Recent legal victory for Ripple, combined with declining US consumer and producer prices, has sparked impressive gains in the crypto arena. Altcoins such as XRP, Cardano (ADA), and Polygon (MATIC) surged with double-digit increases last Thursday, July 13. Bitcoin also enjoyed a brief ascent, reaching a new yearly high of $31,862. However, despite the favorable news, the scenario of a short-term price correction remains on the table, suggesting an intricate dance of factors at play in the crypto market.
The Upcoming Economic Events and Their Possible Impact
Investors should keenly monitor several crucial economic data points due to their potential impact on the crypto market. The week begins with fresh US retail sales data, followed by the latest consumer price index for Europe, and preliminary data on new US building permits.
US Retail Sales Figures
On Tuesday, July 18, 2023, the US Census Bureau will release the final US retail sales figures for June. Retail sales serve as a reliable barometer for consumer sentiment. A higher than expected sales figure could further hasten the correction of the US Dollar Index (DXY), providing a boost for the crypto market.
Inflation Data for the Eurozone
On Wednesday, July 19, Eurostat will release the final consumer prices for Europe in June. If inflation continues to fall as predicted, European financial markets, and subsequently the crypto market, should react positively. On the other hand, if consumer prices exceed analysts’ expectations, it could spell trouble for Bitcoin.
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US Building Permits
The number of new building permits issued serves as an early indicator of the health of the US real estate market. If the number of permits granted is equal to or surpasses the market expectations, both the US stock market and Bitcoin could appreciate in value.
Further data includes the Philly Fed Manufacturing Index and the preliminary estimates of the current sales numbers of existing properties in the US housing market. These, along with fresh quarterly numbers from Bank of America and Tesla, will offer additional insight into the US economic situation.
As the week unfolds, each piece of economic data could either be a windfall or a pitfall for the Bitcoin and broader crypto market. Stay tuned to decode the implications of these economic events on your crypto investments.
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