3 Important Economic Events That Could Impact the Crypto Market This Week

The crypto market has seen strong growth in the past week, with a significant breakout of altcoins as Bitcoin surpassed $81,000, entering uncharted territory. In the previous week, two key factors drove market volatility: the notable victory of Donald Trump in the US presidential election and the decision of the Federal Reserve (Fed) to further cut interest rates by 25 basis points. Fed Chair Jerome Powell once again emphasized that the central bank's future policy decisions will continue to depend on economic data, and this week, important inflation reports will be released. Powell also stated that the current interest rate is still restrictive, even after the recent cut, and affirmed that inflation may be on track to reach the Fed's 2% target. His comments open the possibility that the central bank will pause interest rate cuts at its upcoming December meeting. The October CPI inflation data will be released on Wednesday, one of the two main inflation indicators, alongside the PCE report. The CPI index provides insight into price trends in the economy, directly impacting consumer spending and business outlook, and thus significantly affecting the Fed's interest rate decisions. On Thursday, the October Producer Price Index (PPI) report will be published. This index measures input prices for manufacturers and producers, reflecting the cost of producing consumer goods and directly affecting retail prices. PPI is also an important indicator for the next month's CPI, helping to forecast inflation trends. Finally, on Friday, the October Retail Sales report will provide deep insights into consumer spending, including both durable and non-durable goods in the US. Additionally, Chair Jerome Powell will deliver a speech on Thursday, and several other Fed officials are also scheduled to speak this week. "Markets will continue to follow the earnings season, election results, and the Fed meeting, as these factors will have a significant impact on short-term market dynamics," shared the account The Kobeissi Letter. Join Telegram: https://t.me/tapchibitcoinvn Twitter (X): https://twitter.com/tapchibtc_io TikTok: https://www.tiktok.com/@tapchibitcoin Annie According to Cryptopotato