simply put
Major economic events this week could impact the cryptocurrency market; geopolitical events could heighten volatility.
The SEC hearing against Binance begins Thursday; Aptos is also expected to receive a large number of token unlocks.
Despite the presence of potential market movers, the cryptocurrency market remains stagnant with a total capitalization of $1.13 trillion.
There are several things to watch on this week’s macroeconomic calendar. Additionally, geopolitical events could also increase volatility in the cryptocurrency market, which has been stagnant over the weekend.
On October 9, the macroeconomic media Kobeissi Letter listed the main economic events in the United States this week. In addition, "the market will react to geopolitical tensions starting this weekend."
Busy week ahead
The economic calendar is relatively quiet on Monday and Tuesday. However, core PPI inflation data for September will be released on Wednesday.
The Producer Price Index reflects input prices for producers and manufacturers. It measures the production costs of consumer goods and directly affects retail pricing. Therefore, it is considered a good precursor indicator of inflationary pressures.
The minutes of the Federal Reserve’s September FOMC meeting are also due on Wednesday. This provides a detailed report on the central bank’s monetary policy stance and may indicate market sentiment over the last quarter.
Thursday will see the release of last month's Consumer Price Index (CPI). It measures changes in retail prices of goods and services and is one of two key inflation indicators. The number is expected to fall slightly, suggesting a slight slowdown in U.S. inflation.
The preliminary reading of the Consumer Confidence Index for October will be released on Friday. The report reflects the level of confidence consumers have in the economy. However, it is not expected to show much change from last month’s sentiment index.
If there were drastic changes in monetary policy, the cryptocurrency market could be affected, but this is also to be expected.
Still, escalating tensions in the Middle East over the weekend could lead to more volatility in stock and cryptocurrency markets. The world really doesn’t need another war right now.
Cryptocurrency Market Calendar
Additionally, there are some things to watch in the cryptocurrency space this week.
On October 12, the U.S. Securities and Exchange Commission will begin a hearing against Binance.
On the same day, Aptos also carried out a large-scale token unlocking, with nearly $24 million worth of APT tokens flooding into the market.
The highly anticipated Sam Bankman-Fried trial continues this week, and witnesses may have more interesting revelations.
This week is going to be busy, but the cryptocurrency markets are still lethargic going into the weekend. Total market capitalization remained unchanged at $1.13 trillion over the past 24 hours, but the trend over the past seven days is down.