Markets Anticipate Key Economic Data as Crypto Prices Surge

In the early days of the new year, stock and cryptocurrency markets experienced a minor “Christmas rally,” attracting approximately $280 billion to the crypto sector. Over the past week, the market has maintained its value gains through the weekend, with experts predicting that the upward trend will continue in the coming days.

Critical Economic Data Captivates Attention

This week, significant employment and consumer sentiment reports are expected in the United States. According to Kobeissi Letter, “Labor market data will be closely monitored ahead of the Fed meeting on January 29.”

The week will begin with the release of the S&P Global Services PMI data. On Tuesday, the ISM Services PMI data will be disclosed. These two indicators are among the key measures of employment conditions in the service sector and future expectations from economists in the U.S.

On Tuesday, the November JOLTS Job Openings data will be released, followed by the December ADP Private Sector Employment figures on Wednesday. The most significant report of the week will come on Friday, indicating the December Non-farm Payrolls and Unemployment Rate, providing vital insights into the overall health of the U.S. economy.

On the same day, the Michigan Consumer Sentiment and Inflation Expectations data for January will offer crucial insights. These figures measure consumer confidence levels and long-term inflation expectations. Additionally, the earnings season for the fourth quarter of 2024 will commence in mid-January.

Current Status of the Crypto Market

The total value of the cryptocurrency market remains stable at approximately $3.68 trillion over the past 24 hours. Bitcoin (BTC) $104,634 surpassed $99,000 during the Asian session, reaching its highest level in the last ten days. After gaining 7.5% in value over the past week, the leading cryptocurrency appears poised to retest the psychological barrier of $100,000.

Ethereum (ETH) $2,525, the altcoin king, has displayed a similar performance, reaching $3,670 on January 6, marking its highest level since December 19. Altcoins have maintained their weekend gains, showing a steady trend throughout the day. Regardless of upcoming data, an upward momentum in the cryptocurrency market is expected to persist this week.