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Crypto Market Nears $2T Cap

Outlets for macroeconomics The Kobeissi Letter outlined the major US economic happenings for the week starting on February 12. It comes after a weekend of advances for cryptocurrencies like Bitcoin, whose combined market valuation is getting close to $2 trillion.

Core CPI, Retail Sales, and PPI are the next economic indicators

One of the two primary indicators that measure inflation will be released on Tuesday: the core consumer price index, or CPI report.

Because it reflects price movements in the economy and influences consumer spending and company outlooks, investors closely monitor this. It also has an immediate impact on the Federal Reserve’s policy rate decisions.

Additionally, on Thursday, the retail sales for January will be disclosed. Data on consumer spending on a range of durable and non-durable goods is provided in this study. In essence, it assesses the general state of the economy and the spending patterns of consumers.

The Producer Price Index (PPI) for the preceding month is scheduled to be released this Friday. This report, which shows prices for manufacturers and producers, is seen to be a reliable predictor of inflationary pressures.

Preliminary Consumer Inflation Expectations and the Consumer Sentiment Index from the previous month are release on Friday. These reports present the findings from a monthly study on consumer perceptions of long-term inflation and confidence levels.

Furthermore, the degree of confidence influences consumer spending, which accounts for roughly 70% of US GDP.

The US stock markets have demonstrated an optimistic attitude among investors during the previous week. At the close of business last week, the S&P 500 broke new records and crossed 5,000 points for the first time.

This week’s scheduled speeches by several Fed speakers will be in addition to all the economic releases. These include Michael Barr, the Fed Vice Chair for Supervision, and Fed Governors Michelle Bowman and Christopher Waller.

Crypto Market Impact

The entire capitalization of the cryptocurrency markets is at its highest level since April 2022. After rising 1% during the Asian trading session on Monday morning, the value reached $1.9 trillion.

On February 12, bitcoin reached an intraday high of $48,729; as of this writing, it is now trading at $48,144. In the last seven days, the asset has increased by 13.5%.

Ethereum has responded more slowly, falling to $2,500 over the last day.

After a week of strong gains, the most of which were retained over the weekend, the majority of altcoins are down.

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