Crypto markets maintained last week's gains over the weekend after a boost from a 0.5% interest rate cut by the Federal Reserve.
This week there are several reports on consumer sentiment, gross domestic product (GDP), and more inflation data.
"Expect more volatility and big swings as markets turn their attention to the next Fed meeting," Kobeissi Letter said on September 22.
On Monday there was the release of the S&P Global Services PMI (purchasing managers' index) report that assesses business conditions in the services sector, which contributes a large portion to total GDP. This was followed by the consumer confidence report on Tuesday, which also reflected conditions and sentiment in the overall economy.
Scheduled weekly employment data will be available on Thursday, along with durable goods orders, GDP revisions, and pending home sales.
Friday also saw the report of the personal consumption expenditure (PCE) price index, which is one of the main indicators of inflation used by central bank policy makers in making decisions.
Attention is focused on the Fed's next meeting on November 7, which is likely to see another rate cut. The CME Fed Watch tool now shows a 50:50 chance of a reduction of 25 basis points or another reduction of 50 points.
In Asia, stock markets traded in a narrow range on Monday morning as investors weighed a flurry of data that bolstered concerns about the health of China's economy, Bloomberg reported. "The situation in China seems to be getting worse," said Tony Sycamore, an analyst at IG Sydney, to the media.
In Japan, the yen weakened after the Bank of Japan indicated on Friday that policymakers were in no rush to raise interest rates again.
The crypto market has remained stable over the past 24 hours, with a total market capitalization of $2.31 trillion. Around $200 billion has flowed back into this asset class in the past seven days after a bigger interest rate cut by the Fed, which encouraged riskier assets.
Bitcoin traded around the $63,000 level for most of the weekend but started to rise, nearing $65,000 during Monday's morning trading session. This BTC price has increased by 9% since the same period last week.
Ethereum also moved higher after weeks of uncertainty, reaching over $2,600 in early trading in Asia, leading to a weekly gain of 14.5%.
Altcoins were mixed overall but Binance Coin (BNB), Litecoin (LTC), Sui (SUI), and Bittensor (TAO) performed slightly better.
