Introduction to the Market
Crypto markets have started the new week on a positive note, with momentum expected to continue as trade tensions ease. The upcoming Federal Reserve meeting on July 30 is a significant event, where the latest interest rate decision will be made. This meeting is crucial as it will have a direct impact on the economy and the crypto market.
Recent Developments
US President Trump has reached a deal with the European Union, which includes an agreement to open up trade at 0% tariff and for the EU to buy energy and automobiles from the US. This deal comes just days after a similar agreement was reached with Japan. As a result, US stock futures have reacted positively this Monday, indicating a potential boost to the economy.
Economic Events: July 28 to August 1
Several key economic events are scheduled to take place this week. On Tuesday, consumer confidence data will be released, reflecting how the public views the current state of the economy. Additionally, job opening reports will be released on the same day. Wednesday is a busy day, with the second-quarter GDP report released, which will reflect economic growth over the period.
The Federal Reserve Meeting
The central bank’s two-day policy meeting will be in focus this week, especially due to President Trump’s persistent attacks on the Chair Jerome Powell. The Fed is expected to hold the borrowing rate steady in a target range of 4.25% to 4.50%. According to Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities, "We expect Powell to repeat a patient, data-dependent policy outlook with flexibility, but he is unlikely to commit to cuts."
Key Events This Week
Other significant events include:
- CB Consumer Confidence data on Tuesday
- June JOLTs Job Opening data on Tuesday
- Q2 2025 GDP data on Wednesday
- Fed Meeting and Interest Rate Decision on Wednesday
- June PCE Inflation data on Thursday
- July Jobs Report on Friday
Crypto Markets on the Move
Total crypto capitalization has reached an all-time high, topping $4 trillion again. The big two, Bitcoin and Ethereum, are leading the charge. Bitcoin built on weekend momentum, reaching $119,754 during early trading in Asia on Monday morning. Ethereum is doing even better, with a 3% daily gain to come just over $3,900 on Monday. Other altcoins outperforming include Binance Coin (BNB), surging to an all-time high of $850, Bitcoin Cash (BCH), and Avalanche (AVAX).
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Conclusion
The crypto market is looking positive, with significant developments and events taking place this week. The Federal Reserve meeting and interest rate decision will be closely watched, and the recent deals between the US and other countries are expected to have a positive impact on the economy. With the crypto market reaching new highs, it’s an exciting time for investors and traders. As always, it’s essential to stay informed and up-to-date with the latest news and trends in the crypto world.
