The cryptocurrency market kicked off the week on a strong note, rising 1.7% in the last 24 hours to reach $3.12 trillion. Bitcoin remains above $91,000, while Ethereum stays firm above $3,000. Other major alts such as XRP, Solana, and Dogecoin are also moving higher.
PMI and job data could fuel bullish momentum for the crypto market, while FOMC guidance may trigger a rate-cut driven rally. Venezuela tension boosts crypto as a safe-haven asset class. The PMI for manufacturing and services is due on Monday; a positive reading would support the current trend and increase investor risk appetite. Traders will be eager to see whether the data will be indicative of growth or contraction.
The Federal Reserve’s FOMC meeting on Tuesday could signal future policy directions, with December minutes suggesting possible rate cuts. Any dovish message by the Fed could prompt capital circulation into the crypto zone. Midweek data, including JOLTS job openings and the Fed’s balance sheet adjustments, will be watched to understand liquidity effects on crypto prices. On Thursday, weekly initial jobless claims will shape the rate-cut outlook, and Friday’s unemployment data will focus on jobs, unemployment, and wages.
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