US Economic Data and Nvidia Earnings Set to Move Crypto Markets
US crypto markets begin the week with key economic releases and major tech earnings on deck. Fed Chair Jerome Powell hinted at potential rate cuts as inflation pressures ease, setting the stage for the core PCE inflation data due Friday. Traders will also monitor Tuesday’s consumer confidence, Thursday’s revised Q2 GDP, and Monday’s new home sales for broader risk sentiment. On Wednesday, Nvidia (NVDA) reports Q2 results, with analysts expecting 48% EPS growth on $46B revenue, a bellwether for AI-driven demand.
Bitcoin slipped back to $113K support after briefly testing $117K post-Fed remarks. Ethereum hit a fresh ATH near $4,950 before retreating to $4,700. Altcoins showed mixed performance: losses in TRX, BCH and LTC, gains in LINK and Hyperliquid. Total market cap eased 1% to $4.04T. With Fed policy outlook hinging on PCE readings and tech earnings influencing risk appetite, crypto traders face a neutral backdrop. Volatility is likely as markets price in macro data and Nvidia’s AI outlook.
Neutral
Markets face a neutral outlook as they weigh mixed catalysts. Fed Chair Powell’s dovish shift offers potential support for risk assets, but core PCE data could confirm persistent inflation, pressuring rates and risk appetite. Nvidia’s earnings will test AI-driven demand and global liquidity. Similar past cycles saw tech earnings and Fed signals trigger short-term crypto rallies followed by consolidation. In the near term, traders should expect heightened volatility around data releases and earnings. Long-term trends hinge on sustained rate cuts and broad tech adoption.