In the United States, traditional financial markets were closed for the recent Presidents’ Day holiday. However, cryptocurrency trading remained active, and early indications suggest a generally soft start to the week across the crypto market.
Economic Overview and Forthcoming Announcements
Last week’s releases of the Consumer Price Index (CPI) and Producer Price Index (PPI) exceeded expectations. The continuing increase in producer prices suggests that inflationary pressures might persist, potentially leading to even higher CPI figures in February. While some housing market data is expected this week, it’s unlikely to significantly impact volatile assets such as cryptocurrencies.
A key event scheduled for midweek is the publication of the Federal Open Market Committee (FOMC) minutes from its January meeting. These minutes are expected to provide insights into the central bank’s reasoning for maintaining steady interest rates and may offer clues about potential future adjustments. Furthermore, speeches from several Federal Reserve officials—including Patrick Harker from Philadelphia, Mary Daly from San Francisco, Austan Goolsbee from Chicago, and Alberto Musalem from St. Louis—will provide additional perspectives on current economic strategies.
U.S. Key Economic Indicators
The end of this week will also feature the preliminary data for February’s S&P Global Manufacturing and Services Purchasing Managers’ Index (PMI). These indices are vital for evaluating changes in economic conditions. Simultaneously, the latest findings from January’s Michigan Consumer Sentiment Index, along with long-term inflation expectations, are slated for release, providing a snapshot of consumer confidence and economic forecasts.
| Date | Event |
| Monday | US market holiday in observance of Presidents’ Day |
| Wednesday | Release of FOMC meeting minutes and data on housing starts |
| Friday | Preliminary PMI data and results from consumer sentiment survey |
Cryptocurrency Market Analysis
The cryptocurrency market has experienced further downward pressure, with the total market capitalization decreasing by approximately 2.3% to around $3.33 trillion. This decline positions the market near the lower edge of a three-month trading range, with a support level identified near $3.25 trillion.
Bitcoin has decreased by approximately 1.3%, trading just above $96,000 during early Asian trading hours after spending much of the weekend around $97,500. Similarly, Ethereum has weakened, dropping below $2,700. Persistently confined within a tight trading range, Ethereum has been in a downward trend since briefly peaking above $4,000 in early December.
Other alternative cryptocurrencies have demonstrated mixed performance. While certain coins like Binance Coin, Cardano, and Hyperliquid have managed to register slight gains, others, including Solana, Sui, and Litecoin, have experienced modest losses.
Corporate Profits and Wider Market Impact
Amidst these market dynamics, major corporations are scheduled to announce their quarterly earnings. Notably, Walmart is among the companies expected to report its financial results this week, which will be closely monitored for potential market effects.
As investors and analysts carefully observe the evolving economic data and market movements, the combined influence of inflationary trends and shifting market sentiments continues to shape both traditional financial markets and the cryptocurrency sector.
Maxwell Reed is the first editor of Cryptovista360. He loves technology and finance, which led him to crypto. With a background in computer science and journalism, he simplifies digital currency complexities with storytelling and humor. Maxwell began following crypto early, staying updated with blockchain trends. He enjoys coffee, exploring tech, and discussing finance’s future. His motto: “Stay curious and keep learning.” Enjoy the journey with us!