Christmas is around the corner, and this week the U.S. economic calendar is short due to markets being closed on Thursday for Christmas. However, a few important economic reports are set to be released this week. Currently, the cryptocurrency market is in a corrective phase, experiencing a decline of about 13% from its peak last week. During the holidays, the release of economic reports is unlikely to have a significant impact on cryptocurrency markets, with fluctuations expected to continue from last week into early this week according to the Kobeissi Letter. Most of the losses from last week are attributed to the Federal Reserve meeting on Thursday where the Fed reduced the interest rate by 0.25%. Nonetheless, the dot plot indicates policymakers foresee only two interest rate cuts for the upcoming year. Jerome Powell, the Chair of the Federal Reserve, also stated that core inflation in 2025 is likely to exceed previous estimates, and the central bank will act cautiously regarding further interest rate cuts. In the upcoming week, the Consumer Confidence Index (CCI) report for December will be published on Tuesday, reflecting consumers’ confidence in the economic situation. Additionally, the report on Durable Goods Orders for November will be released on Wednesday, examining the production and demand for large goods. Furthermore, data on initial claims for unemployment insurance and Gross Domestic Product (GDP) by the Federal Reserve Bank of Atlanta will also be released on December 26. Meanwhile, the cryptocurrency market continues its downward trend with the total crypto market cap decreasing to $3.4 trillion. Bitcoin is trading around $96,000, marking an approximately 11% decrease from its peak on December 17 ($108,000). Ethereum’s price has also dropped by 20% from its peak last week, reaching below $3,200. Other altcoins have started the new week with an average decrease of 2 to 4%, and the overall market situation remains bearish. You can track the prices of all tokens and cryptocurrencies live on the digital currency price page.
