The crypto market saw sharp volatility at the start of the week, with Bitcoin falling below $100,000 before hitting an all-time high of $109,000.
As altcoins resume their recovery, three key factors have emerged that could impact the future performance of the crypto market:
Donald Trump’s inauguration and the launch of TRUMP
Trump’s inauguration today, January 20, could bring about the signing of executive orders quickly, which could add volatility to the market.
The launch of TRUMP over the weekend and its rapid rise to a massive valuation before collapsing by 50% highlights the importance of monitoring its impact on the meme market as a whole.
This week will see major economic reports, including unemployment data and the PMI.
In addition to home sales and consumer confidence data on Friday, all of these indicators could provide clues about the broader state of the economy and how it will affect investor sentiment.
The European Central Bank’s meeting on Thursday could provide clues about future interest rates.
Earnings reports from companies like Netflix and American Express could also impact global market sentiment, and the cryptocurrency market will not be immune to their impact. Despite a red start to the week, the crypto market has managed to regain its strength, driven by Bitcoin and altcoins that have shown strong gains in recent hours.
