Delayed CPI Inflation Report Could Impact Crypto Markets This Week

Crypto markets have consolidated over the weekend with minor gains for the major assets, but no signs of renewed bullish momentum just yet. Despite the US government shutdown, the week ahead has a key inflation report delayed from September that is likely the last major piece of economic data the Federal Reserve will receive before its interest rate decision next week.

Last week, Fed Chair Jerome Powell indicated that the central bank remains on track to cut short-term interest rates again at its next meeting later this month. Meanwhile, the market will continue to watch Trump’s 100% tariff on China deadline of November 1, as observed in the Kobeissi Letter.

Economic Events Oct. 20 to 24

Thursday will see the release of existing home sales data, but this has no impact on crypto markets. The big data day is Friday’s release of the Consumer Price Index (CPI) for September, delayed by the government shutdown.

Not only is the CPI report five days before the October 29 Fed meeting, but it is the first time CPI data will be reported on a Friday since January 2018, according to the Kobeissi Letter. The Labor Department has said that no other releases will be rescheduled or produced until the shutdown ends, it added.

“This comes during a highly pivotal time for the Fed as they debate whether to continue rate cuts or not.”

October’s services PMI report and Michigan Consumer Sentiment data are also due on Friday.

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Magnificent 7 member Tesla is set to report earnings on Wednesday, and tech giants Intel and IBM are also reporting this week.

Crypto Market Outlook

Total capitalization has inched up 2% over the past 24 hours, reaching $3.85 trillion on Monday morning in Asia. Bitcoin has been leading the gains, hitting an intraday high of $110,500 during these early trading hours.

Ether prices also went on the run as the asset reclaimed the coveted $4,000 level. Altcoins were predominantly in the green with larger gains for Dogecoin, Cardano, Chainlink, and Sui. Meanwhile, analysts remain confident that the bull market is not over yet.

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