Cryptocurrency markets extended last week’s gains over the weekend, thanks to the Federal Reserve’s 0.5% interest rate cut.

A slew of consumer sentiment, gross domestic product and more inflation data are due out this week.

“Expect more volatility and bigger swings as markets turn their attention to the next Fed meeting,” analysts say.

Economic Events for September 23–27

The S&P Global Services PMI (Purchasing Managers’ Index) report is due out on Monday, reflecting business conditions in the services sector, which is a major contributor to overall GDP. This will be followed by consumer confidence reports on Tuesday, also reflecting conditions and sentiment in the broader economy.

The regular weekly employment data is due out on Thursday, along with durable goods orders, revised gross domestic product (GDP) and expected home sales.

On Friday, the personal consumption expenditure (PCE) price index, a key inflation measure used by central bankers to make their decisions, is due to be released.

All eyes are on the Fed’s next meeting on November 7, where another rate cut could come. The CME Fed Watch tool currently has a 50-50 split on either a 25 basis point cut or another 50 basis point cut.

In Asia, stock markets traded in a narrow range on Monday morning as investors weighed a raft of data that heightened concerns about the health of China’s economy, Bloomberg reported. “Things are going from bad to worse in China,” Tony Sycamore, an analyst at IG in Sydney, told the paper.

In Japan, the yen weakened after the Bank of Japan said on Friday that policymakers were in no rush to raise interest rates again.

Crypto Market Outlook at the End of September

Crypto markets have remained relatively stable over the past 24 hours, with a total market cap of $2.31 trillion.

Around $200 billion has returned to assets over the past seven days following the Fed’s significant rate cut, which has been a positive for risk assets.

Bitcoin hovered around $63,000 for much of the weekend but started to rally, approaching $65,000 during the Asian trading session on Monday morning. The asset is up 9% since the same time last week.

Ethereum has also returned to action after weeks of FUD, breaking above $2,600 in early Asian trading to lead to a 14.5% weekly gain.

Altcoins have been mixed overall, but Binance Coin (BNB), Litecoin (LTC), Sui (SUI), and Bittensor (TAO) have all done slightly better.