The digital currency market should end the current week on a positive note. On Sunday, the broad market is up around 2.5%, Ethereum can even recover by 3%. In the past 24 hours, Polygon (MATIC) was again the strongest top 10 coin, up over 6% – momentum may be returning. Nevertheless, many cryptos lost significantly in market capitalization in the last seven days. The question now is whether a turnaround can be achieved at the end of February/beginning of March. The most important crypto news in preview:
Fitness revolution in 2023: This coin could explode
Inflation in the euro zone: more 50 basis point rate hikes to come from the ECB?
The European Central Bank is likely to plan another 50 basis point rate hike at its next meeting in March – that much seems clear and is likely priced in by the market. Preliminary inflation data for Germany, France and Portugal will be released next week, followed by preliminary data for the euro area as a whole. Despite the euro zone’s annual inflation rate falling to 8.6% in January, core inflation could materialize at 5.3%. With inflation still well above the ECB’s target rate, advocates of more aggressive rate hikes could gain traction in the coming week.
According to economists’ estimates, the inflation rate in the euro zone will fall in February, particularly as the pressure on energy prices eased. Nonetheless, the key core inflation rate is likely to remain at a record 5.3%.
Quarterly season comes to an end: But these numbers are important
The quarterly season is well advanced. The world’s most important and valuable companies have reported their numbers with mixed results. Nevertheless, some numbers will also be important in the coming week, which will also have an impact on the digital currency market due to the correlation of cryptos with stocks and macroeconomics.
Well-known retailers like Target, Dollar Tree, Lowe’s, Macy’s, and Costco will report their results next week. The impact of inflation on consumer spending is in focus. Because the earnings of the retailers make it easy to see to what extent consumers are already reducing their consumption. Walmart and Home Depot already reported a noticeable impact from rising prices last week.
Important economic data from the USA: If consumption remains strong, the Fed is threatened with hardship
Strong consumer spending and accelerating inflation in the US are raising concerns about a prolonged period of high interest rates. As a result, there has been a clear corrective move over the last week as well. New economic data, including consumer confidence, could now add to these concerns. Stock markets suffered in February on mounting fears of higher interest rates and no easing in 2023.
Last Friday’s data showed a sharp rise in consumer spending and a possible renewed acceleration in inflation. If growth remains high and the US economy achieves a soft landing or avoids a recession altogether, this could fuel inflation. New reports on consumer confidence, home sales or durable goods will shed light on the strength of the US economy in the coming week.
Data from the CME Group shows that investors are increasingly fearing a significant rate hike of 50 basis points. Although the majority of market participants are still of the opinion that the Fed will raise interest rates by 0.25% in March, the momentum reveals increasing concerns.
Invest in Crypto Presales Now: Bullish Momentum on Fight Out & C+Charge
Exciting crypto presales will also reach their next milestones in the coming week – for example, we look at the development of the two hyped mega presales of Fight Out (FGHT) and C+Charge (CCHG).
Currently, a FGHT token in the presale costs $0.02504. The next price increase will follow in around seven hours, and the FGHT tokens will then be linearly priced every 12 hours. Meanwhile, the presale of fight out Raised over $4.75 million. The innovative move-2-earn coin Fight Out is therefore likely to hit the $5 million milestone in the first half of the week, which in turn could add to the pre-sale momentum. Anyone who invests quickly not only gets a cheap purchase price and book profits before the ICO, but can also get up to 67% bonus tokens.
The eco-friendly cryptocurrency C+Charge has already won the first partners to combine emission certificates with e-mobility and at the same time set up a gigantic charging network. The native BEP20 token CCHG is currently priced at $0.017, and the price will rise to $0.018 in around two days. At the same time, those responsible recently introduced token burning, which takes the excess tokens out of circulation, resulting in deflationary tokenomics.
Author: Daniel Robrecht
After studying law and management, Daniel decided to work as a freelance author and has been writing qualitative publications on various specialist topics for around 10 years now. As an investor, he gained years of experience with stocks & cryptocurrencies. In addition to a long-term investment approach, Daniel is also passionate about short-term markets. Through targeted further training at international universities, he has acquired extensive knowledge about the capital markets, stocks, cryptocurrencies and decentralized finance. Daniel’s primary focus is on general market trends, exciting stocks, business news and the digital currency market. In his private life, too, there is never a day without the financial markets. As an author, Daniel writes for leading German-language publications in this field. Daniel publishes for Finanzen.net, among others, Business2Communityand FXStreet.de. Daniel on LinkedIn.
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