The U.S. economic calendar is once again drawing the world market's attention. This week, the Federal Reserve's interest rate decision, Q2 GDP announcement, and the PCE (Personal Consumption Expenditures) index as an inflation indicator are all lined up. With the news of a trade agreement between Trump and the EU, the cryptocurrency market is gaining upward momentum for the first time in a while.
At the beginning of the week, the trade agreement between the U.S. and the European Union was announced, heating up market sentiment. The newly signed agreement includes near-zero tariffs and a promise to purchase U.S. energy and automobiles. Following a similar agreement with Japan a few days ago, President Trump has once again achieved success in international negotiations. Accordingly, U.S. stock index futures quickly responded and showed an upward trend on Monday morning.
The most anticipated event in the U.S. economic schedule is the Federal Reserve's policy meeting starting on July 30th. The market expects the benchmark interest rate to be maintained at the current target range of 4.25-4.50%, and Chairman Jerome Powell is anticipated to maintain a data-driven cautious monetary stance. Prashant Newnaha, Asia-Pacific bond strategist at TD Securities, analyzed through Reuters, "Chairman Powell will still maintain a flexible and patient stance, but there will be no clear mention of rate cuts."
The weekly schedule is packed. On July 30th (Tuesday), consumer confidence index and U.S. job openings (JOLTs) indicators will be released. The Q2 U.S. GDP report to be announced on the 31st (Wednesday) is considered a key data point to gauge growth rate slowdown. On August 1st (Thursday), the PCE index, a key measure of inflation, is scheduled, and Friday will coincide with July employment indicators and the expiration of the U.S. external tariff deadline. As many countries have not yet entered negotiations, trade issues remain a significant variable.
Meanwhile, the tech stock earnings released on this day are expected to significantly impact market sentiment. In particular, four of the representative big tech companies known as the 'Magnificent 7' - Meta ($META), Microsoft ($MSFT), Amazon ($AMZN), and Apple ($AAPL) - are set to announce their earnings this week.
The crypto market rode on this positive environment and gained momentum. The total cryptocurrency market capitalization broke through $4 trillion (approximately 5,560 trillion won), recording an all-time high. Bitcoin (BTC) continued its weekend upward trend and reached $119,754 (approximately 166.39 million won) as soon as the Asian market opened, just 2.8% lower than its all-time high.
Ethereum (ETH) received even more attention. In just one day on Monday, it rose nearly 3% to over $3,900 (approximately 5.41 million won), recording a 7-month high. It's particularly noteworthy that it has recorded over a 60% increase in the past month due to ETF demand and corporate asset incorporation.
Among altcoins, Binance Coin (BNB) set a new all-time high at $850 (approximately 11.82 million won), and Bitcoin Cash (BCH) and Avalanche (AVAX) are also leading the market with strong upward trends.
This week, with various macro issues such as trade policy relaxation, economic indicator announcements, and the Federal Reserve's interest rate decision, could be a critical turning point for the cryptocurrency market. Rather than making aggressive investment decisions, it is necessary to carefully observe policy changes and market trends.
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