Today, Monday is market holiday of sorts in Canada [Family Day], Hong Kong [Lunar New Year], United States [Washington’s Birthday], and China [Lunar New Year], which lasts till Wednesday. Existing Home Sales will be posted Wednesday morning and in the afternoon comes the week’s highlight, the release of FOMC Minutes. The Minutes cover the meeting in January when the Fed raised their assessment of Inflation in a move that was soon followed by the reversal of the Stock Market. Jobless Claims will be released on Thursday.
By the close of the market session on Friday, the total value of all cryptocurrencies is being reported at $471 billion by data source CoinMarketCap, up 22.65% from $384 billion seen the previous Friday. During this period, the market capitalization was up 39% from the Feb. 6 low of $276 billion.
But while headlines may be dominated by Bitcoin’s move above $10,000 again, the world’s first cryptocurrency isn’t actually the biggest gainer of the week. Despite its 13.54% rise in prices, Coin Desk reports that other large-cap cryptocurrencies (defined as those with over $1 billion in market cap), are perhaps most contributing to what could end up being a recovery from the market’s weak January performance.
The Euro declined against the Dollar on Friday following stronger-than-expected Housing Starts and Import Prices, suggesting that Inflation was on the rise and the Economy is on a stable growth path. The reports support the increasing anticipation that the Federal Reserve could hike Interest Rates at a faster-than-expected pace this year.
Sterling edged lower against the Dollar on Friday following the Dollar’s comeback from a three-year low boosted by stronger-than-expected US Inflation Data. The US Dollar also advanced against the Japanese Yen.
The Canadian Dollar weakened against the Dollar on Friday, reversing from an earlier 11-day high as the Dollar broadly advanced and after domestic data showed a drop in Manufacturing Sales. In a separate data also, foreign investment in Canadian Securities recorded low numbers in December, after five strong months but international demand over the year was high enough to set an annual record.