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Cryptocurrency markets fell last week and staged a modest recovery over the weekend, which could be underpinned next week if rate cut expectations improve, especially after U.S. employment data dropped the likelihood of a rate cut in December from 90% to below 70%.
The decline in cryptocurrencies coincided with declines in technology and artificial intelligence stocks, while the Trump administration announced the closure of the Department of Government Efficiency (DOGE).
As government agencies resume operations, accumulated economic data begins to be released.
A set of important indicators will be released this week, the most notable of which are:
September producer price index (PPI), retail sales and consumer confidence data, as well as third quarter GDP and personal consumption expenditure data.
A Federal Reserve report is also expected.
In the cryptocurrency market, analysts have described recent moves as part of a broader wave of speculation.
The total cryptocurrency market capitalization has returned to the $3 trillion mark, although it is still below the peak reached in October.
Bitcoin prices briefly rose above $88,000 after falling to $82,000, but are still 30% away from all-time highs.
As for Ethereum price, its rebound was limited to $2,850, while altcoins continued their weak performance.
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