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Cryptocurrencies are bearish right now. Major economic reports will be released in the coming days, containing various data insights on the state of the market.
On November 30, the chairman of the Federal Reserve Board breathed a sigh of relief in a speech on the state of the economy, the changing labor market and inflation at the Hutchins Center for Fiscal and Monetary Policy.
The banker said in his speech that the Fed would slow the pace of rate hikes at the next policy meeting in December.
At the same time, Powell said the Fed could adjust base rate hikes from 75 basis points per steps to 50 basis points per step.
This would be discussed at the Federal Open Market Committee (FOMC) meeting. According to Powell, an interest rate hike can trigger an increase in all markets.
In addition, investors are watching the chairman of the Federal Reserve closely for signs of activity to combat rising inflation.
Today: US jobless claims
Investors will keep a close eye on the Jobless Claims Data, the data on unemployment in the United States. This is a leading statistic on the current situation on the labor market.
Over the past week, the pool of Americans claiming unemployment benefits has declined. In addition, the Fed’s aggressive rate hikes were found to have no effect on the US labor market.
According to the Labor Department, the government agency that monitors unemployment and the labor market, claims for unemployment benefits fell from 241,000 for the week ended Nov. 19 to 225,000 for the week ended Nov. 26.
Over the past four weeks, the average number of requests per week has increased to 227,000. An increase of 1,750 compared to the previous month.
Weekly initial jobless claims were 10,000 below the expected 235,000 claims. It shows that there has been less unemployment than expected. Applications are often an indicator of layoffs. This means that, despite the economy, job security is still at a good level.
As a result, the US dollar has remained strong and crypto markets are bearish.
Friday: Producer Price Index (PPI)
According to consumer price index (CPI) data, the Fed has raised benchmark interest rates to curb inflation. It seems to work in October. Tomorrow, investors will see how the producer price index (PPI) fared in November. The PPI figures will be published on Friday 9 December.
The November Producer Price Index (PPI) report could be very important for markets expecting the Fed to raise interest rates. The PPI data to be released on Friday is expected to show a 0.2% increase from last month.
On the other hand, core inflation is expected to increase by 0.2% after being flat last month. If the PPI falls more than expected, a Christmas rally could be on the way.
While we wait for those reports on the economy, these three pre-sale cryptocurrencies might be worth checking out.
Dash 2 Trade (D2T)
Dash 2 Trade is a crypto trading analytical platform that helps investors make the right investment decisions. This can be done by using a host of advanced tools available on the platform.
These include a backtesting tool, strategy testers, automated trading interface, market sentiment information and more.
Among other things, the team of developers and the crypto knowledge and experience they have brought from previous projects, such as Learn 2 Trade, have contributed to the success of this new crypto.
Once this presale is completed, it will be launched on BitMart and LBank exchanges.
Currently, the native token D2T, which is also used to pay for using the platform, is already well in pre-sale and has raised more than €9 million.
See the Dash 2 Trade presale here
IMPT – This pre-sale ends in 3 days
By placing carbon credit on the blockchain, IMPT and the team behind the project are making the world of carbon credit much more transparent and efficient than before. Due to the accessibility of the platform, consumers can also buy the credit, unlike traditional CO2 marketplaces.
The credit is sold as NFT and can be traded 24/7.
When the presale ends on December 11th, it will be listed on LBank and Changelly Pro shortly after. As of this writing, the presale has already raised more than $15.8 million in presales.
See the pre-sale of IMPT here
Calvaria is a game to earn money where players can fight against other players with a set of battle cards. These battle cards are represented by NFTs. As a result, these effectively become the property of the players.
No knowledge of cryptocurrency is required to play the game. This makes the game very accessible to newbies in the blockchain gaming industry.
Currently, the pre-sale has already raised more than €2.3 million and is in its fifth phase.
See the pre-sale of Calvaria here