Bitcoin and Ethereum Surge Ahead of Key U.S. Economic Data This Week

The cryptocurrency market is entering the week on a bullish note, with Bitcoin climbing above $121,800 and Ethereum reaching $4,320 as traders brace for a wave of U.S. economic data that could influence Federal Reserve policy.

Investors are closely watching the Consumer Price Index (CPI) report due Tuesday, which measures inflation excluding food and energy and is forecast to rise to 2.8% from 2.7%. Thursday’s Producer Price Index (PPI) will offer further clues on inflationary pressures from the production side.

Friday’s retail sales data, along with consumer sentiment and inflation expectation readings, will provide additional insight into U.S. economic health. The results could heavily influence the Fed’s September interest rate decision, with current futures markets pricing in an 88% probability of a rate cut.

The global crypto market capitalization has reached a record $4.13 trillion, up 2% in the past 24 hours. Bitcoin is now within $1,000 of its all-time high, while Ethereum sits just 11.5% below its 2021 peak. Outside of the top two, only Hyperliquid (HYPE) and Chainlink (LINK) have posted notable gains, each up over 4%.

With economic uncertainty and macro events looming, volatility is expected to remain high — and traders are watching closely for potential breakouts.