WILL THIS WEEK’S ECONOMIC DATA AND EARNINGS REVIVE CRYPTO MARKETS?

This week promises to be eventful for the U.S. economy with significant data releases and Federal Reserve speeches set against ongoing geopolitical concerns.

Crypto markets have experienced turbulence but showed early signs of revival in Monday’s Asian trading session.

Looking ahead, the economic calendar is packed, and with rising political tensions in the Middle East, investors might pivot towards safe-haven assets.

Attention this week is also divided between earnings releases across various sectors including finance and banking.

Key Economic Indicators

The release of U.S. retail sales data for March on Monday could influence the Federal Reserve’s approach to interest rates. Following unexpectedly high inflation readings, there’s heightened speculation that the Fed might maintain current interest rates for an extended period.

Additional economic indicators, including industrial production and manufacturing data, are scheduled for release, offering insights into the economic landscape.

Jobless claims, due out on Thursday, will provide data that could affect consumer spending capabilities, especially if figures rise unexpectedly.

Federal Reserve’s Communications

This week features 13 speeches from Federal Reserve officials, including a notable address by Chair Jerome Powell on Tuesday. Market participants will be closely watching these speeches for any indications of changes in monetary policy.

Corporate Earnings and Sector Highlights

The spotlight is on the first-quarter earnings season, particularly within the banking sector. Financial giants like Goldman Sachs, Bank of America, and Morgan Stanley are set to publish their earnings, along with several smaller banks, drawing significant market attention.

Geopolitical tensions in the Middle East continue to exert upward pressure on commodity prices, including oil and gold, potentially influencing broader market sentiments.

Furthermore, China’s economic performance will be under scrutiny with the release of its Q1 GDP figures on Tuesday, which could sway the market’s risk appetite, impacting assets like Bitcoin.

Crypto Market Movements

Over the weekend, the crypto market plummeted to its lowest level since early March, with total capitalization falling to $2.41 trillion. However, there has been a modest recovery on Monday, with total market capitalization increasing by 3.5% to $2.48 trillion.

Bitcoin rebounded from a low of $62,000 back to $65,000, although it remains 12% below its mid-March peak. Ethereum also showed signs of recovery, climbing back over $3,000 to reach $3,150 in Asian trading on Monday.

While most altcoins are showing signs of recovery, they have largely posted double-digit losses over the past week.

Read more from the blog

News

3 May 2023

StoneBlock CEO: Nervous investors will be eliminated from the market

News

16 May 2024

MASTERCARD LAUNCHES NEW BLOCKCHAIN STARTUP PROGRAM 

News

16 May 2024

BITCOIN HITS $64.7K AS US CORE INFLATION DIPS