As a crypto investor with some experience in the market, I find the current sideways trend in the crypto markets to be a familiar sight. The lack of significant movement for the major cryptocurrencies and the relatively stable total capitalization are not unexpected, especially given the upcoming holiday in the US that is likely to cause muted trading activity.
Over the past weekend, the cryptocurrency market experienced minimal fluctuations, with major coins exhibiting only slight shifts in value. The aggregate market capitalization remained stable at approximately $2.54 trillion – a figure that has persisted for the past week.
As a crypto investor, I’m aware that there’s a holiday occurring in the US on a Wednesday. Consequently, I anticipate that both stock and crypto markets will experience subdued activity during this period.
Despite the uncertainties, retail sales figures and PMI reports could provide valuable insights into the potential course of economic recuperation.
Economic Calendar June 17-21
On Taylor, the weekly retail sales data from May will be released, offering insights into both durable and non-durable goods purchases by consumers. This information is crucial in evaluating the overall economic condition, discerning consumer trends, and identifying potential inflationary pressures related to demand.
The upcoming release of U.S. industrial production data on May 18 may not significantly influence broader market trends or trading activities.
Key Events This Week:
1. May Retail Sales data – Tuesday
2. Stock Market Closed, Juneteenth – Wednesday
3. June Philly Fed Manufacturing Index – Thursday
4. S&P US Manufacturing/Services PMI data – Friday
5. May Existing Homes Sales data – Friday
6. A total of 10 Fed…
— The Kobeissi Letter (@KobeissiLetter) June 16, 2024
On coming Friday, the S&P Global Manufacturing PMI report for June will be released by June. This data signifies the current state of manufacturing businesses in the United States, which holds a substantial role in shaping the country’s overall Gross Domestic Product (GDP). As a crucial economic barometer, it sheds light on the prevailing business conditions and the broader economic climate within the U.S. economy.
As a researcher studying monetary policy, I’ve noticed a growing consensus among analysts that the Federal Reserve is shifting towards a more cautious approach in its future policy decisions.
If economic data in the coming months indicates a decrease in inflation and a return to regular price levels, the anticipated rate cuts could be moved up accordingly.
As a financial analyst, I would recommend that investing in high-risk assets like altcoins becomes an attractive proposition with the introduction of greater liquidity and reduced interest rates. This means that there is ample availability of funds in the market for potential investors, making it easier to access capital for such investments.
The US Federal Reserve has revised its prediction for interest rate cuts this year to only one, which was previously projected to be three as of March. Consequently, the altcoin season, which some investors look forward to for potential market gains, might still be a few months in the future.
Crypto Market Impact
As a researcher studying the relationship between economic reports and crypto asset markets, I believe it’s unlikely that this week’s economic data releases will significantly influence the market’s trend. Consequently, I anticipate another week of relatively stable volatility in the crypto space.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin has experienced another price drop and is now trading beneath the $66,000 mark. Over the weekend, its value remained stagnant around this level before succumbing to further selling pressure.
As an analyst, I observed that Ethereum hit a peak of $3,645 during Asian market hours. However, it subsequently experienced a setback and dipped below the $3,500 mark within a few hours.
As a researcher studying the cryptocurrency market, I observed that the distribution of colors in the altcoin sector leaned heavily towards red. Specifically, Shiba Inu (SHIB), Avalanche (AVAX), Uniswap (UNI), and Near Protocol (NEAR) suffered significant losses.
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2024-06-17 13:43