- Analysts expect increased market volatility in the upcoming week due to key macroeconomic events such as the CPI release and a speech by Janet Yellen.
- The crypto market experienced a downturn following the release of stonger-than-expected U.S. jobs data, with meme stocks like GameStop also seeing declines, impacting riskier assets like alternative tokens and meme coins.
As an analyst at Presto Research, I believe we can anticipate heightened market volatility in the upcoming week. Several significant macroeconomic events are scheduled to unfold, including the CPI release on Wednesday, the Federal Open Market Committee (FOMC) meeting on Thursday, and Janet Yellen’s speech on Friday. These catalysts have the potential to impact market sentiment and trading behavior.
Bitcoin futures contracts holders faced increased costs as they attempted to capitalize on the market downturn triggered by Friday’s unexpectedly robust non-farm payrolls (NFP) report. The US economy surpassed predictions with a gain of 275,000 jobs against the anticipated 185,000. In response, bitcoin prices plummeted from $71,000 to $69,000.
Over the past few days, specifically since last Friday, the amount of open interest – representing the number of active futures contracts across various cryptocurrencies – has dropped noticeably from $99 billion to a current figure of $60 billion. This significant decrease suggests that traders have substantially reduced their positions or bets in the market. Additionally, trading volumes have seen a decline of approximately 10% over the past 24 hours, according to Coinglass data.
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2024-06-10 11:23