It appears that the crypto markets, having enjoyed a brief period of tranquility over the weekend, have succumbed once more to the caprices of fortune as they turn a rather despondent shade of red this bleak Monday morn. Who could have foreseen such wild fluctuations? Certainly not the soothsayers who predicted stability! 😏
In the preceding week, as if some malevolent spirit was at play, markets were thrown into disarray following the United States President’s rather surprising announcement of tariffs. But lo! A glimmer of hope emerged momentarily, courtesy of favourable inflation data that hinted at a less dire situation than anticipated.
Alas, the Consumer Sentiment Index, a rather dismal arbiter of public mood, has continued its woeful descent, now resting at its lowest since the chilling November of 2022. One cannot help but wonder if the specter of recession is lurking ever closer. 😱
“Wednesday marks the second Fed interest rate decision of 2025, at a pivotal point in time,” mused the Kobeissi Letter in a tone most foreboding.
Events of Economic Importance from March 17 to 21
On Monday, we shall be graced with the release of February’s Retail Sales report, a revealing glimpse into the wallets of consumers and their spending habits on both lasting and ephemeral goods. This treasure trove of data serves as a harbinger for the health of our economy, akin to the milkmaid forecasting a bountiful harvest. 🌾
There are also murmurs of reports on industrial production, detailing the output of various substantial industries, yet these are likely to impress us less than one might hope. Tuesday may be exciting, but not too exciting, I daresay!
All eyes shall be upon the US central bank this Wednesday, as it is widely believed that policymakers will keep interest rates in their current state. The Fed, it seems, is quite apprehensive to act, waiting for the dust to settle from the whirlwind of President Trump’s economic machinations.
According to the rather perspicacious CME Fed Watch tool, there emerges a staggering 99% likelihood that rates shall remain unchanged at between 4.25% and 4.5%. One hardly knows whether to rejoice or lament such predictability.
Key Events This Week:
1. February Retail Sales data – Monday
2. February Housing Starts data – Tuesday
3. Fed Interest Rate Decision/Statement – Wednesday
4. Initial Jobless Claims data – Thursday
5. Philly Fed Manufacturing data – Thursday
6. February Existing Home Sales…
— The Kobeissi Letter (@KobeissiLetter) March 16, 2025
Andrzej Skiba of RBC Global Asset Management offers a rather pessimistic forecast, indicating further tariffs are likely to follow, leading us down a path of inflationary woe. “In such an environment,” he quips, “the Fed will hardly reduce rates.” Sounds charming, does it not? 🥴
Our friends at CryptoPotato have delightfully reported on Trump’s ‘short-term pain’ scheme, which one can only imagine is an elaborate jest designed to weaken our markets whilst attempting to further diminish inflation and interest rates. Quite the ambitious plan! 😂
The State of the Crypto Market
As of this writing, the crypto market capitalization has taken yet another sad turn, shrinking by 3.3% and settling at a modest $2.8 trillion. This decline has gathered pace particularly during the early hours of Monday’s trading in Asia, as if the cycle of misfortune were determined to persist.
Bitcoin has precariously dipped to $82,000, only to regain some ground back at $83,000. Regrettably, it still languishes about 11% lower than it was a fortnight ago.
Meanwhile, Ethereum slumbers in bearish territory, having fallen below $1,900 yet again, showing little inclination for recovery. Some say it is merely napping; we shall see! 😴
The altcoins, those fickle creatures, pollute the landscape with their predominant red hue, with Solana (SOL) and Pi Network (PI) taking larger losses, whilst Shiba Inu (SHIB) and Polkadot (DOT) manage to display the faintest of gains. A real testament to the unpredictability of riches in our times! 😅
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2025-03-17 09:06