There are a number of key events and quarterly earnings reports expected this week in the US, such as sales data and consumer sentiment. Furthermore, cryptocurrency markets were on the decline over the weekend as Bitcoin ETF enthusiasm faded, but will they continue to decline?
Macroeconomic outlet Al Qubaisi message included Key US economic events for the week of January 15. This comes after a very volatile week of trading in the cryptocurrency markets during the historic approval of spot Bitcoin ETFs.
Economic events this week
Monday is a holiday in the US marking Martin Luther King Day, but investors will focus on economic reports in anticipation of interest rate cuts as early as March.
January 17 will see the release of the December retail sales report. This provides information about how much money consumers spend on various durable and non-durable goods.
Moreover, the report helps measure the health of the economy, consumer spending habits and purchasing inflation pressures.
Wednesday also sees the release of the industrial production report. This was issued by the Federal Reserve. It shows the production volume of US industries such as manufacturing, mining and utilities, and is a leading indicator of GDP growth and economic performance.
Read more: How to protect yourself from inflation using cryptocurrencies
This month's preliminary Consumer Confidence Index report is scheduled for release on January 19. The report provides figures on the level of confidence that affects consumer spending and is used by the Federal Reserve to calculate its inflation expectations index.
There are also quarterly earnings reports from several major banks due this week. On Tuesday, Goldman Sachs, Morgan Stanley and PNC Financial will announce their quarterly earnings, and the next day Charles Schwab will announce their quarterly earnings.
Late last week, TV host Jim Cramer, who has recently turned bullish on Bitcoin, turned again:
“We have already had great success in healthcare and banking, while technology has not taken a back seat to anyone, even today.” [January 12]. Could it roll like Bitcoin?
Crypto market forecast
Cryptocurrency markets slowly fell over the weekend, falling to $1.75 trillion in total market capitalization by Monday morning trading in Asia.
Furthermore, the markets are down 6% since their yearly high on January 10 as the expected cryptocurrency correction materializes.
Bitcoin fell to a 2024 low of $41,750 in early trading before recovering to $42,216 at the time of writing. Furthermore, Bitcoin is down 13% since the ETF's peak last week.
Altcoins are a mixed bag at the moment, with losses for ETH, ADA, and TRX but gains for LINK and TON.
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