Stay Ahead of the Economic Calendar May 20-24 📅
As a savvy crypto investor, keeping an eye on key economic events can help you navigate market trends and make informed decisions. This week, pay attention to the Federal Reserve meeting minutes and Nvidia’s earnings report, among other important updates.
Insights from Last Week 📈
The previous week witnessed the Dow Jones Industrial Average (DJIA) surpassing the 40,000 mark for the first time, driven by positive figures in the CPI report. This led to speculations about a potential rate cut by the central bank in the coming months, reflecting a possible cooling of the US economy.
Federal Reserve Meeting Minutes (Wednesday) 🕒
- Insight into future monetary policy
- Potential rate-cut timeline
Global Manufacturing PMI Report (Thursday) 🏭
- Indicators for the manufacturing sector
Services Sector PMI Report (Thursday) 🏨
- Key indicator for changing economic conditions
Michigan Consumer Sentiment Index (Friday) 📊
- Measuring consumer inflation expectations
- Monthly survey on consumer confidence
Quarterly Earnings Report from Nvidia (Wednesday) 💹
This report is highly anticipated and could influence tech stocks and crypto markets.
Market Developments in Asia 🌏
On Monday, May 20, Asian markets mirrored gains from Wall Street, with investors monitoring economic data releases in Japan and a rates decision in South Korea throughout the week.
Impact on the Crypto Market 📉
Given the absence of significant economic events this week, the crypto market is expected to experience minimal impact, with volatility likely to remain low. Here are some insights:
- Total crypto market capitalization exceeded $2.5 trillion last week
- Recent dip with a 1.2% decline
Bitcoin Updates ₿
- Intraday low of $66,000
- Rebound to $67,000 at the time of writing
Ethereum Performance 🌐
- 1.3% drop, reaching $3,078
- Weekend high of $3,142
Altcoins displayed a predominantly negative trend on Monday morning.
Hot Take: Strategize for the Week Ahead 🚀
Stay informed about the Federal Reserve meeting minutes, Nvidia’s earnings report, and global economic indicators to make calculated investment decisions this week. Keep an eye on market trends and remain adaptable to potential shifts in the crypto landscape. Happy investing! 💰
Sources:
1. [Twitter – The Kobeissi Letter](https://twitter.com/KobeissiLetter/status/1792201604138959231?ref_src=twsrc%5Etfw)
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