This Weekβs Economic Events
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On Monday, January 17, the US will observe Martin Luther King Day, but investors will still be keeping an eye on economic reports as they anticipate an interest-rate cut in March. One of the key reports to watch is the December retail sales report, which provides insight into consumer spending habits and helps gauge the economy’s health and inflation pressures.
Wednesday will see the release of the industrial production report, which shows the volume of production in various US industries and serves as a leading indicator of GDP growth and economic performance. Additionally, on January 19, the preliminary consumer sentiment index report will be released, providing figures on consumer confidence and its impact on spending.
Quarterly Earnings Reports
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This week, several big banks will be reporting their quarterly earnings. On Tuesday, Goldman Sachs, Morgan Stanley, and PNC Financial will release their reports, followed by Charles Schwab on Wednesday.
Crypto Market Outlook
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Over the weekend, crypto markets experienced a retreat, resulting in a total market capitalization of $1.75 trillion by Monday morning in Asia. Since reaching its yearly high on January 10, the market has declined by 6% as the predicted correction takes place.
Bitcoin fell to a low of $41,750 before recovering to $42,216 at the time of writing. It has seen a 13% drop since reaching its peak due to Bitcoin ETF hype. Altcoins have shown mixed performance, with losses for ETH, ADA, and TRX but gains for LINK and TON.
Hot Take: Crypto Markets Experience Retreat as Key Economic Events Approach
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As key economic events approach this week in the United States, such as retail sales data and consumer sentiment reports, crypto markets have been in retreat. The recent excitement surrounding Bitcoin ETFs has faded, leading to a decline in market capitalization. Bitcoin has also experienced a significant drop since its peak. It remains to be seen whether the market will continue to fall or if it will stabilize in the coming days. Keep an eye on the economic reports and their impact on the crypto market.
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