The past week in the cryptocurrency and stock markets brought opposite results to last week. But it’s worth starting with the economic dates. US inflation rose to 3.7% (3.6% was expected) and the labor market remains strong. That said, cryptocurrencies had almost no reaction and the US stock market fell noticeably.
🔴 For cryptocurrencies, the working week turned out to be tough. The crypto market capitalization fell by 4.1%. At the same time, the VTS fell by 2.8%, which means that altcoins fell under the main “distribution”. Many of them approached one-year lows, and some of them even rewrote them. Also, trading volumes and volatility remain at multi-year lows. Still expect sharp moves around the middle of this month.
🟢 The stock market, on the contrary, is up. This movement was more like inertia after last Friday’s impressive move. The S&P 500 was up a little over 1% and the Nasdaq was up about 1.8%. Reporting season has officially kicked off: so far, bank results look promising, with JPM and C reporting good results. It is important to keep the market sentiment positive. However, it is too early to tell about the trend of reactions to the reports (profit taking on good data, etc.).
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