Bitcoin dropped from $82k this weekend to as low as $80.5k Monday morning as Trump rejected the peace agreement that Iran negotiators submitted over the weekend. Meanwhile, Ethereum continues to hover around $2,300.
CoinMarketCap’s Crypto Fear and Greed Index remains stable at 51, indicating that traders remain optimistic about market prospects.
What Traders Should Watch Out for This Week
Traders are waiting to see how things will develop as oil prices have surged yet again to over US$100 per barrel. Meanwhile, investors are hopeful as Congress prepares to pass the CLARITY Act and as new Fed Chair Kevin Warsh prepares to take office in the coming weeks, raising the possibility of rate cuts.
In the coming week, Iran and macro data updates will be the main drivers of volatility for Bitcoin and other risk assets. For U.S. news, watch out for Consumer Price Index data on Tuesday and Producer Price Index data on Wednesday. Retail sales and jobless claims on Thursday will also provide hints on whether or not the Fed will cut interest rates, which directly affects the dollar and bond yields.
Here are the major economic indicators to watch out for this week:
- May 11: Existing home sales
- May 12: Core CPI, NFIB optimism index
- May 13: Core PPI
- May 14: U.S. retail sales, initial jobless claims, import price index
- May 15: Industrial production
