Bitcoin sharply dipped to $66K this Monday, Asia time, while Ethereum traded around $1,953.
This has largely been driven by oil prices, which have surged nearly 20% as the Strait of Hormuz remains closed and the conflict in Iran shows no signs of ending.
CoinMarketCap’s Crypto Fear and Greed Index is around 17, indicating fear and uncertainty due to macro factors affecting market sentiment.
What Traders Should Watch Out for This Week
Traders should remain cautious on tensions between Iran, Israel, and the US; Iran’s ruling council named a new Supreme Ayatollah over the weekend, and their choice of the previous ayatollah’s son indicates that they do not plan to capitulate soon.
In other news, China’s CPI data, which will be released today, is expected to also cause a strengthening of the yuan and commodities, impacting global risk assets.
US data releases this week, such as the US CPI on Wednesday, PPI on Thursday, core PCE, and GDP growth on Friday, may also reinforce Fed hawkishness, strengthening the US dollar but affecting stock prices.
Here are the major economic indicators to watch out for this week:
- March 10: NFIB optimism index and existing home sales
- March 11: Core CPI year over year
- March 12: Initial jobless claims, U.S. trade deficit
- March 13: GDP (first revision), PCE index (delayed report), durable-goods orders, job openings, consumer sentiment (prelim)
