Economic Data and Earnings Ready to Move Crypto Markets
Dis week get important economic data and company earnings wey fit shake di crypto markets. Traders go dey watch July S&P Global Services PMI and ISM non-manufacturing PMI for signs of how US service sector dey and how dem dey take handle risk. Fed Chair Jerome Powell speech for Kansas City Fed forum and initial jobless claims go also give clue about monetary policy and labour market strength. Meanwhile, trade tension and tariffs fit bring more wahala.
For earnings side, about 20% of S&P 500 companies go report, including Palantir and AMD. Strong tech and AI results so far don ginger risk-on sentiment.
Bitcoin find support near $112,000 and dey trade around $114,500. Ethereum hold above $3,400 and rally towards $3,560. Total crypto market cap dey near $3.8 trillion after weekend dip. These reports fit change crypto markets for short term and longer run.
Neutral
Di tori tok tok se se risk-off kain economic waka dem and risk-on company profit dem we de happen. Weak PMI number dem, jobless dem geh claim and trade gbege dem we don start again fit make pipul nor wan take risk, fit later make crypto market dem dey fall small short time. But tech and AI driven profit time we strong plus Fed dem signal say dem fit cut interest rate later fit make people still dey buy. Before before, when August come and report dem dey mixed, e dey make market waka anyhow pass say e go clear. For traders, na so e mean say market go dey shake well well and nobody go dey sure of market direction, report dem fit make market dey waka up down all day. Long term, how market go play depend on how economic slow down and how central bank go reduce policy tightness balance.