PMI, Fed Policy and Trump-Zelensky Summit to Move Crypto
Crypto market dem remain mostly flat ontop di weekend, dey drop late last week as Bitcoin and Ethereum comot small. Dem start low Monday becos macro uncertainty dey increase. Traders dey focus Monday meeting between President Trump and President Zelensky. Trump talk say Zelensky fit “end di war with Russia almost immediately,” dis one fit boost investor confidence inside crypto market and di broader risk assets.
Key economic events this week na August S&P Global Manufacturing and Services PMI data for Thursday plus existing home sales. PMI na leading economic indicator of business activity. Real estate data no too affect risk-on assets. Fed Chair Powell Jackson Hole talk for Friday go be important. If e talk dovish, e fit make crypto price go up. If e talk hawkish, e fit cause sharp correction. Futures market dey price 84.6% chance say dem go cut rate September.
Monday for Asia, total crypto market capitalization drop to $4 trillion, down 6% from last week record. Bitcoin na di one wey carry loss, e drop 2.5% to $115,000, 6.9% from im peak. Ethereum fall reach $4,345, 10% below 2021 high. Altcoins mix: XRP, SOL, HYPE, and SUI fall, but LINK and XMR no follow dat trend. Traders suppose watch macro data and Fed signals for new volatility.
Neutral
Di tins wey dem expect for dis week for crypto market na normal. Di main tin dem mix: if Trump and Zelensky fit shake hand, e fit make people dey confident and push crypto price up, but Fed Chair Powell wey get strong talk for Jackson Hole fit make market do correction. Past tins like when 2022 US-Russia wahala settle and crypto rise, or when Fed change style make price shoot up, show say how both political betterment and bank policy fit affect market. But when PMI data come out same time, e dey add compound. If PMI better pass wetin dem expect, people fit wan take risk and help crypto price. If business slow down, traders fit lose hope. Since di chance for both dovish and hawkish na almost equal, and political and economic tin dey inside waka, short term wahala dey but market direction no clear. For long term, continuous dovish Fed plus peace politically fit make market go up.