There are a number of key events and quarterly earnings reports expected this week in the United States, such as sales data and consumer sentiment. Moreover, crypto markets have been in retreat over the weekend as Bitcoin ETF fervor fades, but will they keep falling?
Macroeconomics outlet The Kobeissi Letter listed the key economic events for the United States for the week beginning January 15. It follows a highly volatile week of trading on crypto markets during the landmark approval of spot Bitcoin ETFs.
This Week’s Economic Events
Monday is a holiday in the US for Martin Luther King Day, but investors will be focusing on economic reports in anticipation of an interest-rate cut as early as March.
January 17 will see the release of the December retail sales report. This provides information on how much money consumers are spending on various durable and non-durable goods.
Moreover, the report helps to gauge the economy’s health, consumer spending habits, and purchasing inflation pressures.
Wednesday also sees the release of the industrial production report. This one is released by the Federal Reserve. It shows the volume of production of US industries like manufacturing, mining, and utilities and is a leading indicator of GDP growth and economic performance.
Read more: How to Protect Yourself From Inflation Using Cryptocurrency
This month’s preliminary consumer sentiment index report is due on January 19. It provides figures on the level of confidence affecting consumer spending and is used by the Fed to calculate its Index of Inflation Expectations.
There are also quarterly earnings reports from several big banks due this week. On Tuesday, Goldman Sachs, Morgan Stanley, and PNC Financial will report quarterly earnings, and the following day is Charles Schwab.
Late last week, TV host Jim Cramer, who recently flipped bullish on Bitcoin, has u-turned yet again:
“We’ve already had a big run in healthcare and the banks, while tech’s taken a back seat to no one, until today [January 12]. Could it roll over like Bitcoin?”
Crypto Market Outlook
Crypto markets have been slowly retreating over the weekend, falling to $1.75 trillion total capitalization by Monday morning trading in Asia.
Furthermore, markets have declined 6% since their yearly high on January 10 as the predicted crypto correction materializes.
Bitcoin dumped to a 2024 low of $41,750 in early trading before recovering to $42,216 at the time of writing. Moreover, BTC has shed 13% since its ETF-induced peak last week.
The altcoins are a mixed bag at the moment, with losses for ETH, ADA, and TRX but gains for LINK and TON.