Bitcoin continued to end the week in the red at $26,747, extending its three-week losing streak.
BTC Price Chart – 1 week | Source: TradingView
Stock market futures fell slightly on Sunday evening as traders watched talks over the US debt ceiling.
Dow Jones futures contract fell 48 points, or about 0.1%. S&P 500 futures fell about 0.2% and Nasdaq 100 futures lost 0.1%.
Stocks rose last week despite uncertainty in Washington. The Nasdaq Composite rose 3.04%, while the S&P 500 gained 1.65% and the Dow inched 0.38%.
President Joe Biden and Speaker of the House, Kevin McCarthy, of California, will meet on Monday to continue negotiations. The Treasury Secretary, Janet Yellen, has said that the US could default on its debt as early as June 1.
The market continued to move higher, led by technology stocks, even in the face of potential defaults and persistent inflation. Bank of America strategist Savita Subramanian raised her year-end target for the S&P 500 to 4,300 from 4,000 to 4,300, saying that companies' focus on raising productivity would lead to more stable earnings and undervalued stocks. too high.
First-quarter earnings season is drawing to a close, with some notable reports in the coming days, including Zoom Video on Monday and Lowe's and Dick's Sporting Goods on Tuesday.
The coming week has a bunch of pretty important economic data, featuring first-quarter GDP on Thursday and a gauge of personal consumer spending inflation on Friday. The release of minutes from the US Federal Reserve's (Fed) meeting on Wednesday could also shed light on how central banks are thinking about the possibility of rate hikes.
Traders will also keep an eye on JPMorgan Chase's investment day on Monday.
In a recent tweet, Michael J. Kramer, a well-known market strategist, expressed concern about Bitcoin's ability to drop in price.
Kramer highlighted Bitcoin as the leading important indicator for risk assets in general and made predictions about a possible slide below the $20,000 mark.
Source: Michael
A few days ago, Bitcoin struggled to break through the $27,000 level. Given these developments, Kramer's forecast for a sharp drop seems more likely.
The turmoil in the Bitcoin market coincided with dovish comments from the Chairman of the US Federal Reserve (Fed), Jerome Powell, as he hinted at the possibility that the central bank will ease a series of interest rate hikes. interest rates due to troubles in the banking sector.
An environment with such a relaxed monetary policy and low interest rates is often very favorable for risky assets, such as crypto. However, the current trend shows the opposite.
The link between Bitcoin's health and the performance of risky assets underscores the interconnectedness of cryptocurrencies and traditional markets. The chart shared by Kramer shows an uncertain future not only for Bitcoin but also for other risky assets.
The Altcoin market plunged as BTC turned around to fall around the $26,500 area this morning.
Memecoin Pepe (PEPE) led the decline, evaporating more than 10% in just 24 hours.
Many other projects are also in the red including SingularityNET (AGIX), Sui (SUI), Injective (INJ), GMX (GMX), Mask Network (MASK), Optimism (OP), Stacks (STX), MINA (MINA), ImmutableX (IMX)…
Source: Coinmarketcap
After several days of trying to hold the price above $1,800, Ethereum (ETH) has turned lower below this area and is currently hovering around $1,794, with a drop of over 1.5% on the day.
ETH price chart – 1 hour | Source: TradingView
The column “Coin Price today” will be updated at 9:00 daily with general market news, readers are welcome to follow.
