Coin Monitor-Coin Updates
By Shubham Joshi
Virtual digital assets or VDA markets were trading mixed in the beginning of the week as the pressure from elevated inflation level in the U.S., earnings release and recession concerns continue to weigh the overall market sentiment.Bitcoin dropped below $27,500 mark.
IC 15 index of cryptocurrencies was trading down by 0.2% at 37,970 points
This week,the US gross domestic product (GDP) figures for the first quarter of 2023 will be released.The latest announced GDP figures for the December quarter missed the market expectations and impacted the global market sentiments.However analysts expect GDP data to come in at 2% for the first quarter of 2023 versus previous year fourth quarter GDP data at 2.6%.
In an interesting news,Gemini Foundation, a non-US cryptocurrency derivatives platform, has been launched by Gemini, the cryptocurrency exchange founded and run by the Winklevoss twins.The Gemini Foundation’s initial offerings will be based on Gemini dollars , the exchange’s exclusive stablecoin, and they will be used to settle Bitcoin perpetual contracts. Similar contracts based on Ethereum are anticipated to be released soon.
However,one of the most important announcements is scheduled to be released at the end of the week as the Bureau of Economic Analysis will publish core personal consumption expenditures for the month of March. Market participants expect an unchanged month on month increase of 0.3% and 4.5% increase on an annualized basis, down from 4.6% last month,analysts said.If core PCE turns out higher, it will be bearish and likely weigh on the crypto market.
After combatting the pandemic-induced economic issues with aggressive quantitative easing, interest rate hikes are now being introduced to combat high inflation.
Investors will also focus on these fresh economic data which will provide insight into whether inflation is cooling, or the Federal Reserve will announce further rate hike in its next meeting which is scheduled in the early week of May.
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