Cryptocurrency Colonies Before American Plugged Games Relaxes
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Market sentiments continue to decline as evidenced by the Crypto Fear & Greed Index dropping to 24, showcasing a prevalence of extreme fear within the market. In the last 24 hours, liquidations have surged by 11% to nearly $222 million as the market continues to demonstrate a pronounced sensitivity to news releases and market fluctuations.
At the same time, total crypto derivative open interest grew by 1.1% to $129 billion, implying that market participants are adjusting their positions to incoming economic data and news.
This week’s crypto sentiment influential macroeconomic calendar is packed. To begin the week’s events, the Federal Reserve injected 6.8 billion dollars into the financial system on Monday. Investors are particularly focused on the US GDP which will be released on Tuesday, and the jobless claims report which will be released on Wednesday provides further clarity on the labor market.
Thursday the market will be closed for a holiday and Friday is expected to see the M2 money supply data released for China. Current predictions for the US GDP are expected to reflect an annualized growth rate of 3.2% for the 3rd quarter down from the prior 3.8% rate, but still a decent rate of growth. Analysts are expecting these numbers to have an influence over future expectations regarding the Federal Reserve.
Inflation consideration across all local products and services is tracked in the GDP Price Index, also published by the Bureau of Economic Analysis. After a 2.1% reading in Q2, this metric continues to be of primary importance for monetary policy.
The GDPNow model by the Atlanta Fed predicts 3.5% growth for Q3, and prior to the report, the US Dollar Index is showing weakness, which indicates the anticipation of the markets.
Given the value of cryptocurrencies and the volatility associated with macro events, the release of the GDP report could further exacerbate the situation.
Market participants will be monitoring the reaction of prices to determine if this is just a continuation of the downside in the market or if the prices will stage a relief rally. Investors are focused on managing risk and timing the market due to the San Francisco Fed report’s ambiguity.

