Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
We’ve got three major focal points; let’s take a market minute to get in front of what’s headed our way this week.
First, in terms of companies reporting quarterly results, the attention is going to shift from big banks to companies like United Airlines (NYSE:UAL), Harley Davidson (NYSE:HOG), Coca-Cola (NYSE:KO), IBM (NYSE:IBM), Abbott (NYSE:ABT), J&J (NYSE:JNJ), Procter & Gamble (NYSE:PG), and Lockheed Martin (NYSE:PG) to begin the week.
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Second, we’ve got some closely-watched economic data scheduled for release; it looks like a slow start to the week, but keep an eye on Redbook Tuesday after last week’s strong Retail Sales release. Wednesday, we have the Mortgage Apps, a 20-Year Bond auction, and Crude Inventories. Later in the week it’ll be all about housing data, with Existing Home Sales Thursday and New Home Sales Friday. The weekly Jobless report will also be a focal point, but I feel like the focus has shifted away from the high-frequency weekly data more to the monthly report again. Don't forget, we also have central bank activity: the Bank of Canada Wednesday and the ECB Thursday. The BOC could taper bond purchases, and neither are expected to change lending rates.
Lastly, with the U.S. Dollar selling off a recent failed attempt to get above the mid-93 to 94 level, it’s begun to weaken and is taking it on the chin to begin the week. I bring this to your attention because a weaker Dollar is supportive of many of the trends we’ve been telling you to keep an eye on, like Copper and Crude on the move higher off pandemic lows, and oftentimes indices are supported by weakness in the U.S. Dollar.
So with rates coming off recent spike highs and central bank activity a focal point for the next couple weeks, this means we should be mindful of what’s going on in currencies.
Image from Pexels from Pixabay">Pixabay
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.