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.
The focus for investors and traders will shift from the inflation data last week to rates, earnings, and economic data this week.
Let’s begin with the last of the three: we have a handful of closely-watched data points that could move markets. Today, the NY Manufacturing data is released, and Tuesday is Industrial Production and the Housing Market Index. On Wednesday, the Housing Starts and Building Permits will be front and center. Into the second half of the week, we have weekly Jobless Claims, Existing Home Sales, the Philly Fed numbers, and individual Fed speakers throughout the week for further insight as to where policy makers stand as we head into the November meeting.
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In addition, banks are kicking off earnings season before the focus shifts to tech, with Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), Tesla (NASDAQ:TSLA), United Airlines (NASDAQ:UAL), American Airlines (NASDAQ:AAL), Snap (SNAP), Netflix (NASDAQ:NFLX), American Express (NYSE:AXP), AT&T (NYSE:T), Verizon (NYSE:VZ), Lam Research (NASDAQ:LRCX), IBM (NYSE:IBM), and many more.
Lastly, keep an eye on rates here in the U.S. The TNX at 4% to begin the month of October has proven to be a headwind for stocks and the indices, especially the tech-heavy Nasdaq. The inverse correlation has been clear and well-defined since the beginning of January and into last week with the spike in rates and the /NQ to new lows for the year. After the inflation figures last week, many feel rates will continue to inch up as the Fed will be forced to be more aggressive in their efforts to combat it. If so, we could see further weakness in stocks and stock index futures products.
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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.