2021-07-13 07:05:00
BAD WEEK FOR BTC and CRYPTO.
Report gathered below could create more fear for sell off and stay off from the market
Bitcoin came under pressure this week when it was dragged down by more regulatory concerns in China. The Chinese government ordered a software company to shut over suspected crypto-trading activity, according to Bloomberg. Bitcoin’s price plummeted by more than 6% overnight dropping below $33,000 on Thursday. Meanwhile, Japan declared a state of emergency in Tokyo for the upcoming Olympics, banning fans from attending the Games. The news hit hard major indexes in the US on Thursday, with many premarket losses from companies who would benefit most from an economic rebound.
Amid fears of new variants, and hopes for a summer without face coverings, the world economy remains uncertain.
The formal decision about the end of lockdown restrictions will be announced today by the British Prime Minister. An affirmative decision could have a positive effect on the economy, as well as the general outlook for the GBP. China will announce its year-over-year exports and imports and its trade balance. In the last weeks the Chinese government toughened its stance against some of its biggest tech giants such as Didi, Alibaba and most recently, WeChat. Will China’s bold regulatory moves backfire if they continue at this pace? We might not have to wait too long to find out.
The US today will announce its Consumer Price Index for the last month. As inflation fears grow in the US, supermarkets are reportedly buying up to 25% more supplies, anticipating that the price of basic food products might rise up to 14%. Inflation in the US had a domino effect on the European markets, which took a nosedive this Thursday. This week signals earnings season for many major banking corporations. Today and tomorrow some major multinational banking and wealth management companies will publish their earnings reports. On Tuesday Goldman Sachs, JPMorgan Chase and Co, and First Republic Bank will share their Q2 2021 earnings. Food and beverage giant PepsiCo will also share its second quarter earnings.
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