Bitcoin Blows Past $17,000. It Could Be a Big Week for Cryptos.9 Jan 2023 23:02
Cryptos remain beaten down coming out of 2022—one of the worst years ever for digital assets, as failures like the meltdown of stablecoin ecosystem Terra and bankruptcy of exchange FTX exacerbated declines sparked by a falling stock market. With the industry still in distress, Bitcoin and its peers are likely to continue taking their cues from equities as crypto traders mull whether or not the bottom is in.
The week ahead holds multiple macro catalysts that could shift both stocks and tokens. They include a speech from Federal Reserve Chairman Jerome Powell on Tuesday, U.S. consumer-price index inflation data Thursday, and a raft of earnings from big banks on Friday. The dominant narrative of how inflation will impact further interest-rate increases from central banks, and thus increase recession risks, continues to hang over the market.