MARKET COMPASS
Close to Record
- Despite the cautious stance in global markets, digital assets tend to maintain the gains recorded with recent developments specific to the sector. The US Senate’s approval of the GENIUS bill and the fact that institutional demand remained buoyant created the basis for the positive divergence of cryptocurrencies. Bitcoin continues to trade near new record highs.
- While the risk-off mood brought on by concerns over the fiscal health of the world’s largest economy seems to have dissipated somewhat, caution continues in traditional markets on the last trading day of the week.
- President Trump’s tax cut bill, which is thought to further deteriorate the country’s debt structure, was approved by the House of Representatives and sent to the Senate. The legislation raises the debt ceiling to $4 trillion and adds billions of dollars to the annual budget deficit.
- The “anxiety pricing” over this issue, which led to a sell-off in bond and stock markets at the beginning of the week, has softened somewhat. On the other hand, it was announced that the US and China agreed to continue communication on tariffs. The data calendar is weak, but the statements of the US Federal Reserve officials will be monitored.
- For the rest of the day and for the short term, we think that digital assets will tend to protect their recent gains. Interim corrections and fade pricing would not be surprising. Nevertheless, as mentioned below, we maintain our positive outlook for the medium and long term.
Digital Compass
In the US, the locomotive of the world economy, we consider the strategic crypto reserve, which started with Trump’s nomination process, as a very important development. However, we have already seen that the markets had already priced in the “best case scenario” before and after the US elections and that the “less than perfect” news on this issue put pressure on digital assets. We continue to keep the strategic reserve issue in our equation as a positive variable for cryptocurrencies in the long run. Taking into account the latest developments on a global scale, we maintain our bullish expectation for the medium and long term.
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HIGHLIGHTS OF THE DAY
Important Economic Calender Data
| Time | News | Expectation | Previous |
|---|---|---|---|
| — | Solana (SOL) “SHIP OR DIE” Event | — | — |
| — | Livepeer (LPT) ComfyUI New York | — | — |
| 13:35 | FOMC Member Musalem Speaks | — | — |
| 13:35 | FOMC Member Schmid Speaks | — | — |
| 14:00 | US New Home Sales (Apr) | 694K | 724K |
| 16:00 | FOMC Member Cook Speaks | — | — |
INFORMATION:
*The calendar is based on UTC (Coordinated Universal Time) time zone. The economic calendar content on the relevant page is obtained from reliable news and data providers. The news in the economic calendar content, the date and time of the announcement of the news, possible changes in the previous, expectations and announced figures are made by the data provider institutions. Darkex cannot be held responsible for possible changes that may arise from similar situations.
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