Last week, a whirlwind of data dominated the headlines, pausing momentarily with Japan’s interest rate increase. In contrast, this week’s landscape is relatively serene, with the spotlight firmly on the substantial options set to expire on Friday. With less than two hours until the U.S. markets open, the pressing question remains: what is the current state of global markets and cryptocurrencies?
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The opening of the U.S. market once again spells trouble for cryptocurrencies. As Coinbase Premium turns negative, American investors are switching to a selling position, causing opening declines. With the last data set for 2025 due any moment, the insights will be released as last-minute updates. To determine if there will be any changes in interest rate outlooks, all eyes are on PCE and GDP alongside Durable Goods data.
Following a three-day rise, the S&P 500 remains strong, with expectations of maintaining at least a stable trend. Gold has achieved a new record, aiming for $4,500. Silver and copper continue their ascent. Meanwhile, U.S. 10-year yields recover their losses while the dollar index retreats to its lowest level since October.
For 2026, no more than two rate cuts are anticipated, leaving investors optimistic. Following this year’s three interest rate cuts, Powell will respond to data during the first three meetings, with a newly appointed dovish chairman by Trump leading subsequent gatherings. Hopes pivot around rates dropping considerably before August 2026 as election dates loom.
Current Status of Cryptocurrencies
The selling trend in BTC ETFs persists. In five out of the last six working days, BTC witnessed net outflows greater than $100 million, marking a significant decline in appetite compared to the previous year. As BTC breaks and confirms its bear flag to the downside, it continues to target $75,000. For months now, discussions regarding accelerations in sales following sub-$113,000 closures have been prevalent, with the loss of the last critical support at $98,000 shaking the foundation.
The only glimmer of hope at the moment is that BTC has yet to close under the $75,000 region, reminiscent of a bear market’s onset.
Among the top 100 cryptocurrencies, PIPPIN stands out with a remarkable 23% gain over the past 24 hours, almost the sole altcoin witnessing an upward trend. Besides this, gold-backed stablecoins maintain their green position, with all other cryptocurrencies dipping into the red.