3 things to watch this week

Crypto markets have fallen below the $2 trillion total market capitalization in a massive double-digit decline, the likes of which has not been seen in at least a year.

Asian stock markets also rallied this Monday morning after a drop in US tech stocks late last week.

“Markets are trading as if a recession has already arrived,” Kobeissi’s Letter commented on August 5.

Current situation:

1. Japan’s stock market is officially in correction territory

2. #Bitcoin and Ethereum are down 11% and 20% today

3. The Nasdaq 100 is officially in correction territory

4. The yield on 10-year notes has dropped 60 basis points in 1 week

5. The unemployment rate…

— Kobeissi Letter (@KobeissiLetter) August 5, 2024

Economic calendar from August 5 to 9

On Monday we’ll see the final S&P PMI (purchasing managers index) for July, which provides a snapshot of business conditions in the U.S. services sector.

Also due is the ISM Services Report, which will provide service economic indicators based on surveys of supply management professionals. Changes in the ISM and PMI reports often precede changes in the broader economy.

Thursday has initial jobless claims data, which indicate employment and labor markets in the United States and have a broader impact on the economy.

Upcoming major US economic reports and Fed speakers
1) /economic_calendar pic.twitter.com/ZG1VawNRhe

— Markets Bot (@markets_bot) August 4, 2024

This week’s schedule of light economic events won’t have much of an impact on markets as they are already in freefall.

Retail giant Amazon missed sales estimates last week, saying it expected consumer demand to weaken in the third quarter.

“There are a lot of events that are occupying people’s attention right now, from political conventions to the election itself to the Olympics,” said Amazon CFO Brian Olsavsky.

Economists are predicting more economic gloom and doom. “Ultimately, we have an economic slowdown, with a high probability that a recession is on the way,” Forbes reported over the weekend.

Crypto Markets Bleeds $280 Million

Crypto markets have poured in another $280 billion over the past 12 hours, resulting in a daily drop of around 13%.

That brought total market capitalization down to $1.94 trillion, its lowest level since February. Digital asset markets are down more than 20% in the past week as sentiment turns bearish.

Bitcoin led the decliners with a dip below $50,000 during the Asian trading session on Monday morning. The asset has lost 13% over the past 24 hours in its biggest and fastest fall in more than a year.

Ethereum fared even worse, falling 21% on the day to $2,200, its lowest level since January.

Altcoins are a sea of ​​red this morning, with most dumping in the double digits, as crypto markets wipe out nearly all the gains made in 2024 in a couple of days.

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