Main Takeaway: Watch Earnings & Macro Economy
70% of the S&P’s market cap will report their earnings this week, names such as Microsoft, Coca-Cola, McDonald’s, Google, Meta, Boeing, Apple, and Amazon. Depending on the results, the market will get a good deal of information regarding the prospects of the economy, and how these companies are navigating a potential recession, war, inflation, and a surging dollar. Moreover, the US will report Q2 GDP growth numbers, which are forecasted to be negative and the US Fed will announce a 75 or 100 bps rate hike. So the main takeaway for crypto is to watch all these events unfold, if companies in their earnings calls report bad numbers and outlook, and the US GDP ends up negative, on top of a rate hike by the Fed, things could go South for crypto.
Today’s Top Gainers
The crypto markets over the weekend declined by approximately 2%, however, there are many coins doing well. In particular, on Phemex the top five coins d-o-d are Orion Protocol (ORN/USDT), Voyager Token (VGX/USDT), League of Kingdom’s governance token LOKA (LOKA/USDT), Audius (AUDIO/USDT), and WeWay (WWY/USDT).