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Main Takeaway: Over The Weekend Crypto Posts Small Recovery
Over the weekend, crypto recovered from the previous three weeks of downtrends, but the markets slowed down over Monday in anticipation of a busy week on the economic readings. For example, US CPI, PPI, jobless claims, retail sales, and University of Michigan inflation sentiment numbers will all be released. This will set up the Fed for its next rate hike on September 21st.
The market is already predicting a 75 bps rate hike from the US. So current prices are likely already priced in, and the announcement will unlikely lead to a sell-off of risk-on assets.
The main takeaway is Tuesday morning at 8:30 AM US Eastern Time US inflation numbers will be released. If we see another downtrend in inflation, this could increase the risk-on asset prices such as cryptos and equities.
Today’s Top Gainers
The top five coins on Phemex d-o-d are Konomi (KONO/USDT), Reef Finance (REEF/USDT), pSTAKE (PSTAKE/USDT), STP Network (STPT/USDT), and Solana (SOL/USDT).
