Last week, the eyes in the market were focused on the inflation data coming from the USA. The latest data fell short of expectations and fell to the lowest level since April 2021, with an annual increase of 4.9%. Core inflation, which excludes food and energy, showed an annual increase of 5.5% in April.
While sticky inflation continues, we will see the effects of the OPEC+ oil supply cut decision in May in the next CPI data.
This week, we will focus on retail sales data on the US side of the economic calendar. Retail sales are expected to increase in April after two months of continuous decline. Core retail sales, which exclude automotive sales, are also expected to rise. Retail sales, which is one of the critical values for measuring the consumption trend, contains important clues regarding the perception of recession risk in the USA.
On the UK side, we will focus on the employment report this week. In the UK, where interest rate increases continue, the number of people who want to benefit from unemployment benefits increased by 28,200 in March, both showing the first increase in three months and reaching the highest level since February 2021. With future data, we will have an idea about the effect of interest rate hikes on employment.
Economic Calendar
Tuesday, May 16, 2023
Eurozone – Gross Domestic Product (GDP) (Quarterly) – 12.00
Wednesday, May 17, 2023
Euro Zone – Consumer Price Index (CPI) (Annual) Expectation: 7% Previous: 6.9% – 12.00%
Euro Zone – Consumer Price Index (CPI) (Monthly) Expectation: 0.7% Previous: 0.9% – 12.00%
Thursday, May 18, 2023
USA – Applications for Unemployment Benefits Expected: 254k Previous: 264k – 15.30
Friday, May 19, 2023
USA – Fed Chairman Jerome Powell to deliver a speech – 6 pm
Bitcoin Technical Analysis
On the daily chart, Bitcoin reacted at $ 25,800 and reached 27,400 levels. The $24,000-$25,200 level that I identified with the black box is an important support level. Losing this box could bring the price to $19,500 – $20,600, which I set with the red box.
Bitcoin: Spent Output Profit Ratio
Within the market sentiment, it provides information about profits and losses realized in a given time period. It reflects the degree of profit realized for all cryptocurrencies carried on-chain.
The SOPR indicator can be evaluated in the following framework:
- A SOPR value greater than 1 means that sales were made at an average profit (price sold higher than price paid).
- A SOPR value of less than 1 means that sales occurred at an average loss (price sold is less than price paid).
- A SOPR value of exactly 1 equals profit and loss.
Last Week’s Top Rising Cryptocurrencies
- KAVA (KAVA) 41.2%
- Bitget Token (BGB) 16.7%
- Bitcoin SV (BSV) 11.6%
- Lido DAO (LDO) 5.6%
- LEO Token (LEO) 1.5%
Last Week’s Featured Crypto News
Google vs OpenAI: Artificial Intelligence War: There has been a trend created by artificial intelligence lately. This trend has attracted many corporate companies. Big companies like Google, Amazon, Meta and Microsoft are working hard on artificial intelligence.
The global technology giant Google also joined the artificial intelligence chatbot frenzy. Google has launched the artificial intelligence robot Bard. Bard is a chatting AI product just like OpenAI’s ChatGPT.
441,000 Ethereum (ETH) Added to Liquid Staking Derivatives: Incredible increases have been observed in liquid staking derivatives in recent days. Total value locked (TVL) in liquid staking derivatives increased by 441,100 ETH to approximately $793 million. Lido Finance dominates 74.35 percent of the TVL market, while its rival liquid staking protocols Rocket Pool and Frax Ether have gained 34 percent to 42 percent in the last month.
In line with current data, the total locked value in liquid staking derivatives (LDS) amounts to 8,872,715 ETH. This is equivalent to $16.101 billion.
MetaMask Starts Crypto Sales with PayPal in the US: Crypto wallet and decentralized application (DApp) provider MetaMask has started offering Ethereum purchases via PayPal for users in the United States, one of MetaMask’s largest markets. The company claims to be the first Web3 wallet to offer Ethereum.
Grayscale Expands ETF Collection: Grayscale has announced that it has launched a new company called the Grayscale Funds Trust, which allows it to manage its publicly traded financial products in-house.
Making the announcement on May 9, the company announced that it has filed a filing with the United States Securities and Exchange Commission for three new crypto-focused ETFs in addition to the new trust. The new funds the company plans to issue will consist of an Ethereum Futures ETF, a Global Bitcoin Composite ETF, and a Privacy ETF.
Florida Governor Ron DeSantis Bans CBDCs: Florida Governor Ron DeSantis, who has been harshly critical of CBDCs in the past weeks, stated that he has banned CBDCs in the state. In March, the governor of Florida, who made many speeches about CBDCs, banned CBDCs with the latest developments. Emphasizing that the government-controlled digital currency would have negative effects, DeSantis also submitted a draft law in March.
62341
