Last week was negative for both Digital Assets and US Equity markets. US Equities dragged Digital Assets lower - NASDAQ closed at 10.321 (⬇3.11%) and S&P closed at 3.583 (⬇1.54%) last Friday. As a result, Bitcoin (BTC) ended the week lower by almost ⬇1%, closing at 19.268 on Sunday while Ethereum (ETH) dropped by more than ⬇1%. Markets in overall started the week with fresh lows as many investors awaited US CPI numbers for September 2022, published on Thursday, 13th October 2022, and, as we have reported in our previous weekly report, the US CPI fell to 8.20% p.a., down from 8.3% p.a. a month earlier, with core CPI higher at 6.64% p.a. The higher-than-expected US CPI triggered a new way of selloffs across both digital assets and US equities in the second half of the week. Note that the core CPI is more important as it excludes volatile food and energy items. The Reuters poll of economists predicted the US CPI dropped to 8.1%. At this stage, the inflation concerns keep outweighing even positive survey of overall consumer sentiment in the US, which beats economists’ forecasts.
Week-41-2022 Macro Review
Updated: Oct 18