Around 11 pm on Sunday (13th), BTC experienced a more obvious decline after three consecutive days of gains, dropping to a low of $62,050. However, it quickly V-shaped and pulled back above $63,000, effectively killing both bulls and bears.
At the time of writing, it is slightly down, currently quoted at $62,695, down 0.72% in the last 24 hours.
Over the past 24 hours, the entire network has been liquidated for $100 million
According to data from Coinglass, in the past 24 hours, the total amount of cryptocurrency liquidations across the network exceeded $100 million (long positions accounted for $63.63 million), with nearly 43,000 people being liquidated.
However, overall the liquidation data is not too large, so there may be larger fluctuations soon, investors should be cautious.
What major economic events are happening globally this week?
The ECB may cut rates for the third time this year
The European Central Bank will announce its latest interest rate decision, which is highly watched by global financial markets, and is expected to initiate the third rate cut of the year. The Eurozone's September inflation rate was 1.8%, the lowest in 3.5 years, not only below the ECB's 2% target, but also fueling market expectations of a rate cut. Economists generally believe that the ECB will cut rates by 1 notch at its meeting on the 17th, and cut rates again in December.
Among the 75 economists surveyed, 70 expect the ECB to cut rates by 1 notch for the second consecutive time at this week's meeting, lowering the deposit rate to 3.25%, and 68 of the 75 economists believe the ECB will further lower the deposit rate to 3.00% in December, after the ECB had already cut rates in June and September.
US data is relatively calm
The following data will be released on 10/17
- US: September core retail sales (compared to prior period), previous value 0.1%
- US: Initial jobless claims
- US: October Philadelphia Fed manufacturing index, previous value 1.7
- US: September retail sales (compared to prior period), previous value 0.1%
However, for Wall Street, corporate earnings reports this week may be an even bigger focus, as the Q3 earnings season kicks off, with earnings from American Express, Netflix, Procter & Gamble and several major banks providing more details on consumer spending.
China's Q3 GDP will be in the furnace
Additionally, the market is also focused on China's latest economic data. After China released its September CPI and PPI data on Sunday, it will release its September trade data today (14th). With global manufacturing activity declining, China's export growth has recently shown a downward trend, and on Friday, China will release a series of key macroeconomic data, including Q3 GDP, retail sales, and industrial value added.
As the market has recently been focused on the economic stimulus policies just introduced by the Chinese government, the market may not pay too much attention to the September data. If the GDP data disappoints, the market may not panic too much, as further policy announcements are expected next week. Unless the Q3 economic slowdown is far worse than expected, the data may be ignored by the market.
Data from other countries
Additionally, other countries will also release key inflation data:
- UK: The UK will release September CPI data on Wednesday, and Bank of England Governor Bailey has previously stated that if the data continues to show progress on inflation, more aggressive action may be needed on rate cuts. If the inflation data cools, it will strengthen market bets on the Bank of England cutting rates, putting downward pressure on the pound.
- Canada, New Zealand: Canada will release September CPI data on Tuesday, and New Zealand will release Q3 CPI data on Wednesday, with inflation data in these two countries expected to have a significant impact on their respective central bank rate decisions.
- Japan: Japan will release CPI data on Friday, but the short-term price outlook is unlikely to change. Some traders may be more inclined to focus on machinery orders on Wednesday and trade data on Thursday, looking for signs of Japan's economy maintaining a positive momentum, which is key to inflation staying above the Bank of Japan's 2% target. Therefore, the inflation data is unlikely to have a major impact on the yen, with the market more focused on broader risk sentiment.
