Week marked by caution for the market cryptocurrencieswhich continue a correction movement from the highs, also in view of some key events such as the halving, the launch of a new ETF on the Asian markets and some crucial macro data for the near future.
The performance of the main cryptocurrencies
The Bitcointhe best-known crypto, drops around 5% to 63 thousand dollars, showing a drop of 11% in the last week. Also Ethereum it fell by 5% to 3,078 dollars, highlighting a more pronounced decline of over 15% over seven days. It's certainly not any better Solana, which loses 11% today to 134.80 dollars and over 23% for the week. Same setting for Dogecoin (-4.9% today and -21% over seven days) e Cardano (-5.2% today and -25% week-on-week).
Here is the trend of cryptocurrencies in real time
The arrival of ETFs in Hong Kong
Market participants have been waiting for days for the launch of new Bitcoin and Ethereum ETFs on the Hong Kong Stock Exchange, which duly arrived yesterday from market regulators, opening crypto access to China's vast financial markets starting at the end of April.
It should be remembered, in fact, that the launch of ETFs is a very positive factor, which has literally made the market soar starting last year, in the wake of the launch of these instruments in the USA, and therefore the opening of the Chinese markets has given a further boost to the markets, after a weekend of passion.
The green light was granted to some Chinese managers, such as China Asset Management, Harvest Global Investments and Bosera Asset Management,
The macro data of the week
Caution was also imposed in view of this week's macro data, such as inflation in the Eurozone, expected to increase to 2.4% in March. The data, which will be released tomorrow, will be crucial to confirm the possibility of a rate cut by the ECB in June.
This morning, however, some key data relating to the Chinese economy were released, such as the GDP which grew by 5.3%, largely exceeding expectations (+4.8%), and industrial production increased by 4.5%, although lower at 6% of the consensus. Business investments grew more than expected, marking +4.5% against the +4% expected.
And finally the halving has arrived
The Bitcoin halving, i.e. the halving of the quantity in circulation which occurs every 4 years, has finally arrived. Every time this event occurred, which will fall next Saturday, the value of Bitcoin promptly skyrocketed. And even if the market has already been anticipating this event for a few months, some market volatility and euphoria is expected.
The Middle Eastern issue weighs heavily
Counterbalancing these mostly positive effects is the thorny Middle Eastern issue, which has been impacting the markets for days due to the possibility of an escalation of the conflict. Israel has already announced a reaction to Iran's weekend drone attack, but Tehran has assured that it will not stand by and announced that it could use a weapon never used before.
