Summary
- Market roundup for Monday shows anxiety over mixed geopolitical news and preparations for this week’s top-tier catalysts.
- Bitcoin slips over 1%, Gold remains shaky, while U.S. Dollar rebounds as traders brace for major moves.
- Liquidations of long leveraged positions, technical breakdowns add to crypto market weakness.
- Ukraine, EU, and NATO leaders reach the White House to discuss a Russia-Ukraine peace deal after Trump-Putin talks.
- FOMC Minutes, August PMIs, and Jackson Hole news will decorate the weekly calendar and fuel market moves.
Market Roundup for Monday: Gearing Up for High-Impact Factors
Market sentiment remains cautious early Monday in New York as traders closely monitor White House updates on the Ukraine-Russia peace deal. Adding to the tension, investors are wary ahead of this week’s highly anticipated events — including the annual Jackson Hole summit of global central bankers, the Federal Open Market Committee (FOMC) Minutes, and preliminary August Purchasing Managers’ Index (PMI) data from key economies.
Against this backdrop, Bitcoin (BTC) drops to a one-week low near $115K, while Gold stays defensive near $3,335. That said, the latest consolidation helps the U.S. Dollar Index (DXY) to reclaim 98.00, up 0.25% intraday at the press time, after a two-week downtrend.
A slew of European leaders and NATO (North Atlantic Treaty Organization) Secretary-General Mark Rutte joined Ukrainian President Volodymyr Zelensky at the White House to discuss the Ukraine-Russia peace deal following the Trump-Putin meeting.
Trump’s comment, suggesting “A very good chance of getting there”, added optimism about a peace deal. Still, French President Emmanuel Macron’s push for a strong stance and demands from both Russia and Ukraine tempered the risk-on mood. Additionally, Trump’s recent statement on Truth Social, calling for the destruction of Hamas, contributed to the sour sentiment.
The U.S. Dollar Index (DXY) is recovering after a two-week downtrend, with markets preparing for potentially dovish signals from the FOMC Minutes and Jackson Hole.
In the last week, the U.S. Retail Sales matched market forecasts, and prior data were revised higher. This, along with strong U.S. Producer Price Index (PPI) and mixed U.S. Consumer Price Index (CPI) data, challenged the previous expectations for a larger Federal Reserve (Fed) rate cut. However, interest rate futures still show an 84% chance of a 0.25% rate cut in September, down from over 90% last week, with the probability of three remaining rate cuts in 2025.
Also read: Market Digest: Bitcoin Holds Near $117K as U.S.–Russia Diplomacy Clouds Markets
Crypto, Equity News
Cryptocurrencies are under pressure due to deep liquidations, causing top coins to drop. Technical breakdowns and market participants’ positioning ahead of key macro events are driving the market move.
In the past 24 hours, roughly $565.5 million in leveraged trades were liquidated, according to CoinGlass, with long (buy) positions accounting for a massive 85% of the total. The $484 million wipe-out of bullish bets likely added pressure on major cryptocurrencies Monday, as traders brace for this week’s key market catalysts.
Kaiko’s latest Blockchain Ecosystem Ranking report highlights the XRP Ledger, which supports the XRP token, as having the lowest security score among the 15 blockchains analyzed. Ethereum took the top spot, followed by Polygon and Stellar.
Elsewhere, Kraken halted Monero (XMR) deposits after Qubic, an AI-powered layer-1 blockchain project, claimed to have taken control of most of the hash rate and even reorganized six blocks.
Read Details: Monero Attack: Kraken Pauses XMR Deposits Amid Qubic’s 51% Attack Threat – Next Target DOGE
On a positive note, Thailand’s Deputy PM Pichai Chunhavajira introduced TouristDigiPay, a unique program allowing visitors to convert crypto into baht at regulated exchanges. The move aims to attract Chinese tourists back after a 34% decline in arrivals this year.
Read more: Thailand Bets on Bitcoin: TouristDigiPay Lets Visitors Spend Crypto Like Cash
Talking about equities, Wall Street benchmarks, post mild losses after mixed closing on Friday, with attention on this week’s earnings reports from top-tier retailers and a broadly cautious mood.
- Gold remains lackluster for the second straight day, making rounds to $3,335, after the first weekly loss in three.
- Bitcoin (BTC) drops nearly 2.0%, reporting a week’s low near $115K as we write.
- Ethereum (ETH) slips 4.0%, around $4,300, after stalling a three-day losing streak the previous day.
- U.S. Dollar Index (DXY) rebounds to 98.10, reversing the previous day’s fall after a two-week downtrend.
- Wall Street Benchmarks Remain Softer: U.S. equities print modest losses, carrying Friday’s indecision, with Dow Jones and S&P 500 being mostly flat, but Nasdaq falling 0.10% intraday by press time.
- WTI Crude Oil remains pressured, posting mild losses after hitting the lowest level since early June, close to $62.00 at the latest.
White House Updates Eyed…
With no major data on Monday’s calendar, the Trump-Zelenskyy meeting and caution ahead of key events, including U.S. earnings reports, may lead to a slower start to the week. News on the Russia-Ukraine peace deal, given the tough stance from European leaders, could benefit the U.S. Dollar and pressure Gold.
Cryptocurrencies appear to be starting their expected pullback, which might continue.
Equities are likely to have a quiet start unless there’s a negative surprise from the peace talks, with attention on upcoming retail earnings.
Overall, Monday is shaping up to be a dull trading day.
