The ongoing U.S. government shutdown has significantly limited the release of economic data this week.

The recent economic turmoil has led to a downturn in both cryptocurrency markets and stock prices, particularly following Donald Trump’s announcement of a new set of tariffs on goods from China. Starting from November 1, or sooner, Trump plans to implement an additional 100% tariff, layering onto the already existing 30% tariffs. As a result, the cryptocurrency market experiences a significant selloff, exacerbated by the high leverage in derivative markets.

However, by Monday morning, investor sentiments shifted, leading to a recovery in crypto assets, as trader reactions to easing tensions between the U.S. and China began to take effect.

Upcoming Economic Events (Oct 13 - 17)

• A speech from Jerome Powell, the chair of the Federal Reserve, is scheduled for Tuesday, although it is expected to provide little clarity on future policy changes due to limited data.
• The New York Fed Manufacturing Index and Philly Fed Manufacturing Index reports will be released on Wednesday and Thursday respectively, offering insights into business conditions.

Economic troubles in New York and California raise concerns that they could drag the entire U.S. economy down if situations worsen.

Key Events to Watch This Week:

1. OPEC Monthly Report – Monday
2. Fed Chair Powell Speaks – Tuesday
3. NY Fed Manufacturing Index – Wednesday
4. Philly Fed Manufacturing Index – Thursday
5. NAHB Housing Market Index – Thursday
6. Earnings Reports from ~10% of S&P 500 Companies

Stay tuned for reactions and developments, as they promise to affect the trajectory of crypto markets in the week ahead.