💰 Gate.io Daily Topic & Post Event
➡️ #BitcoinStrategicReserveAct#
— On May 7, New Hampshire became the first U.S. state to include Bitcoin in its strategic reserves. The new HB 302 bill allows up to 5% of public funds to be invested in digital assets and precious metals with a market cap over $500B.
Will this boost Bitcoin’s price? Could it set a trend for other states or countries? Share your thoughts!
➡️ #FOMCMeeting#
— The Fed will announce its May rate decision on May 8. Despite pressure to cut, markets expect no change. How do you think this will impact the market?
✍️ Post with #Bitcoin
3 Things That Could Rattle Crypto Markets This Week
The US central bank will announce its interest rate decision this week, and it is highly expected that things will remain the same.
Optimism picked up a little last week as stock and crypto markets made gains as tariff concerns eased slightly.
However, the unexpected Q1 GDP contraction shook market sentiment. This appears to be the result of companies front-loading orders ahead of anticipated tariffs.
It was also reported that President Trump has no plans to speak with China’s President Xi this week. In a potential escalation of trade tensions, Trump said that Beijing is “ripping us off” and Chinese and US officials are talking about “different things.”
Economic Events May 5 to 9
Consumer sentiment also fell in April for the fourth month in a row. It is now back to levels not seen since the pandemic era, as households brace for further price hikes.
On Monday, April’s ISM Services PMI (purchasing manager’s index) report will be released, reflecting business conditions in the US services sector. This key leading indicator helps analysts anticipate shifts in economic momentum.
April’s S&P Global Services PMI is also due on Monday and offers an alternative perspective on the services sector by including a wider spectrum of private-sector firms.
A Consumer Credit Change report is due Wednesday, measuring monthly changes in how much consumers are borrowing to finance spending on goods and services.
The Federal Reserve will make its decision on interest rates on Wednesday, May 7, and the CME Fed Watch tool shows a 96% probability of rates remaining unchanged at 4.25% to 4.5%.
“We expect Powell to push back against market pricing and signal a renewed priority on price stability,” said Bloomberg analysts. Traders are now expecting 80 basis points of rate cuts this year starting in July, reported Reuters.
Four of the Magnificent 7 are scheduled to report results this week: Microsoft and Meta Platforms on Wednesday, and Apple and Amazon on Thursday.
Meanwhile, gold prices increased on Monday, helped by a weaker dollar, as investors awaited more clarity on trade policy.
Crypto Market Outlook
Following a weekend of stability, crypto markets started to tank on Monday morning in Asia, with total capitalization shrinking by 3.3% in a fall back to the $3 trillion mark.
Bitcoin slid below $94,000, its lowest level this month, following a 2% decline on the day. Ethereum had fallen back below $1,800, and many of the altcoins were deeper in the red as markets start the week on shaky ground.