Right now everything seems good, we hit a way too high inflation data but we are still pumping just a few days later and to not forget the merger hype seems to be kicking in again. So are we set for a few weeks of relief and maybe even reversal? Don't be foolish te real test of Crypto is yet to come.
On July 28th the US will release its Q2 GDP estimate, just for your memory the last Q1 report is at - 1.7% after it was predicted to be +1.1% by the walls street. And IF we get this quarter in the red too, then the US will officially be on a recession according to textbook rules. So we just have to not be in the minus can't be that hard right? For comparison the Atlanta FED had predicted a - 1.1% quarter a few days ago and now even updated that to a - 2.7% quarter. So a recession in the US is HIGHLY HIGHLY LIKELY and to be announced on July 28th.
This would be a historic event for Crypto to be in such a completly new environment it has never been in before and also for stock markets that's a recession for the first time since 2008, baring the flash-recession in 2020. It will be interesting to see how crypto adopts to this historic situation.
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