This Week’s Big Events Are Priced In for Stocks: Will Bitcoin Agree?
Nvidia reports earnings Wednesday, and Fed Chair Kevin Warsh speaks at Jackson Hole Friday. Equity strategists expect little market reaction to either event, but crypto analysts disagree on Bitcoin's next move.
On CNBC's Halftime Report, Gilman Hill Asset Management CEO Jenny Harrington argued neither event would move stocks. She said earnings growth, not Nvidia's print or Fed rhetoric, drives this year's rally.
The Case for a Crypto Reaction Already Underway
Bitcoin does not need Friday's speech, or Wednesday's Nvidia print, to gauge where liquidity stands, according to some analysts. The Treasury already expanded its bond buybacks last week, pulling long-end yields lower and pushing crypto sharply higher.
Bernstein senior analyst Gautam Chhugani called that reaction a historical pattern, not a one-off event.
Bitcoin historically has had a positive reaction to liquidity expansion.
Gautam Chhugani, senior analyst, Bernstein
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