Is the stock market open on Memorial Day? (Cryptocurrency:BTC-USD)
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Traders will have time to decorate the graves of America’s military dead on Monday as all exchanges in the US will shutter for the day to observe the Memorial Day holiday.
Of course, the trading for crypto never closes and will be available throughout the holiday. In fact, lower volume on the US holiday has led to some volatile trading in recent years, perhaps providing ample trading opportunities. Per Bloomberg, crypto-market volume dropped 43% and 35% on the holiday in 2020 and 2021, respectively.
The crypto space has been beaten down in 2022, especially following the collapse of algorithmic stablecoin TerraUSD (UST-USD) and its sister coin Luna (LUNA-USD) in recent weeks. Both Bitcoin (BTC-USD) and Ethereum (ETH-USD) have fallen over 40% since the start of the year.
What to watch: While the holiday will close markets in the US, there will still be important reports in other locales. The Eurozone Business Climate and Consumer Confidence is set to be reported on the day, along with German inflation estimates. Preliminary estimates for European consumer confidence indicator decreased 0.4 points from April and remains “well below its long-term average.” Inflation on the continent has been a prominent concern since the start of Russia’s invasion of Ukraine, building further as European lawmakers seek to wean their economies off of Russian oil and gas.
While Chinese social media giant Weibo (WB) was initially set to report earnings on Monday, the company belatedly moved its earnings to the following day in an announcement on Friday.
