After the cryptocurrency market decline: Three important points to watch this week!

Economic calendar for August 5-9:

This week includes several important economic releases.

On Monday, the July S&P Purchasing Managers' Index (PMI) for the services sector will be released, which provides an overview of business conditions in the services sector in the United States.

However, these economic events are not expected to significantly impact financial markets, as markets are already suffering from a significant decline.

In another context, Amazon announced lower-than-expected sales results last week, and indicated that it expects weaker consumer demand during the third quarter.

Huge losses in cryptocurrency markets:

The cryptocurrency market lost about $280 billion in the past 12 hours, with a daily decline of about 13%.

This decline led to a decrease in the total market capitalization to $1.94 trillion, the lowest level since last February.

Bitcoin led the losses, falling below $50,000 during the Asian trading session on Monday morning, recording a 13% decline in the past 24 hours. Ethereum also saw a bigger decline, falling 21% on the day to $2,200, its lowest level since January.