Summary
- The cryptocurrency market this week is focused on the European Union’s full Markets in Crypto-Assets (MiCA) rollout and the release of US employment data.
- On July 1, the EU’s MiCA transition period ends, and rival crypto exchanges are competing to attract European users from Binance.
- Unlocks for EigenCloud’s EIGEN and M tokens and Securitize’s NYSE debut after its SPAC merger are scheduled this week and could affect supply and demand for related tokens and stocks.
Forecast Trend Report by Period
The cryptocurrency market this week is watching the European Union’s full implementation of its Markets in Crypto-Assets framework, or MiCA, and the release of key US labor data.
CoinDesk reported on June 29 that traders are heading into early July with the EU’s MiCA transition period ending and several major US macroeconomic releases on deck.
The MiCA transition period expires on July 1. Crypto exchanges and related businesses operating in Europe will then come fully under the regulatory framework. CoinDesk said Binance has yet to secure licenses in Europe, while rival exchanges are competing to win over its users in the region.
Robinhood is also set to hold a product event that day. The event, titled “The World Is Flat,” is scheduled to feature Chief Executive Officer Vlad Tenev and Johann Kerbrat, the company’s general manager for crypto.
On July 2, tokenization firm Securitize is scheduled to start trading on the New York Stock Exchange after completing a merger with a special purpose acquisition company. With interest continuing in real-world asset tokenization and security tokens, the listing could draw market attention.
The macroeconomic calendar is also packed. The US will release its April home price index and May Job Openings and Labor Turnover Survey, or JOLTS, on June 30. On July 1, investors will get the euro area’s preliminary June consumer inflation reading, US ADP private payrolls and the June ISM manufacturing purchasing managers index.
The main event is the US June employment report due on July 2. Markets are looking for nonfarm payrolls to rise by 114,000, slowing from 172,000 in the previous month. The unemployment rate is forecast at 4.3%, unchanged from a month earlier. Initial jobless claims and the Federal Reserve’s balance sheet will also be released the same day.
Among token events, unlocks are scheduled for EigenCloud’s EIGEN token and the M token. EigenCloud will release $8.44 million worth of tokens, equal to 2.91% of circulating supply. At an exchange rate of 1,543.40 won per dollar, that is about $8.44 million. The M token will see $36.25 million of tokens unlocked, equivalent to 0.56% of circulating supply.
Governance votes are also continuing. Aave DAO is voting through June 30 on a proposal to upgrade the Pendle PT risk oracle structure to an automated system. Arbitrum is voting through July 2 on a proposal to suspend new investment activity by Arbitrum Gaming Ventures, or AGV, and return surplus capital to the DAO treasury.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.