Summary
- The cryptocurrency market this week will watch the FOMC minutes, US macroeconomic data and clues on the interest-rate path.
- SpaceX's Nasdaq 100 inclusion and Bitcoin holdings are drawing attention, along with the potential for buying demand from index-tracking funds and progress toward meeting institutional investment standards.
- Under the token unlock schedule, large amounts of HYPE, RAIN and PUMP will enter circulation, and the market will watch the impact on related token flows.
Forecast Trend Report by Period
The cryptocurrency market is focusing this week on minutes from the Federal Open Market Committee's latest meeting, key US macroeconomic data and SpaceX's planned addition to the Nasdaq 100.
CoinDesk reported that this week's calendar includes minutes from last month's FOMC meeting, US services-sector data, consumer inflation expectations and initial jobless claims. The releases could offer clues on the Federal Reserve's interest-rate path.
Among crypto-related stocks, American Bitcoin Corp. and SpaceX are in focus. American Bitcoin avoided a delisting threat after completing a 15-for-1 reverse stock split, reducing its shares outstanding to about 73 million.
SpaceX is scheduled to join the Nasdaq 100 on July 7. That would make it the fourth Nasdaq 100 component to hold Bitcoin, CoinDesk said. The others are Tesla Inc. (TSLA), Strategy Inc. (MSTR) and MercadoLibre Inc. (MELI).
SpaceX is reported to hold 18,712 Bitcoin. CoinDesk said the index inclusion could drive buying from funds that track the benchmark and help the company satisfy standards used by institutional investors.
A weaker yen is also emerging as a macro factor to watch. CoinDesk said the negative correlation between Bitcoin and the dollar-yen exchange rate has recently strengthened unusually, with Bitcoin tending to rise when the Japanese currency weakens.
On July 6, the US will release the final June reading of the S&P Global services Purchasing Managers' Index and the ISM services PMI. US consumer inflation expectations are due on July 7.
The FOMC minutes are scheduled for release on July 8. China's June consumer price index will also be published that day. On July 9, the US will release initial jobless claims, and John Williams, president of the Federal Reserve Bank of New York, is scheduled to speak.
Token-related events will also continue. On July 6, Hyperliquid (HYPE) will unlock tokens worth about $30.39 million, equal to 0.2% of circulating supply. On July 11, Rain (RAIN) will unlock tokens worth about $786.9 million, or 7.64% of circulating supply. On July 12, PUMP will unlock tokens worth about $130.2 million, equal to 29.12% of circulating supply.
Governance votes are also on the agenda. ENS DAO, Frax DAO, Nexus Mutual DAO and Arbitrum DAO will consider proposals to renew a security council, allocate a program budget, approve an operating budget and build a low-latency data stream, respectively.
No major corporate earnings releases or new token launches are scheduled for this week. Still, the market will be watching the FOMC minutes and US economic data for signals on the rate path, while tracking how SpaceX's Nasdaq 100 inclusion and major token unlocks affect flows in related assets.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.