The week nearing its end has been quite exhausting for cryptocurrency investors. Investors experienced significant losses. With losses in altcoins exceeding 30% over the past month, almost no one was spared. So, what important developments await cryptocurrency investors in the next 7 days?
Important Developments of the Week in Cryptocurrencies
As we do every week, we address the important developments that will occur in the coming days. These developments need to be closely monitored as they affect price volatility. On the other hand, there are more details that we need to constantly watch. For example, MTGOX and the German government’s Bitcoin wallets are among the top ones.
News from both fronts throughout the week can increase volatility. We have seen that exits from wallets have been triggering continuous declines for days. Although this situation brings massive losses in crypto, Germany has only been able to sell around 10,000 BTC. We do not yet know how much the MTGOX trustee will sell and fill the cash register for cash payments. So, what else awaits us throughout the week?
Monday, July 8
- Ethereum Community Conference
- EOS Staking Launch
Tuesday, July 9
- 16:15 Fed/Barr Speech
- 17:00 Powell to Speak on Semi-Annual Monetary Policy Report in Congress
- 20:30 Fed/Bowman
- XAI ($55.4 Million)
Wednesday, July 10
- 17:00 Fed/Powell
- 21:30 Fed/Goolsbee & Bowman
Thursday, July 11
- 15:30 US Inflation Data (Expectation: 3.1% Previous: 3.3%)
- US Core Inflation (Expectation and Previous: 3.4%)
- Tezos’ TezDev 2024 Event
Friday, July 12
- 13:55-15:00 JPMorgan, Wells Fargo, Citi Second Quarter Earnings Reports
- 15:30 US Producer Inflation (Previous: 2.2%)
- APT Unlocking ($63 Million)
- IMX ($41.2 Million)
Things to Watch This Week
- Transfers from MTGOX and the German government’s wallets will be closely monitored throughout the week. Large volatilities can be shaped according to the size of the transfers. For example, 10,000 BTC is sent to X exchange, etc.
- On the macroeconomic front, it is extremely important for this inflation data to come in low. If we see a figure at or below expectations, we may see the Fed becoming more bold about rate cuts as employment weakens.
- The launch for the EOS Staking plan may bring volatility specifically for the altcoin.
- XAI will unlock over 70% of its circulating supply. This was already priced in, but if the supply moves to exchanges, more fluctuations are likely.
- The details of Powell’s evaluations in Congress are important.
