Following a lawsuit opened by the SEC against the two largest exchanges, BlackRock has filed an application for a king crypto ETF. The news, which halted the panic sales brought on by the lawsuit, also helped the markets to recover slightly. However, significant developments in the upcoming week will largely determine the direction.
Important Developments in Cryptocurrencies
As every week, we share the important developments concerning cryptocurrencies with our readers this Sunday. We will also touch on the possible effects of these developments in the second section, alongside the date and time details.
June 19, Monday
-US Markets Holiday
June 20, Tuesday
-13:30 Fed/Bullard Will Speak
-15:30 US Building Permits (Expectation: 1,435M Previous: 1,417M)
-18:45 Fed/Williams Will Speak
June 21, Wednesday
-17:00 Fed Chairman Powell Will Speak
-18:40 Fed/Austan Goolsbee Will Speak
-23:00 Fed/Mester Will Speak
June 22, Thursday
-China, Hong Kong Holiday
-11:00 Fed/Waller Will Speak
-15:30 Claims for Unemployment Benefits (Previous: 262K)
-16:55 Fed/Bowman Will Speak
-17:00 Fed Chairman Powell Will Speak
-23:30 Fed/Barkin Will Speak
-23:30 Fed Banks’ Reserve Balances (Previous: 3,306T)
-ID Token Unlock (4.5 Million $)
June 23, Friday
-China Holiday
-12:15 Fed/Bullard Will Speak
-15:00 Fed/Bostic Will Speak
-16:45 US Manufacturing PMI (Expectation: 48.3 Previous: 48.4)
-US Service PMI (Expectation: 54 Previous: 54.9)
-20:40 Fed/Mester Will Speak
Cryptocurrency Comment
The new week, which will start in a few hours, is likely to show high volatility for cryptocurrencies. SEC lawsuits have been opened, and control is not fully taken yet. Cryptocurrency exchanges have been openly declared guilty, but the SEC is not entirely strong in court due to regulatory gaps. On the other hand, Binance has formed a very good defense line, which gives hope to investors. We might hear significant good news that will diminish the impact of the ID Token-specific unlock. If not, the sellers will take the stage.
We will see a very strong voice from the Fed in the coming days, starting with Powell. Statements such as the outlook for the economy and interest rate ceiling expectations can move the markets. We had witnessed rapid losses in cryptocurrencies in such a week in May. Without raising interest rates, the Fed, who will try to control the markets with verbal guidance, is likely to take a hawkish stance.
Monday is the most suitable day of the week for an increase. Since the US markets are also on holiday, the bulls can take advantage of this opportunity.
