This week promises to be a landmark one for bitcoin and the industry, marked by several high-stakes events that could reshape the market dynamics of btc, ethereum, and other crypto assets.
bitcoin Conference #1 2024
The bitcoin 2024 conference, scheduled for July 25-27 in Nashville, is attracting exceptional attention this year due to its lineup of high-profile speakers, most notably Donald Trump. Currently the front-runner in the US presidential race, Trump is scheduled to give a keynote speech on the final day of the conference (Saturday).
Speculation is rife in the bitcoin community that Trump may announce plans to establish a US bitcoin Strategic Reserve if he is elected in November. Last week, this rumor was fueled by Dennis Porter, founder of the Satoshi Act Fund, who claimed that Trump “will announce a US bitcoin Strategic Reserve in Nashville” based on anonymous sources.
Additionally, Elon Musk added a “laser eyes” meme to his x profile picture over the weekend, a symbol popularly used by btc enthusiasts to signal bullish market outlooks. This act has sparked widespread speculation about his potential attendance and support for bitcoin, further fueling interest in the conference.
Second ethereum Spot ETF Launched in the US
On Friday, the Chicago Board Options Exchange (Cboe) confirmed that trading in several spot ethereum ETFs will begin on July 23 (Tuesday). This follows the approval by the US Securities and Exchange Commission (SEC) of the necessary regulatory filings in early May.
The ETFs to be launched include the 21Shares Core ethereum ETF (CETH), Fidelity ethereum Fund (FETH), Franklin ethereum ETF (EZET), Invesco Galaxy ethereum ETF (QETH), and VanEck ethereum ETF (ETHV). “We are pleased to announce that (5) exchange-traded products ('ETPs') will be listed on Cboe and will begin trading as a new issue on July 23, 2024, pending regulatory enforcement,” the note states.
#3 Ripple vs. SEC: Settlement or Ruling?
According to speculations in the XRP community, the US Securities and Exchange Commission (SEC) has rescheduled last week’s cancelled closed-door meeting with Ripple Labs to July 25, 2024. This meeting could be crucial as it could lead to a settlement in the ongoing lawsuit between Ripple and the SEC. The rescheduling has sparked speculation in the market, leading to a surge in the price of XRP.
Notably, Ripple CEO Garlinghouse also recently said that the lawsuit could end soon. As Bitcoinist reported, Garlinghouse expressed optimism in an interview with Fortune for a resolution of the lawsuit coming soon. “There are a couple of things that I’ll call cliffhangers that the judge should rule on imminently, you know, a month maybe less, or maybe two months. I can’t know, but I expect a full resolution.”
Furthermore, pro-XRP attorney Fred Rispoli also predicted that a ruling on sanctions and remedies will be published by the end of July.
#4 US inflation data
The release of US inflation data, specifically the core PCE price index, on July 26 (Friday), is of vital importance for financial markets, including bitcoin and cryptocurrencies. Kevin Gordon of Charles Schwab noted that economists expect the data to show a continuation of subdued inflation rates, which could influence the Federal Reserve's monetary policy.
“Big week for economic data… The Bloomberg consensus of economists expects the June core PCE price index to come in at +0.1% month-on-month for the second straight month. That would push the three-month annualized rate down to the slowest pace this year and below the Fed’s 2% target,” Gordon x.com/KevRGordon/status/1815150928053358868″ target=”_blank” rel=”noopener nofollow”>fixed through x.
Similarly, Bank of America x.com/MikeZaccardi/status/1815182478862057941″ target=”_blank” rel=”noopener nofollow”>anticipa Upcoming economic data will reflect a solid economic backdrop with inflation levels kept in check. “Personal income and consumption are likely to have increased by a solid 0.4% m/m in June, and we expect headline and core PCE to rise by 0.1% m/m and 0.2% m/m, respectively. In summary, the data should show healthy activity and that inflation is moving in the right direction.”
At the time of writing, btc was trading at $67,334.
Featured image from Shutterstock, chart from TradingView.com
