Crypto Market Prepares for Key Events and Ethereum ETF Delay
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Anticipated Economic Events:
The crypto market is gearing up for significant events that could impact sentiment and movements, including the delayed launch of Spot Ethereum ETFs, the EU’s MiCA regulation, and crucial U.S. economic data.
Ethereum ETF Launch Delayed:
The SEC has delayed the launch of Spot Ethereum ETFs, initially expected around July 2. Issuers need to resubmit S-1 forms by July 8, pushing the potential launch to mid or late July. ETFstore President Nate Geraci believes trading could begin 14-21 days after resubmission, potentially boosting Ethereum prices.
MiCA Crypto Rules in the EU:
The EU’s Markets in Crypto Assets Regulation (MiCA) takes effect on June 30, bringing a comprehensive regulatory framework. A study shows 91% of affected firms are unprepared. MiCA aims to enhance market stability and investor protection, which could increase institutional participation in the crypto market.
U.S. Job Data and Trade Deficit:
Key labor market data to watch:
Job Openings (July 2): May’s estimate is 7.860 million. Higher figures could raise inflation concerns, prompting hawkish Fed policies, while lower figures could support crypto prices.
Employment Report (July 5): June forecast is 195,000 new jobs. Higher numbers may signal economic strength but raise inflation worries, while lower numbers could dampen growth prospects.
Unemployment Rate (July 5): Expected to stay at 4.0%. Deviations could influence economic stability perceptions and Fed policy actions.
Hourly Wages (July 5): Forecasted to rise by 0.3% in June. Higher growth could stoke inflation fears, impacting Fed decisions and market dynamics.
Trade Deficit (July 3): April saw an 8.7% increase to $74.6 billion. A widening deficit could deter investment in high-risk assets like cryptocurrencies.