July 2
Ethereum Spot ETF
The chairman of the U.S. Securities and Exchange Commission (SEC) said in his speech that the approval process for the Ethereum ETF is going smoothly, but refused to disclose the specific launch time. It is reported that the head of VanEck met with relevant SEC officials on June 24. Based on the situation of the Bitcoin spot ETF, the market expects that the Ethereum spot ETF is likely to be approved on July 2. It is expected that the Ethereum ETF will attract $2.8 billion, which is good for Ethereum and even the entire crypto market.
July
Mt.Gox launches token repayment
Mt.Gox will begin distributing BTC and BCH repayments in early July. The creditor compensation in July was the first time that Mt.Gox made repayments in the form of BTC and BCH, which means that the 141,686 BTC (and a roughly equal amount of BCH) held by Mt.Gox will begin to flow into the market. These BTC account for 0.72% of the total circulating supply, worth approximately $8.54 billion. This is a significant selling pressure on the market. Industry insiders are generally still in a cautiously optimistic stage, and the fermentation of market sentiment has already begun early and is directly reflected in prices.
July
Biden and Trump to attend separate Bitcoin conferences
US President Biden and former President Trump will each attend Bitcoin conferences held by different organizers in July, namely the Bitcoin Roundtable in early July and the Bitcoin2024 conference on July 25. The two presidential candidates are attending Bitcoin-related conferences at the same time, which shows that both sides want to use BTC to promote themselves and win votes, which is not a bad thing for BTC, because they may have to take actions and policies that are beneficial to BTC in order to gain support from BTC believers.
July 11
U.S. June CPI annual rate
The CPI annual rate in June is expected to be 3.3%, which is consistent with the data in May and remains unchanged. The CPI in May fell slightly from the previous value and the expected value of 3.4%. The slowdown in inflation once made the market expect that two interest rate cuts would be guaranteed this year. Most people predicted a rate cut in September, but some people thought that action would be taken after the US election in November. The chairman of the Federal Reserve said that the interest rate cut would also depend on comprehensive data such as the job market and GDP. This inflation data may affect the market's expectations of the Fed's future monetary policy.
July 31
Federal Reserve interest rate decision and press conference
The Federal Reserve will announce the latest interest rate decision on July 31 (2:00 a.m. on August 1, Beijing time) and hold a monetary policy press conference. The market expects that the Federal Reserve will keep the interest rate unchanged. The focus of this meeting is the speech of the Federal Reserve Chairman and the Federal Reserve's expectations for the number and magnitude of interest rate cuts this year, which are the focus of market attention. The Federal Reserve's decision will directly affect the trend of the global financial market and will also impact the crypto market.
