This week is characterized by macroeconomic reports, which include minutes from last month’s Federal Open Market Committee (FOMC) meeting, as well as economic data that could provide insight into the Federal Reserve’s next actions.
Crypto-related stocks are also in the news, with American Bitcoin (ABTC) avoiding a delisting from Nasdaq after a reverse split.
Elon Musk’s space transportation and artificial intelligence company SpaceX is joining the Nasdaq 100, becoming the fourth member of the tech-heavy index to hold Bitcoin. . Membership in the index is likely to boost demand for the shares, partly because tracker funds need exposure to the company and partly because the stock is more likely to meet the companies’ investment criteria.
Others include Tesla (TSLA), Strategy (MSTR), and Mercado Libre (MELI). The space exploration company, which holds 18,712 BTC, is expected to have more weight in the index than the latter two.
Beyond that, geopolitical developments and the continued collapse of the yen against the dollar are factors to watch. Bitcoin’s negative correlation with the yen to dollar exchange rate has been unusually high, with BTC tending to rise when the yen weakens.
What to watch
(All times ET)
- Cryptocurrency
- July 6: Trading of American Bitcoin (ABTC) after a 1-for-15 reverse stock split reduced the total number of shares outstanding to approximately 73 million.
- July 7: SpaceX (SPCX) joins the Nasdaq 100 index.
- July 7: Berachain (BERA) will undergo its PoL Next upgrade.
- Macro
- July 6, 9:45 a.m.: S&P Global Services US PMI final for June est. 51.3 (prev. 50.7)
- July 6, 10:00 a.m.: US ISM services PMI for June (previous 54.5)
- July 7, 11:00 a.m.: US consumer inflation expectations for June (previous 3.5%)
- July 8, 2:00 p.m.: US FOMC minutes
- July 8, 9:30 p.m.: China consumer price index year-on-year for June (previous 1.2%)
- July 9, 8:30 a.m.: U.S. initial jobless claims for the period ending July 4 (prev. 215,000)
- July 9, 9:00 a.m.: Fed Williams speech in the United States during an opening debate on “the future of liquidity and the functioning of markets”
- July 10, 8:30 a.m.: Unemployment rate in Canada for June (previous 6.6%)
- Earnings
Token Events
- Votes and calls on governance
- ENS DAO votes on an executable proposal to renew its Security Council for a two-year term, roll out an updated contract with an extension feature, and spin up a multisig signer. Voting closes on July 6.
- Frax DAO votes to allocate 42,000 wFRAX over six months to fund EchoMarket’s creation and distribution program. Voting closes on July 6.
- Nexus Mutual DAO is voting on a proposal to approve a 12-month budget of 1,108,875 USDC and 6,930 wNXM for its active DAO teams to fund operations, marketing, product development and risk management through July 2027. Voting closes on July 9.
- Arbitrum DAO is voting on a proposal to establish Fast Feed, a paid, low-latency data feed providing early access to transaction data sequenced on Arbitrum One. Voting closes July 9.
- Unlocks
- July 6: Hyperliquide (HYPE) will release 0.2% of its circulating supply worth $30.39 million.
- July 11: Rain (RAIN) will unlock 7.64% of its circulating supply worth $786.9 million.
- July 12: to unlock 29.12% of its circulating supply worth $130.2 million.
- Token Launches
