Crypto traders are hoping this week will provide a respite from months of geopolitical anxiety that have choked risk assets following Sunday’s announcement of an interim peace deal between the United States and Iran.
Bitcoin climbed to nearly $66,000 on Monday, nearly 3.5% above Friday’s level, while cryptocurrency-related stocks including Strategy (MSTR) and Galaxy (GLXY) advanced in premarket trading.
There is a caveat though. A ceasefire in April collapsed and U.S. strikes broke another truce last month, affecting cryptocurrency prices.
On Wednesday, Kevin Warsh will make his first interest rate decision as chairman of the Federal Reserve. The forecast does not predict any change to the current level.
The introduction of a new dot chart – which plots the interest rate projections of various Fed policymakers – combined with a shortened trading week due to Friday’s federal holiday, suggests liquidity is likely to decline.
The week’s data schedule and guidance from the Fed will ultimately determine whether crypto can capitalize on the apparent geopolitical tailwind and build a definitive recovery.
What to watch
(All times ET)
- Cryptocurrency
- June 15: The CFTC opens its official 45-day public comment window following its notice of proposed rulemaking targeting prediction markets.
- June 16: Industry groups begin formulating formal responses to the U.S. House of Representatives Ways and Means Committee following its major legislative hearing on digital asset tax proposals.
- Macro
- June 15, 8:30 a.m.: Empire State US manufacturing index for June est. 12.0 (previous 19.6)
- June 17, 2:00 p.m.: US Fed (FOMC) interest rate decision is. 3.50% to 3.75% (previous 3.50% to 3.75%)
- June 18, 8:30 a.m.: First unemployment claims in the United States for the period ending June 13, est. 222,000 (previous 229,000)
- June 19: US stock markets are closed for the June 19 federal holiday.
- June 19: The United States and Iran sign a ceasefire agreement.
- Earnings
Token Events
- Votes and calls on governance
- Cratos is voting on extending the period in which users receive rewards for their actions until July 31, after previously approving CIP-41, which extended the daily token reward limit under the current reward standard until June 30. Voting closes on June 18.
- Rocket Pool is voting on rebalancing the RPL inflation allocation to increase funding for the pDAO protocol during and after the Saturn 2 transition. Voting closes on June 19.
- Orderly votes on the delisting of eight tokens: BIRB, PAXG, SKY, SNX, AR, FIL, STBL, MYX. Voting closes on June 22.
- Unlocks
- June 16: Arbitrum (ARB) will release 1.68% of its circulating supply worth $7.76 million.
- June 20: Kaito (KAITO) will unlock 1.76% of its circulating supply worth $8.39 million.
- Token Launches
- June 15: C8ntinuum (CTM) will be listed on Bitmart.
- June 17: Botchain (METAKPK) will be listed on Bitmart.
