This week is set to be a landmark one for the Bitcoin market and the industry, featuring several high-stakes events that could reshape the market dynamics for Bitcoin, Ethereum, and other crypto assets.
#1 Bitcoin Conference 2024
The Bitcoin 2024 conference, scheduled to take place from July 25 to 27 in Nashville, is attracting exceptional attention this year due to its list of prominent speakers, most notably Donald Trump. Trump, the current front-runner in the US presidential race, is scheduled to deliver a keynote speech on the final day of the conference (Saturday).
Speculation is rife in the Bitcoin community that Trump could announce plans to create a U.S. strategic reserve of bitcoin if he is elected in November. Last week, the rumor was fueled by Dennis Porter, founder of the Satoshi Act Fund, who claimed that Trump “will announce a U.S. strategic reserve of bitcoin in Nashville” based on anonymous sources.
Additionally, Elon Musk added a “laser eyes” image to his X profile picture over the weekend, a symbol commonly used by Bitcoin enthusiasts to signal bullish market expectations. The move led to widespread speculation about his potential attendance and support for Bitcoin, further fueling interest in the conference.
Ethereum ETF No. 2 Launches in the US
The Chicago Board of Options Exchange confirmed on Friday that trading in several Ethereum spot exchange-traded funds (ETFs) will begin on Tuesday, July 23. This comes after the U.S. Securities and Exchange Commission approved the necessary regulatory filings earlier in May.
The ETFs 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 product[s] “The ETP will be listed on the Cboe Exchange and will begin trading as a new issue on July 23, 2024, pending regulatory effectiveness,” the note said.
#3 Ripple Vs. SEC: Settlement or Ruling?
According to speculations with the XRP community, the US Securities and Exchange Commission (SEC) has rescheduled a closed-door meeting with Ripple Labs that was canceled last week to July 25, 2024. This meeting could be crucial as it could lead to a settlement in the ongoing Ripple vs. SEC lawsuit. The rescheduling has sparked speculation in the market, causing the price of XRP to surge.
It is worth noting that Ripple CEO Garlinghouse also recently stated that the lawsuit could end soon. As reported by Bitcoinist, Garlinghouse expressed optimism in an interview with Fortune that the lawsuit would be resolved soon. “There are a couple of things that I call ‘triggering events’ that the judge should rule on soon, maybe a month or two. I can’t know, but I look forward to a full resolution.”
Furthermore, pro-XRP lawyer Fred Rispoli also predicted that a verdict on damages and penalties will be issued 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 great importance to financial markets, including Bitcoin and cryptocurrencies. Kevin Gordon of Charles Schwab noted that economists expect the data to show continued moderate inflation rates, which could influence the Federal Reserve’s monetary policy.
“A busy week for economic data… The consensus of Bloomberg economists is for the core PCE price index to come in at 0.1% month-over-month for the second straight month. That would bring the three-month annual growth rate to the slowest pace this year and below the Fed’s 2% target,” Gordon said via X.
Similarly, Bank of America expects upcoming economic data to reflect a strong economic backdrop with subdued inflation levels. “Personal income and consumption are likely to rise 0.4% m/m in June, and we expect total core and core personal spending to rise 0.1% m/m and 0.2%, respectively. In short, the data should show healthy activity and inflation moving in the right direction.”
At the time of publishing this report, BTC was trading at $67,334.
Featured image by Shutterstock, chart by TradingView.com