Crypto Market Prepares for Key Events and Ethereum ETF Delay

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.

FOMC June Meeting Minutes:

  • The Federal Reserve will release minutes from its June FOMC meeting on July 3, offering insights into interest rate decisions. Fed Governor Michelle Bowman suggests rate cuts are unlikely before 2025. A hawkish stance could weigh on the crypto market, while dovish sentiment could support it.

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.

Fed Chair Powell’s Speech in Portugal:

  • Fed Chair Jerome Powell and key officials will speak at the ECB Forum on Central Banking in Sintra, Portugal, on July 2. Discussions will cover monetary policy, inflation, and global economic trends, offering insights into the Fed’s outlook.

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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