This Week's Crypto Market Outlook: Fed Meeting Minutes to be Released, SpaceX to Join Nasdaq 100

07/06 09:46

On July 6, the crypto market will focus on the Federal Reserve meeting minutes, U.S. economic data, and several events in the crypto industry, as the macro environment and on-chain dynamics may jointly influence digital asset trends. Macroeconomically, the Federal Reserve will release the minutes from the June FOMC meeting at 12:00 AM Beijing time on July 9, and the market hopes to gauge the future interest rate path from this. Additionally, U.S. ISM Services PMI, consumer inflation expectations, initial jobless claims, and China's June CPI data will be released sequentially. In the industry, SpaceX will officially join the Nasdaq 100 index on July 7, becoming the fourth index component to hold Bitcoin, following Tesla, Strategy, and Mercado Libre. Data shows that SpaceX currently holds approximately 18,712 BTC, and its inclusion in the index is expected to benefit from passive allocation demand from index funds. Furthermore, American Bitcoin (ABTC) will resume trading after completing a 1:15 reverse stock split to avoid being delisted by Nasdaq; Berachain will complete its PoL Next upgrade on July 7. In terms of on-chain governance, ENS DAO, Frax DAO, Nexus Mutual DAO, and Arbitrum DAO will conclude several governance proposal votes this week. Regarding token unlocks, Hyperliquid (HYPE) will unlock tokens equivalent to 0.2% of its circulating supply on July 6, valued at approximately $30.39 million; RAIN will unlock about 7.64% of its circulating supply on July 11, valued at around $787 million; and PUMP will unlock about 29.12% of its circulating supply on July 12, valued at approximately $13 million. Besides macro data, developments in the Russia-Ukraine situation and the continued weakening of the yen are also noteworthy. Recently, Bitcoin has shown a strong negative correlation with the USD/JPY exchange rate, where yen depreciation often accompanies a rise in Bitcoin prices.
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