The second week of July gave Bitcoin holders a minor scare in the second week of July when BTC slipped under the $55,000 level. But with the selling pressure finally giving way, the bullish rally looks like it is here to stay.
The crypto market has deviated from its historic negative sentiment to market gains. Last weekend, the market spiked after the failed assassination of Donald J. Trump and this weekend, it spiked after President Joe Biden stepped out of the presidential race.
Bitcoin Market to Close July on a High Note
This week’s economic calendar is packed, particularly for US markets. Today, Bitcoin’s price is $67,470, up 0.8%. The global crypto market cap is at $2.58 trillion today, up 0.96% in the last 24 hours. According to CoinGecko, BTC’s Bitcoin (BTC) market cap sits at $1.34 trillion, signifying a 51.8% market dominance.
According to data released by The Kobeissi Letter, Friday will be the day everyone looks at June’s PCE inflation data. The Federal Reserve’s favored inflation metric could influence September rate cuts.
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Democratic politics, especially the choice of their presidential candidate, will also affect the market. In addition, 20% of S&P 500 companies, including Alphabet, Google’s parent company, and Elon Musk’s Tesla, will release their report earnings.
The S&P Global Manufacturing PMI and Services PMI preliminary readings for July are due on Wednesday. The Q2 2024 GDP growth annualized report will be released on Thursday, providing an early glimpse into the GDP change.
The July Michigan Consumer Sentiment Index and Consumer Inflation Expectations reports will come out on Friday, providing additional insight into long-term inflation
Finally, as Bloomberg’s Eric Balchunas reported, Spot Ethereum ETFs could begin trading on July 23, 2024. Analysts predict that ETH ETFs will outperform BTC ETFs.
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Also Read: Here’s Everything to Know About the Approved Spot Ethereum ETFs
