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What Happened Last Week?
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The cryptocurrency market experienced an eventful week, and now investors are looking ahead to upcoming developments. Before delving into the week ahead, let’s take a look at what transpired this week.
The week started with PancakeSwap announcing its collaboration with Google Cloud on July 10. Shortly after, Binance unveiled Arkham as its 32nd launchpad project. On the same day, Standard Chartered, the fifth-largest bank in the United Kingdom, projected that Bitcoin could reach $50,000 by the end of the year.
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On Wednesday, inflation rates in the United States were announced, revealing that the annual inflation rate dropped to the lowest level in 27 months. The annual inflation rate was reported at 3%, below the expected 4%. On the same day, it was discovered that the U.S. government had moved Bitcoins linked to Silk Road. A total of 9,318 Bitcoin transfers were made, but it remains unclear if these were sold or not.
Thursday kicked off with Telegram announcing its new integration. Telegram Wallet enabled Bitcoin, USDT, and TON payments. However, the most significant event of the day was the judge presiding over the Ripple – SEC case ruling that XRP is not a security. This news propelled the entire cryptocurrency market, bolstering bullish sentiments. Experts considered this development as the most important and bullish news of 2023. Following this announcement, major cryptocurrency exchanges such as Binance US, Coinbase, and Kraken relisted XRP, leading to a continued rise in XRP’s price, reaching $0.9380.
On the last day of the week, the SEC accepted the filings of BlackRock, VanEck, Invesco, Fidelity, and WisdomTree to review their spot Bitcoin ETF applications.
What Can Investors Expect in the Coming Week?
The week of July 17-24 is expected to be relatively light on economic developments, but there will still be critical events to watch. The first two days of the week, Monday and Tuesday, do not feature any significant developments directly impacting investors.
On Wednesday, inflation rates in Europe will be announced. The expectation for the annual inflation rate is 5.5%, with the previous rate reported at 6.1%. Additionally, SEC Chairman Gary Gensler is expected to testify before the U.S. Senate on the same day.
— CoinOtag EN (@coinotagen) July 16, 2023
In addition, Wednesday will see Tesla’s earnings report. The revenue expectation is $24.2 billion. However, investors will be closely watching whether Tesla has made any Bitcoin sales. Tesla’s Bitcoin investments have been closely monitored within the industry. This report will shed light on whether any Bitcoin was sold or purchased.
Moving to Thursday, the Central Bank of the Republic of Turkey will announce its interest rate decision. The current interest rate stands at 15%, having been increased from 8.5% to 15% in the previous meeting. Global banks anticipate that the Central Bank of Turkey will continue with interest rate hikes.
Another significant development on Thursday is the release of initial jobless claims data in the United States, with an expectation of 243,000 claims.
Other noteworthy developments include token unlockings. The coming week will witness significant token unlock events for projects such as Injective, Axie Infinity, Lido DAO, and The Graph. Investors should mark these dates on their calendars as seen in the schedule above.