As a turbulent week comes to an end in the cryptocurrency market, let’s take a look at the developments to watch for in the upcoming week on our weekly calendar.
Critical Events in the Upcoming Week
The cryptocurrency market has concluded a volatile week, which started with BlackRock renewing its application for a spot Bitcoin ETF. Bitcoin began the week at $30,617. Throughout the week, the price of Bitcoin reached as high as $31,500, with the lowest point occurring on July 7 at $29,701.
The cryptocurrency market became even more volatile with the release of the FOMC minutes on July 5. However, on July 7, the news of high-level executives resigning from Binance caused a downturn. Bitcoin has managed to remain above $30,000 with a slight recovery, currently trading at $30,274.
The critical economic developments in the upcoming week could become decisive for the cryptocurrency market and may lead to increased volatility. The schedule for the upcoming week is as follows:
CO NEWS – Weekly Economic Calendar 📰#Türkiye #USA #Bitcoin #BTC $BTC $APT $ICP pic.twitter.com/xbNx7fTAFV
— CoinOtag EN (@coinotagen) July 9, 2023
Starting the week, on Monday, May’s unemployment data will be released in Turkey at 07:00 UTC. The unemployment rate for April was 10.2%.
Wednesday and Thursday bring two important releases in the US. On July 12, Wednesday, at 12:30 UTC, inflation data for the US will be released. In addition to the annual inflation data, the following data should be monitored at 12:30 UTC PM:
- Core Consumer Price Index (CPI) MoM (Jun) – Forecast: 0.3% / Previous: 0.4%
- Core Consumer Price Index (CPI) YoY (Jun) – Forecast: 5.0% / Previous: 5.3%
- Core Consumer Price Index (CPI) (Jun) – Forecast: 309.03 / Previous: 307.82
- Consumer Price Index (CPI) YoY (Jun) – Forecast: 3.1% / Previous: 4.0%
- Consumer Price Index (CPI) MoM (Jun) – Forecast: 0.3% / Previous: 0.1%
On Thursday, July 13, Producer Price Index (PPI) data will be released in the US at 12:30 UTC. The following data should be monitored at 12:30 UTC PM:
- Continuing Jobless Claims – Forecast: 1,731K / Previous: 1,720K
- Core Producer Price Index (PPI) MoM (Jun) – Forecast: 0.2% / Previous: 0.2%
- Core Producer Price Index (PPI) YoY (Jun) – Forecast: 2.8% / Previous: 2.8%
- Initial Jobless Claims – Forecast: 249K / Previous: 248K
- Producer Price Index (PPI) YoY (Jun) – Forecast: 0.4% / Previous: 1.1%
- Producer Price Index (PPI) MoM (Jun) – Forecast: 0.2% / Previous: -0.3%
Token Unlocks
In addition to the economic data, the upcoming week will also see the unlocking of tokens for Aptos and Internet Computer (ICP). The amount of unlocked tokens for APT is 4.5 million, with a value of over $31 million. For ICP, the amount of unlocked tokens is 3.3 million, with a value of over $13 million.
Token unlockings can have an impact on prices, so it is important for investors to pay attention. Unlocking tokens means releasing the specified amount into the market. This event can create selling pressure, but it may not have an impact on the price if some investors choose not to sell.
