Bitcoin and the crypto market had a calm week with low volatility. What can investors expect in the coming week?
What Happened in the Week of July 31 – August 4?
The week starting on July 31 saw Binance acquiring a license to offer crypto services in Dubai. This followed Binance’s withdrawal or rejection of license applications in several European countries, which had created negative sentiments around the exchange. This development indicates that Binance’s efforts to obtain licenses are ongoing.
Bitcoin ended July at a price of $29,232. BTC experienced a 4.07% decrease during the month of July. The first day of August started with Japan-based financial holding company Nomura, with $453 billion worth of assets under management, obtaining a “full crypto license” in Dubai. Following this, Binance announced that it will list 34 cryptocurrencies on its crypto exchange set to launch in Japan. Additionally, MicroStrategy revealed its Q2 earnings report, stating that it purchased 467 BTC in July.
On August 2, investment management company VanEck, with $77 billion worth of assets under management, applied for an Ethereum Futures ETF. On the same day, the highly anticipated Litecoin halving event occurred. It was reported on August 2 that officials from the U.S. Department of Justice were considering filing a lawsuit against Binance, although no action had been taken yet.
On August 3, Direxion, with $27.5 billion worth of assets under management, applied for Futures ETFs for Bitcoin and Ethereum. Later, Coinbase announced that it will launch the Layer-2 network ‘Base’ on August 9. The exchange also reported revenue of $707.9 million for the second quarter of the year, surpassing expectations of $631.2 million.
On the final day of the week, August 4, Chief Judge Laura Taylor Swain of the U.S. Southern District of New York rejected the class-action lawsuits against Tether and Bitfinex. Also on that day, Global X, with $45 billion worth of assets under management, applied for a spot Bitcoin ETF.
What’s Ahead for the Next Week?
The calendar for the upcoming week is not very busy, but critical events could occur. Monday, Tuesday, and Wednesday do not bring any significant economic developments. On Thursday, unemployment rates will be announced in Turkey. Following that, inflation data will be released in the U.S.
U.S. inflation data can be critical for the near future as the Fed’s inflation target is 2%, and it could continue tightening its monetary policy to achieve this goal. Last month, the annual inflation rate was reported as 3%. This month, an annual inflation rate of 3.3% is expected.
If the annual inflation rate in the U.S. exceeds 3%, it would deviate from the Fed’s target, possibly indicating the continuation of interest rate hikes in future Fed meetings.
Weekly Economic Calendar⚡️#Türkiye #US #Coinbase #BASE #Bitcoin #BTC $BTC $APT $GMT pic.twitter.com/SZVusoz8Vb
— CO NEWS (@coinotagen) August 6, 2023
On Friday, the U.S. Producer Price Index (PPI) data will be released. The monthly expectation for PPI is 0.2%, with the previous monthly PPI being reported as 0.1%. The most significant event of this week could be the U.S. inflation data. It could play a pivotal role in determining the market’s direction, potentially leading to a volatile market on Thursday.
In addition to these developments, a token unlock for GMT worth $18 million is scheduled for August 9. On August 12, a token unlock for APT worth $31 million is expected.
