Cryptocurrency traders hope the week will offer a respite from months of geopolitical anxiety that has stifled risk assets following Sunday’s announcement of an interim peace deal between the United States and Iran.
Bitcoin rose to nearly $66,000 on Monday, nearly 3.5% above Friday’s level, while cryptocurrency-linked stocks including Strategy (MSTR) and Galaxy (GLXY) advanced in pre-market trading.
However, there is still a note of caution. A ceasefire in April failed and US attacks broke another truce last month, causing cryptocurrency prices to take a hit.
Wednesday sees Kevin Warsh’s first interest rate decision as Federal Reserve Chairman. The forecast is that there will be no changes at the current level.
The introduction of a new dot plot (showing Fed policymakers’ interest rate projections) combined with a shortened trading week due to the federal holiday on Friday, June 16, suggests liquidity will likely decline.
The week’s data schedule and guidance from the Federal Reserve will ultimately determine whether cryptocurrencies can take advantage of the apparent geopolitical tailwind and build a definitive recovery.
What to watch
(All times ET)
- Crypto
- June 15: The CFTC opens its formal 45-day public comment window following its Notice of Proposed Rulemaking Targeting Prediction Markets.
- June 16: Industry groups begin formatting formal responses to the US House Ways and Means Committee following its major legislative hearing on digital asset tax proposals.
- Macro
- June 15, 8:30 am: US Empire State Manufacturing Index for June estimated 12.0 (previous 19.6)
- June 17, 2:00 pm: US Federal Reserve (FOMC) interest rate decision estimated between 3.50% and 3.75% (previous: 3.50% and 3.75%)
- June 18, 8:30 a.m.: Initial US unemployment claims for the period ending June 13, approximately 222,000 (was 229,000)
- June 19: U.S. stock markets are closed in observance of the Juneteenth federal holiday.
- June 19: The United States and Iran will sign a ceasefire agreement.
- Earnings
symbolic events
- Governance votes and calls
- Cratos is voting to extend the period in which users receive stock rewards until July 31, having previously approved CIP-41, which extended the daily token reward limit under the current reward standard until June 30. Voting ends June 18.
- Rocket Pool is voting on rebalancing the RPL inflation allocation to increase funding for the pDAO protocol during and after the Saturn 2 transition. Voting ends June 19.
- Orderly is voting to delist eight tokens: BIRB, PAXG, SKY, SNX, AR, FIL, STBL, MYX. Voting ends June 22.
- Unlock
- June 16: Arbitrum (ARB) will unlock 1.68% of its circulating supply worth $7.76 million.
- June 20 – Kaito (KAITO) will unlock 1.76% of its circulating supply worth $8.39 million.
- Token releases
- June 15: C8ntinuum (CTM) will list on Bitmart.
- June 17: Botchain (METAKPK) will list on Bitmart.
