This week is characterized by macroeconomic reports, including minutes from last month’s Federal Open Market Committee (FOMC) meeting, as well as economic data that can provide insight into the Federal Reserve’s next moves.
Cryptocurrency-linked stocks are also in the news, with American Bitcoin (ABTC) avoiding a Nasdaq delisting after a reverse split.
SpaceX, Elon Musk’s space transportation and artificial intelligence company, joins the Nasdaq 100, becoming the fourth member of the high-tech index to own bitcoin. . Membership in the index is likely to drive demand for the shares, partly because tracking funds need exposure to the company and partly because the shares are more likely to meet the companies’ investment criteria.
Others include Tesla (TSLA), Strategy (MSTR), and Mercado Libre (MELI). The space exploration company, which holds 18,712 BTC, is expected to have more weight in the index than the last two.
Beyond that, geopolitical developments and the further collapse of the yen against the dollar are factors to take into account. Bitcoin’s negative correlation with the yen’s exchange rate against the dollar has been unusually high, and BTC tends to rise when the yen weakens.
What to watch
(All times ET)
- Crypto
- July 6: American Bitcoin (ABTC) will list after the 1-for-15 reverse stock split reduced total shares outstanding to approximately 73 million.
- July 7: SpaceX (SPCX) will join the Nasdaq 100 index.
- July 7: Berachain (BERA) will undergo its PoL Next upgrade.
- Macro
- July 6, 09:45 am: Final US S&P Global Services PMI for June estimated 51.3 (previous 50.7)
- July 6, 10:00 am: June US ISM Services PMI (was 54.5)
- July 7, 11:00 am: US consumer inflation expectations for June (previously 3.5%)
- July 8, 02:00 pm: US FOMC Minutes
- July 8, 9:30 p.m.: China Consumer Price Index YoY for June (previously 1.2%)
- July 9, 08:30 am: Initial US unemployment claims for the period ending July 4 (formerly 215K)
- July 9, 09:00 am: Address by Williams of the US Federal Reserve in a keynote discussion on “The Future of Liquidity and Market Functioning”
- July 10, 08:30 am: Canada unemployment rate for June (was 6.6%)
- Earnings
symbolic events
- Governance votes and calls
- ENS DAO is voting on an executable proposal to renew its Security Council for a two-year term, implement an updated contract with an extension feature, and rotate a multi-signature signatory. Voting ends on July 6.
- Frax DAO is voting to allocate 42,000 wFRAX over six months to fund the EchoMarket Creator and Distribution Program. Voting ends on July 6.
- Nexus Mutual DAO is voting on a proposal to approve a 12-month budget of 1,108,875 USDC and 6,930 wNXM for its active DAO teams to fund operations, marketing, product development, and risk management through July 2027. Voting ends on July 9.
- Arbitrum DAO is voting on a proposal to establish Fast Feed, a low-latency paid data stream that provides early access to sequenced transaction data on Arbitrum One. Voting closes on July 9.
- Unlock
- July 6 – Hyperliquid (HYPE) will unlock 0.2% of its circulating supply worth $30.39 million.
- July 11 – Rain (RAIN) will unlock 7.64% of its circulating supply worth $786.9 million.
- July 12: to unlock 29.12% of its circulating supply worth $130.2 million.
- Token releases
