A crucial week in the encryption market, investors focused on inflation data from the United States, the Federal Reserve speech, the application for unemployment benefits and the CIATY Bill hearings.
Bitcoin transaction prices were close to $63,176 and the market value of the total encrypted market fell by 1.15 per cent, which could determine the next move in the market.
Major US economic indicators this week
14 July: June CPI report
The first major event this week was the June Consumer Price Index (CPI) report published by the United States Bureau of Labor Statistics. Economists expect that the CPI annual inflation rate will remain around 4.2 per cent, the same as in May. The core CPI (excluding food and energy) is expected to remain at an annual rate of around 2.9 per cent and the ring ratio rose by 0.2 per cent in May. If inflation is higher than expected, the market may lower expectations of future Fed interest rate reductions, which may put pressure on TT and other risk assets.
15 July: PPI report and testimony of Federal Reserve Chairman Kevin Walsh
The second key event was the producer price index (PPI), issued on 15 July, which tracks wholesale inflation. Analysts expect a 0.2 per cent decrease in the PPI ring ratio in June, a decrease from 1.1 per cent in May. The core PPI is expected to increase by 0.3 per cent. On the same day, Federal Reserve Chairman Kevin Walsh will present to Congress a six-monthly Federal Reserve monetary policy report, and legislators are expected to question inflation, interest rates and the United States economy. Any hawk rhetoric may increase the dollar, while dove rhetoric may support digital assets.
16 July: Initial application for unemployment benefit
17 July: CARITY Bill Hearing
The last important event was on 17 July, when the House of Representatives Committee on Financial Services will hold an important hearing in New York on the CARITY bill. The legislator is expected to discuss an updated version of the bill that combines the proposals of the bicameral committees. However, several key provisions are still under negotiation and the timing of the Senate vote remains uncertain.
The encryption market continues to be under pressure in the aftermath of the US-Iraq conflict.
This week's economic events are taking place at a time when the encrypted market is under pressure due to the tensions between the US and Iran. At present, the market value of the total encryption market has declined by 1.15 per cent, to approximately $2.17 trillion. The bitcoin transaction price was close to US$ 63,176 and maintained at approximately US$ 1,790 in the solar mill. Other large encrypted currencies, including XRP, Solana and Tron, also fell by 1 to 2 per cent.
As inflation reports, Federal Reserve comments, labour market data and encryption regulations continue to arrive in the interior in a few days, this week could become one of the most important macro events of the month in the encrypted market.