Over the years in the cryptocurrency industry, some factors have been consistent and have impacted the market. Among them, macroeconomic events and developments in the cryptocurrency industry are the most persistent. This week, significant events are on the horizon for investors and the market, including the planned Cryptocurrency Week by the U.S. House of Representatives, the release of the CPI, PPI, and other economic statistics.
▫️Cryptocurrency Week
The highlight of July is Cryptocurrency Week, which will take place from July 14 to 18. During it, the House representative will debate and vote on three important cryptocurrency bills: the GENIUS Act, the CLARITY Act, and the State Anti-CBDC Surveillance Act. More importantly, this will lay the groundwork for the regulatory development of digital assets.
It is noteworthy that the approval of these bills would lead to a bull market.
▫️June CPI inflation data
The June CPI inflation report will be released this Tuesday, July 15, by the U.S. Bureau of Labor Statistics. Experts forecast a 0.3% month-over-month and a 2.6% year-over-year increase, representing a significant rise from the previous month's data. A 0.3% increase in core CPI could also occur.
If the CPI skyrockets, Kobeissi Letter and other experts predict high chances of liquidation, especially since Trump's tariff is already a threat.
▫️June CPI inflation data
Next week's market report highlights that the CPI data will be followed by the June CPI inflation data on Wednesday, July 16. Analysts have forecast a month-over-month increase of 0-2-0.3% in the producer price index and a stable 2.6% year-over-year.
Strong PPI data is related to the strengthening of the U.S. dollar, posing a threat to the cryptocurrency market.
▫️June retail sales data
The Census Bureau will publish the June retail sales report on Thursday, July 17. Economists expect a month-over-month change of -0.5%, following a decline of -0.9% in May.
A weaker-than-expected report could trigger massive cryptocurrency sell-offs, as investors would lean toward less risky assets. However, if the report exceeds expectations, a rise in digital asset prices could occur.
▫️July MI consumer sentiment data
The University of Michigan's July Consumer Sentiment Index will be published on Friday, July 18. Experts expect a reading of 61.4, up from 60.7 in June. If the sentiment reading exceeds expectations, investor confidence in digital assets could increase, and vice versa.
In addition to these cryptocurrency market events, 12 Fed conferences will also be held. Like the Fed meetings and minutes, these speeches could provide updated information on inflation and possible rate cuts.
The type of discussion and its impact on investor sentiment will determine whether the market will succeed or fail.
Will the cryptocurrency market continue to rise?
As mentioned, the cryptocurrency market is up today, but there is uncertainty about whether the upward trend will continue. Bitcoin is at its peak, but a consolidation could form that affects the market as a whole. Additionally, the release of these and other macroeconomic events would also have a significant impact.
As a result, the market could experience sharp fluctuations this week. Investors should closely monitor the release of this data and other macroeconomic events and plan their trading strategies accordingly.
