Events in the coming July
1. Mt.Gox starts token repayment
Mt.Gox will start distributing BTC and BCH for repayment in early July. The creditor compensation in July was the first time that Mt.Gox made repayments in the form of BTC and BCH, which means that the 141,686 BTC (and a roughly equal number of BCH) held by Mt.Gox will begin to flow into the market. These BTC account for 0.72% of the total circulating supply, worth about $8.54 billion. This is a considerable selling pressure on the market. Industry insiders are generally still in a cautiously optimistic stage, and the fermentation of market sentiment has begun early and is directly reflected in prices.
2. Biden and Trump will attend Bitcoin conferences in July
US President Biden and former President Trump will each attend Bitcoin conferences held by different organizers in July, namely the Bitcoin Roundtable in early July and the Bitcoin2024 conference on July 25. The two presidential candidates attended Bitcoin-related conferences at the same time. It can be seen that both sides want to use BTC to promote themselves and win votes. This is not a bad thing for BTC, because they may have to make actions and policies that are beneficial to BTC in order to gain support from BTC believers.
3. U.S. June CPI annual rate on July 11
The June CPI annual rate is expected to be 3.3%, which is consistent with the May data and remains unchanged. The May CPI fell slightly from the previous value and the expected value of 3.4%. The slowdown in inflation once made the market expect that two interest rate cuts would be guaranteed this year. The chairman of the Federal Reserve said that the interest rate cuts would also depend on comprehensive data such as the employment market and GDP. This inflation data may affect the market's expectations of the Federal Reserve's future monetary policy.
4. The Federal Reserve's interest rate decision and press conference on July 31
The Federal Reserve will announce the latest interest rate decision on July 31 (2 a.m. on August 1, Beijing time) and hold a monetary policy press conference. The market expects that the Federal Reserve will keep interest rates unchanged. The focus of this meeting is the speech of the Federal Reserve Chairman and the Federal Reserve's expectations for the number and magnitude of interest rate cuts this year, which are the focus of market attention. The Fed's decision will directly affect the trend of the global financial market and will also impact the crypto market.
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