Last week, the world of Bitcoin and altcoins experienced a relatively stable period with little fluctuation in prices despite the announcement of the Fed rate decision. Investors and traders are now closely following the economic data releases and altcoin developments that may affect the market in the new week. Here are the details…
Economic data to watch and developments for altcoins
Annual data of Eurozone Consumer Price Index (CPI) will be released on Monday, July 31 at 12:00 CEST. Economists expect the CPI to decline slightly to 5.3 percent from the previous 5.5 percent. This data can affect the performance of various altcoins. Among altcoin developments, Radix (XRD) will undergo a major update from Olympia to Babylon. The developers believe this update will be a crucial step in bringing the global Web3 and DeFi (Decentralized Finance) industries out of the “tech demo” stage into mainstream adoption and will provide users and developers with more robust experiences. It also launches the ICON (ICX) Incentive Testnet and the Firo (FIRO) Lelantus Spark testnet. Echelon Prime (PRIME) is also expected to introduce the Parallel beta.
On Tuesday, August 1, popular meme token Baby Doge Coin (BABYDOGE) plans to burn a significant portion (1.9 quadrillion) of its tokens. This creates potential effects on its market value and supply. MELD (MELD) made a “big announcement” via its official Twitter account, potentially leading to market action. Business intelligence firm MicroStrategy is to release its earnings report. Any updates from the company could affect market sentiment towards Bitcoin and other cryptocurrencies.
In the middle of the week, important data will come from the USA.
US ADP Non-Farm Payrolls data will be released on Wednesday, August 2 at 15:15 CEST. Based on payroll data from nearly 400,000 US business clients, this report serves as a reliable indicator for the government’s nonfarm payrolls report, which is usually due two days later. Also, popular trading app Robinhood will release its earnings report, which will likely affect the stock price and overall sentiment in the cryptocurrency market. Evmos (EVMOS) will also release Evmos 2.0 today, bringing potential updates and improvements to their platform. Also, the much anticipated Litecoin (LTC) halving will take place, reducing the mining reward from 12.5 Litecoins to 6.25 Litecoins.
The UK Interest Rate Decision will be announced on Thursday, August 3, with a 25 basis point increase expected. In addition, US Initial Unemployment Claims data will be released and expectations will be 227k, slightly above the previous figure of 221k. Both of these reports can affect investor sentiment and market trends. Also on Thursday, Coinbase, a leading cryptocurrency exchange, will also release its earnings report, which will inform its financial performance and likely impact the overall market.
What will happen at the end of the week?
On Friday, the highly anticipated US Non-Farm Payrolls data will be released with the expectation of 184 thousand, slightly lower than the previous figure of 209 thousand. The US Unemployment Rate is also expected to remain stable at 3.6 percent. These reports could significantly impact the cryptocurrency market as they provide insight into the overall health of the US economy. As a result, the cryptocurrency market has been relatively stable following the Fed rate decision. However, the economic data and altcoin developments to be announced in the new week may create fluctuations and trading opportunities for investors and traders. As always, it is essential that market participants remain informed and exercise caution when navigating this ever-changing environment.
