2024

Bitcoin

Elon Musk

This week promises to be a landmark in the Bitcoin and industry, characterized by several high-stakes events that could reshape the market dynamics for BTC, Ethereum, and other crypto assets. 
<h2 id="1-bitcoin-2024-conference">#1 Bitcoin 2024 Conference</h2> 
The Bitcoin 2024 conference, scheduled for July 25-27 in Nashville, is drawing exceptional attention this year due to its high-profile lineup of speakers, most notably Donald Trump. Currently the frontrunner in the US presidential race, Trump is slated to give a keynote on the conference’s final day (Saturday). 
The Bitcoin community is rife with <a href="https://bitcoinist.com/trump-unveil-bitcoin-as-us-strategic-reserve-asset/" target="_blank" rel="noopener ">speculation</a> that Trump might announce plans to establish a US Bitcoin strategic reserve if elected in November. Last week, this rumor was fueled by Dennis Porter, founder of the Satoshi Act Fund, who claimed that Trump will “announce a USA bitcoin strategic reserve in Nashville” based on anonymous sources. 
Additionally, Elon<a href="https://bitcoinist.com/elon-musk-bitcoin-laser-eyes-trump-btc-2024/" target="_blank" rel="noopener "> Musk added a “laser-eyes” meme</a> to his X profile picture over the weekend, a symbol popularly used by BTC enthusiasts to signal bullish market outlooks. This act has led to widespread speculation about his possible attendance and support for Bitcoin, further stoking interest in the conference. 
<h2 id="2-us-spot-ethereum-etf-launch">#2 US Spot Ethereum ETF Launch</h2> 
On Friday, the Chicago Board Options Exchange (Cboe) <a href="https://bitcoinist.com/spot-ethereum-etfs-cboe-announce-official-launch/" target="_blank" rel="noopener ">confirmed</a> that trading for several spot Ethereum ETFs will commence on July 23 (Tuesday). This follows the US Securities and Exchange Commission’s (SEC) approval of the necessary regulatory filings earlier in May. 
The ETFs launching include 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), Franklin Ethereum ETF (EZET), Invesco Galaxy Ethereum ETF (QETH), and VanEck Ethereum ETF (ETHV). “We are pleased to announce that [5] Exchange Traded Product[s] (‘ETP’) will be listed on Cboe and will begin trading as a new issue on July 23, 2024, pending regulatory effectiveness,” the note stated. #3 Ripple Vs. SEC: Settlement Or Ruling? 
According to <a href="https://bitcoinist.com/ripple-vs-sec-settlement-this-thursday/" target="_blank" rel="noopener ">speculations</a> with the XRP community, the US Securities and Exchange Commision (SEC) has rescheduled last week’s canceled closed-door meeting with Ripple Labs to July 25, 2024. This meeting could be crucial as it could potentially lead to a settlement in the ongoing Ripple vs. SEC lawsuit. The rescheduling has sparked speculation in the market, causing a surge in the XRP price. 
Notably, the Ripple CEO Garlinghouse <a href="https://bitcoinist.com/ripple-ceo-ipo-plans-competition-strategy-swift/" target="_blank" rel="noopener ">recently also said</a> that the lawsuit could end soon. As reported by Bitcoinist, Garlinghouse expressed in a Fortune interview optimism for a soon to come resolution of the lawsuit. “There are a couple things that I’ll call cliffhangers that the judge should rule on imminently, you know a month maybe less, or maybe two months. I can’t know that, but I’m looking forward to a full resolution.” 
Moreover, pro-XRP lawyer Fred Rispoli also <a href="https://bitcoinist.com/pro-xrp-lawyer-predicts-ripple-sec-verdict/" target="_blank" rel="noopener ">predicted</a> that a remedies and penalty ruling will be released by the end of July. #4 US Inflation Data 
The release of US inflation data, specifically the core PCE price index, on July 26 (Friday), is critically important for the financial markets, including Bitcoin and crypto. Kevin Gordon from Charles Schwab noted that economists expect the data to show a continuation of moderate inflation rates, potentially influencing the Federal Reserve’s monetary policy. 
“Big week for economic data … Bloomberg consensus of economists expects June core PCE price index to come in at +0.1% m/m for a second straight month. That would bring the 3-month annualized rate down to the slowest pace this year, and below the Fed’s 2% target,” Gordon <a href="https://x.com/KevRGordon/status/1815150928053358868" target="_blank" rel="noopener nofollow">stated</a> via X. 
Similarly, Bank of America <a href="https://x.com/MikeZaccardi/status/1815182478862057941" target="_blank" rel="noopener nofollow">anticipates</a> that forthcoming economic data will reflect a robust economic backdrop with controlled inflation levels. “Personal income and consumption likely rose by a solid 0.4% mom in June, and we expect headline and core PCE to increase by 0.1% mom and 0.2% mom, respectively. In short, the data should show healthy activity, and that inflation is moving in the right direction.” 
At press time, BTC traded at $67,334. 
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Bitcoin And Crypto Enter What Could Be The Biggest Week Ever: Key Events

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