The crypto market is about to face important events that may impact prices and regulations, including economic data and government meetings.
Consumer Credit Data
On July 8, consumer credit data will be released, providing insights into consumer confidence and economic sentiment. A lower-than-expected reading may indicate growing caution, potentially shifting some investors toward Bitcoin. Conversely, a higher reading may strengthen the U.S. dollar and pressure Bitcoin.
FOMC Minutes and Senate Hearings
On July 9, attention will turn to the FOMC minutes offering insights into the central bank's stance during its May meeting. The same day, a Senate hearing will determine if tokens like XRP should be classified as securities or commodities, with Ripple CEO Brad Garlinghouse and experts from various organizations set to testify, potentially influencing altcoin regulation.
Digital Assets Tax Policy and Crypto Week
On July 10, a House hearing will discuss U.S. leadership in the crypto space, with a focus on new tax policies for digital assets. Although the crypto hearing has been delayed, it could be crucial during Crypto Week starting July 14, with three major bills expected to be discussed.
The upcoming week holds significant potential for the crypto market, as pivotal decisions could substantially influence prices and the regulatory landscape in the U.S.
