Hello Binancians,
This week we will receive a lot of data from the global markets. On Wednesday, the June consumer price index will be announced on the US side. The expectation is that it will be 3-.1%. In fact, although this rate remains below the Fed's 2% inflation target, it will be the lowest level after March 2021. There is no change in interest rate expectations. According to CME data, at the meeting to be held on July 26, there is an expectation of a 25 basis point increase in interest rates by 92.46%.
Another important development will come from Canada on Wednesday. As you know, after the stronger-than-expected employment data last Friday, analysts think that the Bank of Canada (BoC) will raise interest rates by 25 basis points.
In the cryptocurrency markets, the “Responsible Financial Innovation Act”, prepared by US Senators Cynthia Lummis and Kirsten Gillibrand, will be put to the vote on Wednesday, which is the most comprehensive bill and deals with fundamental issues such as market structure, stable coin regulations, and how transactions will be taxed.
This week, there will also be key unlocks for some tokens. Unlock times according to Token Unlocks data:
Economic Calendar
Tuesday, July 11, 2023
Germany – Consumer Price Index (CPI) (MoM) Expectation: 0.3% Previous: -0.1%
Wednesday, 12 July 2023
USA – Core Consumer Price Index (CPI) (MoM) Expectation: 0.3% Previous: 0.4%
USA – Consumer Price Index (CPI) (Annual) Expectation: 3.1% Previous: 4.0%
Canada – Interest Rate Decision Expectation: 5.00% Previous: 4.75%
Thursday, July 13, 2023
UK - Gross Domestic Product (GDP) Monthly Expectation: -0,4% Previous: 0,2%
USA – Claims for Unemployment Benefits Expected: 249k Previous: 248k
USA – Producer Price Index (PPI) (MoM) Expectation: 0.2% Previous -0.3%
Bitcoin Technical Analysis
Last week, we saw Bitcoin test its 2023 high, $31,400. After the strong employment data that followed, we witnessed some pullbacks. This week, Bitcoin prices are around $ 30,300. There is a general decrease in risk appetite in global markets. As the reason for this, we can see the US CPI data coming from the US side.
The price is tied for sideways movement between the $29,400 and 31,400 levels. Candle closes at $31,400 on the daily are important and a loss of $29,400 could take the price to $28,400
Active Bitcoin Addresses
What does this chart show?
The number of addresses on the Bitcoin blockchain that send or receive transactions. It is a useful metric to monitor over time as it shows the number of active addresses occurring on the Bitcoin network. As Bitcoin becomes more adopted, the number of active addresses increases.
In periods when the price decreases; We may see a convergence between the bitcoin price and the number of active addresses, so speculators hoping that the BTC price will rise may become less interested in bitcoin for the near term. This decrease in speculation and general usage also results in decreases in the number of active addresses.
Last Week's Top Rising Cryptocurrencies
Marker(MKR) 9.8%
Solana (SOL) 9.1%
Frax Share (FXS) 8.1%
Curve DAO (CRV) 4.4%
Filecoin (FIL) 3.2%
Last Week's Featured Crypto News
Crypto Crime Law Passed in UK
The UK House of Lords has ruled for the criminal portion of cryptocurrency. However, according to the law, cryptocurrencies found to be involved in crime can be confiscated.
Ripple Labs launches real estate venture with tokenization
Ripple's CBDC advisor, Antony Welfare, presented an intriguing use case combining digital Hong Kong dollar (e-HKD), tokenized real estate and financial loan protocols. Ripple's new program is aimed at enabling users to tokenize their real estate and use them as collateral for loans by leveraging the company's CBDC platform.
Bored Ape sales shed light on NFT market decline
Bored Ape Yacht Club, the most popular collection in the NFT industry, had record sales of $3.4 million in 2021. Recently, a Bored Ape NFT was sold for only 200 ETH (approximately $372,000).