Crypto
This Week In Crypto - CPI Set To Drive Bitcoin Price’s Momentum
Bitcoin enters a pivotal week as inflation data, earnings, governance votes and major token unlocks threaten to reshape crypto momentum.
22h ago 4,280
BLOCKINSIDERLoadingBitcoin enters a pivotal week as inflation data, earnings, governance votes and major token unlocks threaten to reshape crypto momentum.
As the crypto market enters the second week of the second month of Q3, a crucial event awaits. The US Consumer Price Index (CPI) will play key role this week, as Bitcoin’s price awaits stronger cues to note a recovery.
Beyond the macro outlook, many cryptocurrencies have crucial developments lined up that could have an impact on their respective native tokens.
Following a muted FOMC meeting where the Fed decided against rate hikes, the market seemed to breathe a sigh of relief. However, concerns of rate hikes later in the year persist. This calls for a cooler inflation, which could boost Bitcoin and other risk assets. The forecast is for a 3.4% YoY for July, lower than June’s 3.5%. On the other hand, a hotter reading may trigger selling.
Following CPI, the PPI report will be released, which measures the pressure faced at the producer level. Steady PPI will keep inflation under control, and at the same time, borrowing costs will be at a low.
The June PPI fell 0.3% month-on-month, marking the largest decline in 14 months, with the YoY growth falling to 5.5% from 6.0%. The July PPI is expected to rise by 0.1% MoM.
Two major companies’ Q2 earnings calls are expected to release in the coming week, the first being that of Trump Media & Technology Group. Recently, Trump came under fire when, in a 927-page disclosure, he reported $635m in royalties likely from the $TRUMP meme coin, which has plunged in value since he launched it days before taking office.
The second company is Bitdeer Technology Solutions, which released its Q2 earnings data on August 10. BTDR reported adjusted earnings per share of $2.08, missing the analyst consensus estimate of $0.36 by 477%.
Additionally, Bitdeer posted quarterly sales of $228.800 million, which missed the analyst consensus estimate of $235.919 million.
Lido DAO is voting to appoint Bryce Howarth as a director of the Lido Alliance BORG Foundation. While no direct impact on LDO supply, staking parameters, or DAO treasury is expected, the development matters because BORG directors hold legal authority over the Alliance's off-chain assets and operations.
So LDO holders are effectively vetting who sits in a fiduciary seat overseeing that entity.
QuickSwap's Snapshot vote (closing August 10) proposes temporarily raising the QuickSwap Foundation's cut of protocol revenue from 30% to 80% for three months, redirecting funds from Dragon's Lair staking/burn toward Foundation-led expansion and new product development.
This means less deflationary pressure on QUICK during the trial in exchange for a larger operating budget. Passage requires the majority QUICK-holder support; the outcome should be confirmed on QuickSwap’s governance forum.
Pump.fun (PUMP) is preparing for a 6.78 billion PUMP token unlock. The supply valued at $18.53 million represents about 1.75% of the circulating supply. This could lead to pressure on the PUMP price in an already difficult market.
Aptos (APT) also has a 9.97 million token unlock in the next 48 hours. On August 12, APT worth $5.92 million, representing 1.18% of the current market cap, will be flooded into the market.
Starknet (STRK) is preparing for 127.06 million STRK to be unlocked on August 15, valued at $3.12 million. The STRK token has already been facing harsh market conditions, which could worsen with the supply surge.
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