Events likely to shape crypto markets next week: Ether ETFs, MiCA implementation, & FOMC minutes
The cryptocurrency industry awaits significant events this week.
Ethereum ETF amendments, key economic stats, and the European Union’s new regulations will grab investor attention in the coming seven days.
Ethereum ETFs delayed
The United States SEC has delayed the launch of spot Ethereum ETFs, which individuals expected to happen by 4 July.
Consequently, the regulator returned S-1 Ethereum ETF forms to all applicants. Issuers have until 8 July to resubmit their filing.
The SEC needs more time to review the applications, postponing the launch timeframe to mid-July or later.
The delay could yield Fear Doubt and Uncertainty (FUD) in the Ethereum ecosystem in the coming week.
Nevertheless, SEC chairman Gary Gensler assured smooth progress in the Ethereum exchange-traded fund approval process.
Bloomberg ETF analyst Eric Balchunas believes the SEC will begin working on the S-1 forms on 8 July before approval comes next.
EU MiCA implementation
The Europen Union’s first-of-a-kind Markets in Crypto Assets Regulation (MiCA) goes live on 30 June.
The comprehensive regulatory framework, approved in April 2023, sets new rules for crypto investment in the massive financial marketplace.
MiCA implementation will potentially transform the cryptocurrency industry in the European region.
While companies accelerate to comply with the new regulations, the crypto market could witness near-term volatility.
Nonetheless, the MiCA wants to establish a secure and stable environment for cryptocurrency traders and investors.
That would attract institutional players, translating to robust growth in the long term.
FOMC June Minutes
The Fed will announce FOMC meeting minutes for June on 3 July. They will clarify the Federal Reserve’s stance on interest rates.
Analysts expected continued rate pauses until next year despite reduced inflation in the latest economic data.
Hawkish comments would likely dent sentiments in the digital tokens sector, as hiked interest rates trigger bearishness in riskier assets, including crypto.
Contrarily, a dovish stance could catalyze price surges in the cryptocurrency industry.
Furthermore, crypto players will watch the upcoming merger between OCEAN, AGIX, and FET.
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