Recap
- US GDP decreased by 0.5% QoQ (below the -0.2% forecast) and Core PCE Price Index hit 0.2% MoM (above the 0.1% expectation) on 27 June.
- Fed Chair Jerome Powell’s testimony on 24 June hinted at potential rate cuts in July, with a dovish tone that lifted market confidence.
- US/Iran ceasefire announced on 25 June eased geopolitical tensions, driving a positive market response with Bitcoin rebounding above $105,000. The S&P500 US stocks index rose to an all-time-high on Friday.
- Canada dropped a digital services tax plan in the hope of resuming trade talks with the US. Looking ahead, the focus turns to a possible transatlantic trade deal aimed at defusing U.S.–EU tariff disputes. G7 leaders are pushing for an agreement in early July to avert the looming tariff escalation threatened by the U.S. (a 50% duty on EU goods if talks fail by July 9).
Top Gainers of Last Week
- PENGU (+76%)
- SEI (+46%)
- ARB (+33%)
Top Losers of Last Week
- KAIA (-14%)
- OKB (-6.6%)
- GT (-5.7%)
Market Metrics
- Total Market Cap: $3.33T (+7.9%)
- Bitcoin Dominance: 64.6% (vs 64.1% last week)
- Fear and Greed: 52 (vs 48 last week)
- Alt Season: 19 (vs 21 last week)
This week, we'll be monitoring (all times UTC):
Tuesday 1 July
Economic Data
- 12:00 US ISM Manufacturing PMI: A key indicator of manufacturing health, expected at 48.8, could signal economic contraction if below 50, impacting risk assets.
Crypto Event – Token unlock
$163M (58.37 million tokens) SUI will unlock as part of SUI vesting plans.
Thursday 3 July
Economic Data
- 12:30 Unemployment Rate: Forecast at 4.2%, a rise could fuel recession fears and increase bets on Fed rate cuts.
- 14:00 ISM Services PMI: Expected at 50.3, a drop below 50 would indicate service sector weakness, potentially affecting market sentiment.
Friday 4 July
US traditional markets closed for the 4 July holiday.
