Crypto Market Movers: Key Events to Watch This Week
iconKuCoin News
2024-07-02 04:58
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This week, several major events are poised to impact the crypto market significantly. Key developments include the release of the Federal Open Market Committee (FOMC) meeting minutes, the launch of Etherfi’s airdrop Season 3, and several other crucial events that are likely to influence the decentralized finance (DeFi) sector and the broader crypto industry.

 

Quick Take

  • The release of the Federal Open Market Committee (FOMC) meeting minutes and non-farm payroll figures for June are critical for the crypto market.

  • Etherfi’s announcement of its ETHFI airdrop Season 3 is a major event for Ethereum network participants. 

  • The unlocking of SUI tokens and other major tokens like ENA and DYDX is set to influence various token economies.

FOMC Meeting Minutes and June NFP Data From the US 

This week, the crypto market is bracing for several macroeconomic data releases, notably the FOMC meeting minutes and the non-farm payroll figures for June. Analysts expect 180,000 new jobs in June, keeping the unemployment rate at 4%, the highest since February 2022. May saw a gain of 272,000 jobs, initially boosting confidence about the economy despite signs of a slowdown.

 

Investor concerns about US economic momentum may grow with below-expectation numbers. June’s data revealed continuing unemployment claims at 1.84 million, a peak since November 2021, highlighting difficulties for job seekers. The focus will also be on the average hourly earnings growth, expected to decrease to a post-pandemic low of 3.9% year-on-year in June.

 

BTC Price Performance: Watch Liquidity Levels - $62.5k to $63.5k

BTC/USDT price chart | Source: KuCoin 

 

Analysts believe these insights will significantly impact Bitcoin (BTC) and the broader crypto market. According to crypto analyst CrypNuevo, Bitcoin has shown preliminary signs of potential market movements.

 

CrypNuevo observed two crucial liquidity areas of interest: between $62,500 and $63,500 (primary short-term liquidity zone) and around $67,100 (significant mid-term zone). Additionally, CrypNuevo noted an issue in the opposite direction involving a long wick, which will likely get filled to balance the open interest gaps.

 

“So I finally came up with this projection: Not necessarily for the week ahead, the time frame is more like 2-3 weeks. Impulsive moves up to liquidate high-leverage short positions and then drop back down to fill the 50% of the wick. Forming a potential accumulation range,” CrypNuevo wrote.

 

Read more: Bitcoin Price Rebounds Past $63,000: Will It Hit $70K in July? 

 

Etherfi Announces ETHFI Airdrop Season 3

Etherfi, a protocol offering liquid restaking services on the Ethereum network, has announced details concerning its Season 3 ETHFI airdrop. Etherfi has committed to distributing 25 million ETHFI tokens. The allocation of these tokens will be based on each community member’s level of participation and engagement.

 

Season 3 kicked off on July 1 and is expected to run until the beginning of September. Following the end of the season, the airdrop distribution will take place.

 

SUI and Other Major Token Unlocks

Ethena (ENA), the synthetic currency protocol on Ethereum, will unlock 14.89 million of its native token, ENA, dedicated to ecosystem development. These tokens represent 0.92% of ENA’s circulating supply and are worth approximately $7.62 million.

 

In addition to ENA, DYDX and SUI have also held token unlocks earlier this week. 

 

Read more: DYDX, IO, SUI, and Other Major Token Unlocks to Watch in July 2024

 

zkSync Introduces Elastic Chain in 3.0 Roadmap

zkSync, an Ethereum layer-2 (L2) network, has introduced a new “Elastic Chain” feature in its latest zkSync 3.0 roadmap. The v24 upgrade transforms zkSync into an Elastic chain from a single ZK chain. This Elastic Chain comprises multiple chains within the zkSync ecosystem, offering users the experience of using a single chain.

 

Matter Labs, the team behind zkSync, describes the Elastic Chain as an infinitely extensible network of ZK chains. These include rollups, validiums, and volitions. They are secured by mathematical proofs and seamlessly interoperable with a uniform, intuitive user experience.

 

Parcl’s Upcoming PRCL Staking Program

Parcl, a real-world asset (RWA) tokenization protocol on the layer-1 blockchain Solana, will present its upcoming PRCL staking program this week. Staking will effectively unlock all participation in the Parcl ecosystem, including governance, existing and future protocol incentives, and Parcl Labs Data API access.

 

Epochs are a fundamental principle of time for staking, with one epoch equaling seven days. The first epoch will be announced shortly.

 

Zero1 Labs Reveals a New Community Program

Zero1 Labs, a decentralized AI solution, has announced a major activation for the Zero1 community. This initiative, involving over 25 prominent communities, aims to further decentralize its native token, DEAI.

 

The new Community Program seeks to foster greater engagement within crypto communities and expand Zero1 Labs into the largest AI crypto community. It delivers exclusive rewards to new supporters by forming strategic alliances with top community projects.

 

Collaborating with well-known communities, Zero1 Labs offers users a chance to claim a share of a $2 million DEAI prize pool. Participants can earn rewards by engaging with the community and writing unique content about Zero1 Labs. They can enhance their chances of receiving more rewards by completing various social tasks, such as following on X, joining the Discord community, and discussing DEAI on X.

 

The Community Program will officially kick off on July 3, 2024. To ensure fair participation, snapshots of specific communities will be taken the day before the announcement. This snapshot will determine eligibility, giving participants limited time to engage in social activities and maximize rewards.

 

NATIX Token Launch and Listings

NATIX Network will launch its token, NATIX, on July 2. On the same day, major crypto exchanges, including KuCoin and Gate.io, will list the NATIX token on their respective platforms.

 

This launch is anticipated to provide significant opportunities for traders and investors as it becomes available on prominent exchanges. NATIX is an AI-powered dynamic map supercharged by the decentralized physical infrastructure (DePIN) and driver community.

 

Conclusion

This week’s news highlights significant milestones and potential market shifts in the crypto space. Investors should closely monitor the release of the FOMC meeting minutes and macroeconomic data, as they could impact Bitcoin and the broader market. Participating in Zero1 Labs' Community Program and Etherfi’s ETHFI airdrop Season 3 could offer lucrative opportunities. The launch of NATIX tokens and major token unlocks, like SUI and ENA, may present trading opportunities. Additionally, zkSync’s Elastic Chain and Parcl’s PRCL staking program could signal important developments in the DeFi sector. Stay informed, engage with these events, and be ready to act on emerging trends to maximize your investment potential.

 

Source:BeInCrypto
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