TL;DR:
- Crypto markets open the week with a total capitalization of $2.26 trillion, supported by a 2.7% rally in Bitcoin that reached $63,700.
- The release of the FOMC minutes on Wednesday, July 8, is the key macro event, mainly due to inflationary pressures and expectations around new Fed Chair Kevin Warsh.
- SpaceX will join the Nasdaq 100 on July 7, which could boost demand for its shares among index funds.
The week is not expected to bring major shocks to the crypto markets, though several macroeconomic data points will be released that could signal the direction of monetary policy in the United States.
Total market capitalization stands at $2.26 trillion after a positive weekend: Bitcoin rose 2.7% to reach $63,700, its highest level in two weeks following its worst month in four years. Ethereum also posted a strong week, gaining 14% and approaching $1,800.
Key Events This Week:
1. June S&P Global Services PMI data – Monday
2. ADP Employment Change data – Tuesday
3. Fed Meeting Minutes – Wednesday
4. Initial Jobless Claims data – Thursday
5. June Existing Home Sales data – Thursday
6. IEA Monthly Report – Friday
We are one…
— The Kobeissi Letter (@KobeissiLetter) July 5, 2026
The Market Awaits the FOMC Minutes and Labor Market Health
The most relevant event of the week is the release of the minutes from the last meeting of the Federal Open Market Committee (FOMC), scheduled for Wednesday, July 8.
This will be the first document of its kind under the leadership of the new Fed Chair, Kevin Warsh, and investors are hoping to gauge how hawkish the institution could become given the persistence of inflationary pressure. “I think it will be interesting to see how the discussion developed at the table, how progressively restrictive they are inclined to be,” said Matthew Miskin, co-chief investment strategist at Manulife John Hancock Investments. The Federal Reserve made no changes to rates at its last meeting, but rising energy prices open the door to potential hikes.
Thursday will bring the initial jobless claims report, in a week where the labor market had already shown signs of deterioration: full-time employment fell by 514,000 positions in June, reaching its lowest level since December 2024. “The weakness in the US labor market is deepening,” warned The Kobeissi Letter.
SpaceX Joins the Nasdaq 100 with 18,712 BTC
Monday also marks the start of trading for American Bitcoin (ABTC) following the completion of a 1-for-15 reverse split, which reduced the total shares outstanding to approximately 73 million. The move allowed it to avoid a Nasdaq delisting.
SpaceX will formally join the Nasdaq 100 on Tuesday, becoming the fourth member of the technology index to hold Bitcoin on its balance sheet, alongside Tesla, Strategy, and MercadoLibre. With 18,712 BTC, Elon Musk’s company will carry greater weighting in the index than the latter two. The membership will drive demand for its shares, both through the need for index funds to gain exposure to the company and through the investment criteria it will now be able to meet.
