As the new week begins, significant events in the cryptocurrency sector and broader economic landscape are on the horizon. Bitcoin BTC$62,560.27 is entering the week just under $63,000, with the U.S. jobs report scheduled for Friday being a key indicator that could influence the ongoing recovery seen in July. Additionally, factors related to Iran are anticipated to gain importance in the coming days.

A modest uptick in U.S. job creation could be favorable for risk assets, including cryptocurrencies. Such an increase would alleviate concerns about a potential economic slowdown without prompting the Federal Reserve to consider raising interest rates.

Market analyst Tony Sycamore from IG noted that an increase of approximately 88,000 jobs, while keeping unemployment steady at 4.2%, would represent a “Goldilocks-type print,” striking a balance that investors would welcome.

Another focal point for the week will be the U.S. government's borrowing strategy. According to JPMorgan strategist Jay Barry, the Treasury is expected to maintain its routine debt sales, which would help prevent additional pressure on interest rates. Conversely, larger-than-anticipated sales could lead to increased borrowing costs for households and businesses, potentially impacting the cryptocurrency market negatively.

Investors will also be monitoring earnings reports from Circle, Galaxy, Block, and six bitcoin mining companies. The proposal BIP-110, aimed at temporarily limiting non-financial data on the Bitcoin blockchain, is set to enter its necessary miner-signaling phase soon.

With less than 3% support, it is more likely that this proposal will shift nodes enforcing the change to a smaller alternative chain instead of modifying Bitcoin's main network.

What to Watch

(All times ET)

  • Crypto
    • Aug. 3: Ctrl Wallet will cease sending, receiving, swaps, and decentralized app (dapp) access as it transitions to an export-only model.
    • Around Aug. 7: BIP-110’s mandatory miner-signaling window will commence at block 961,632.
  • Macro
    • Aug. 3, 10 a.m.: U.S. ISM Manufacturing PMI for July (Prev. 53.3)
    • Aug. 4, 10 a.m.: U.S. JOLTs Job Openings for June (Prev. 7.594M)
    • Aug. 5, 8:15 a.m.: U.S. ADP Employment Change for July (Prev. 98K)
    • Aug. 5, 8:30 a.m.: U.S. Treasury Quarterly Refunding Announcement
    • Aug. 5, 10 a.m.: U.S. ISM Services PMI for July (Prev. 54)
    • Aug. 6, 5 a.m.: Eurozone Retail Sales YoY for June (Prev. 1.6%)
    • Aug. 6, 8:30 a.m.: U.S. Initial Jobless Claims for the week ending Aug. 1 (Prev. 197K)
    • Aug. 7, 8:30 a.m.: U.S. Nonfarm Payrolls for July (Prev. 57K); Unemployment Rate (Prev. 4.2%); Average Hourly Earnings MoM (Prev. 0.3%)
    • Aug. 8, 9:30 p.m.: China Consumer Price Index YoY for July (Prev. 1.0%); MoM (Prev. -0.3%)
  • Earnings
    • Aug. 3: American Bitcoin (ABTC), pre-market, $0.15
    • Aug. 4: Hut 8 (HUT), pre-market, -$0.32
    • Aug. 5: MercadoLibre (MELI), post-market, $8.95
    • Aug. 5: Circle Internet Group (CRCL), pre-market, $0.17
    • Aug. 5: Galaxy Digital (GLXY), pre-market, -$0.05
    • Aug. 5: Riot Platforms (RIOT), pre-market, -$0.22
    • Aug. 5: Block (XYZ), post-market, $0.79
    • Aug. 5: TeraWulf (WULF), pre-market, -$0.19
    • Aug. 6: CleanSpark (CLSK), post-market; -$0.26
    • Aug. 6: MARA Holdings (MARA), post-market, -$0.33

Token Events

  • Governance Votes & Calls
    • Stake DAO is voting to extend its SDGP-70 ex gratia compensation to Arbitrum asdCRV LlamaLend borrowers who were unfairly liquidated during the May 27 vsdCRV oracle manipulation. Voting ends Aug. 3.
    • 1inch DAO is voting to adopt the SEAL Safe Harbor Agreement, which provides legal protection and a bounty of up to $500,000 for whitehat hackers rescuing protocol funds during active exploits. Voting ends Aug. 3.
    • Giveth DAO is voting to allocate 8.5M GIV to extend its GIVpower staking rewards on Optimism and Gnosis Chain until February 2027. Voting ends Aug. 3.
    • QuickSwap is voting on whether to keep its Old QUICK to New QUICK converter open indefinitely or to implement a six-month phase-out. Voting ends Aug. 4.
    • GoodDollar DAO is voting to establish its first Treasury Committee for budget planning and member recruitment. Voting ends Aug. 5.
    • Orbs is voting to formally create the Orbs DAO, set up its initial multisig wallets, and delegate foundational powers to the new organization. Voting ends Aug. 6.
  • Unlocks
    • Aug. 3: Bittensor (TAO) will unlock 2.3% of its circulating supply, valued at $41.3 million.
    • Aug. 3: SUI$0.6851 will unlock 0.6% of its circulating supply, worth $17.2 million.
    • Aug. 5: Succinct (PROVE) will unlock 116.7% of its circulating supply, valued at $39.3 million.
    • Aug. 7: Layer One X (L1X) will unlock 7.4% of its circulating supply, worth $146.9 million.
    • Aug. 7: JTO$0.4992 will unlock 3.9% of its circulating supply, worth $8.5 million.
    • Aug. 8: Stable (STABLE) will unlock 3.7% of its circulating supply, valued at $30.3 million.
  • Token Launches
    • Aug. 3: Kayan will initiate the KYN token-generation event and list on the Panoptes PBC ATS marketplace.
    • Aug. 7: Coinbase Prime will delist IDEX$0.001037, Loopring (LRC), Omni Network (OMNI), Pirate Nation (PIRATE) and FIS$0.003800.

Conferences

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