Weekly Pulse #17: July 1st – 7th

Mark Vermeulen, 3 min read
Last Updated: 8 July, 2024

Crypto Market Weekly Recap

Bitcoin Price Fluctuations

Bitcoin experienced volatility this past week, with prices ranging between approximately $54,000 and $64,000. According to CoinGecko data, Bitcoin reached a weekly high of around $63,800 on Monday and dropped to a low of about $54,300 on Friday.

Mt. Gox Repayments

The Mt. Gox trustee announced the start of repayments to creditors. However, the exact mount of Bitcoin moved or distributed has not been officially verified. The market reacted to this news, but the precise impact on Bitcoin’s price is difficult to quantify.

Ethereum Performance

Ethereum also saw significant price movements. The second-largest cryptocurrency by market cap traded between approximately $3,000 and $3,400 over the week, based on CoinGecko data.

Circle’s European Expansion

Circle, the company behind the USDC stablecoin, announced its registration as an electronic money institution (EMI) in France. This registration allows Circle to operate under the European Union’s Markets in Crypto-Assets (MiCA) regulation.

Sony’s Crypto Exchange Plans

Sony announced plans to launch a cryptocurrency exchange in Japan. The company renamed its previously acquired WhaleFin platform to S.BLOX Co., but no specific launch date has been provided.

Layer-2 Token Performance

Several Layer-2 tokens experienced price declines over the past month. According to CoinGecko:

  • Optimism’s OP token is down approximately 45% over the last 30 days
  • Arbitrum’s ARB token has fallen about 43% in the same period

Robinhood’s Crypto Futures Exploration

Robinhood announced it is exploring offering crypto futures in both the U.S. and Europe. The company is considering launching CME-based futures for Bitcoin and Ether in the U.S., but no specific timeline has been provided.

Legacy markets

Markets Show Resilience Amid Mixed Signals

Despite ongoing economic uncertainty, major stock indexes demonstrated resilience last week, shaking off an initial slide to post gains. Dovish central bank messaging and positive labor data provided tailwinds, while sectors like EV and entertainment saw stock-specific rallies.

Benchmarks Buoyed by Fed and Jobs Report

The S&P 500 logged its best week since April, advancing 1.4% to near the 5,600 level. The tech-heavy Nasdaq also saw a robust 3.3% weekly gain. Driving the risk-on move was a hot June jobs report that assuaged recession fears, as well as perceived dovish signaling from Fed members on future rate hikes.

UK Politics Move Domestic Shares

In the UK, domestically-exposed equities rallied after the Labour party’s decisive election victory. The domestically-focused FTSE 250 index climbed 0.7%, reflecting optimism for increased fiscal stimulus. However, the export-heavy FTSE 100 fell 0.6% on a stronger pound, which dims prospects for overseas earners.

M&A Action in Aerospace and Media

Two big M&A deals made waves last week. Boeing moved to solidify control of its supply chain by acquiring parts supplier Spirit AeroSystems in a $4.7 billion all-stock deal. Reports also emerged of a preliminary merger pact between Paramount Global and production company Skydance Media, sending Paramount shares up 15%.

Tesla Leads Broader EV Resurgence

Tesla stock vaulted 26% higher to erase its year-to-date losses, buoyed by second quarter deliveries that topped estimates. The company’s robust performance helped lift the broader electric vehicle sector, with double-digit gains seen by Rivian, Polestar, Li Auto and other high-profile players.

Leadership Change in JP Morgan Research

JP Morgan’s chief global markets strategist and prominent analyst Marko Kolanovic is said to be exiting the bank after over 15 years. Hussein Malik will now singly lead JP Morgan’s global research division. The move refocuses attention on leadership succession planning in Wall Street research roles.

Meme Stock Volatility Impacts Chewy, DJT

Chewy shares sank 11% as meme stock catalyst Roaring Kitty faced lawsuits over alleged improper trading around GameStop’s volatility. Meanwhile, shares of Trump Media and Technology Group (DJT) dropped 26% despite plans to acquire assets to power the firm’s planned streaming video service.

Commodities See Supply and Demand Shifts

Cotton prices eased last week on profit-taking after supply tightness lifted values earlier. Delayed crop shipments from the US and Brazil have tightened availability. In precious metals, silver surged to an eight-day peak above $31 as a weak jobs report boosted rate cut hopes, lifting inflation hedges.

Mark Vermeulen

A native of the Netherlands with a degree in finance, Mark has emerged as an avid crypto enthusiast and expert. His dedication to blockchain technology and bitcoin adoption has made him the driving force behind the Dutch content of Ecoinomy. Mark's adventure began during college, where his passion for decentralized finance quickly caught his eye. His ability to simplify complex concepts around crypto has earned him prestige among Dutch investors and far beyond.