Bitcoin continues to trade below the $60,000 level, where it fell sharply last week, while this week there will be developments that will closely concern the financial markets and therefore the crypto world.

Will Powell hint at interest rate cuts?

On July 31, Jerome Powell’s speech will be important for the economic plans of the Fed, which will announce its new interest rate decision. Powell will first answer questions before the Senate Banking Committee on Tuesday and then the House of Representatives Financial Services Committee on Wednesday. Powell’s comments on the course of the economy, the timing of possible interest rate cuts and his general comments will be carefully monitored.

Will inflation fall?

On Thursday, US CPI data, which the world markets are eagerly awaiting, will be announced. The expectation for the headline inflation rate, which was announced as 3.3% in May, was 3.1% this time. If inflation comes in as expected or falls further, it may increase the likelihood of a rate cut by the Fed in September. As it is known, there will be no Fed meeting in August and therefore no interest rate decision will be announced. Especially in the US, where the service sector contracted and the unemployment rate increased, low inflation data will be important in terms of cooling the economy.

Will there be any surprises in Ether spot ETFs?

With all these, the last corner has now entered the last corner for Ether spot ETFs to be opened for trading. The ETFs, whose 19b-4 filings were approved by the SEC in May, are now awaiting approval of their S-1 filings. While some experts say the funds could open for trading this week, the vast majority predict that they will officially go public in the week starting July 15.

“Digital commodities” meeting by the Agriculture Committee

Meanwhile, the Congressional Agriculture Committee, which oversees the Commodity Futures Trading Commission (CFTC), will hold a “Digital Commodities” hearing. Here, CFTC chairman Rostin Behnam will answer questions from members of Congress.

The Agriculture Committee is seen as one of the most important committees in the regulation of commodities in the US.

“Let’s not lose crypto to Trump” step by Democrats

One of the important developments of the week will be the meeting organized by US Congressman and Congressman Ro Khanna. Khanna, a congressman representing the 17th Congressional district, including Silicon Valley, will host important names from the crypto sector in Washington. There will also be many business people and politicians known outside the crypto world at the meeting. A representative from the White House will also attend the meeting, as well as Mark Cuban, a famous businessman and crypto supporter.

Khanna, a member of the Democratic Party, is said to be aiming to show that Democrats, rather than Trump, who appears to be “crypto-friendly”, are also warming to the field.

In addition to these meetings, Senate meetings will take place to nominate SEC Commissioner Caroline Crenshaw for her position at the agency and Commodity Futures Commission member Christy Goldsmith Romero for the FDIC chairmanship.