Markets
Goldman Sachs S-1 Filings, ETH ETFs, and More from U.Today
U.Today – The cryptocurrency market is gearing up for a potential turnaround in July, which will be fueled by several crucial factors. Here are five key indicators to watch:
Potential Federal Reserve Rate Cuts
The Federal Reserve could cut interest rates as early as September, according to recent reports, and again in December. Markets will get liquidity from these cuts, analysts say, and cryptocurrencies could benefit from another positive CPI print.
ETF S-1 Filing Progress
Ethereum ETF issuers recently received their S-1 forms from the SEC, with a request for minor changes. Before being approved, these issuers must respond to criticism and resubmit, passing at least one more round of review. This is the result of attracting more institutional investors.
CFTC Chairman’s Position on Cryptocurrency Regulation
According to recent comments made by the CFTC chairman, between 70% and 80% of cryptocurrencies are not securities, which underscores the need for the CFTC to regulate these assets in accordance with the Commodities Exchange Act. This position could end the long-running debate over whether cryptocurrencies are best classified as commodities or securities, providing much-needed regulatory clarity and boosting investor confidence.
Goldman Sachs Tokenization Projects
By the end of the year, Goldman Sachs wants to launch three tokenization initiatives, with an emphasis on the US and European markets. These initiatives, led by tokenization and cryptocurrency enthusiast Mathew McDermott, have the potential to attract significant institutional interest and investment in the cryptocurrency business.
JPMorgan’s optimistic outlook
In a report released today, JPMorgan forecasts a bullish rebound for Bitcoin in August. Despite recent market declines, the bank remains bullish on Bitcoin’s prospects. The analysis notes that it expects less downward pressure as the recent wave of crypto liquidations fades. To better reflect the current state of the market, JPMorgan also lowered its estimate of year-to-date cryptocurrency net inflows from $12 billion to $8 billion.