Cryptocurrency Market Volatile as Key Data, Legislation, and Token Unlocks Loom

Cryptocurrency prices experienced a strong performance last week, with Bitcoin surging to a record high and the Fear and Greed Index entering the greed zone at 67. This week, the market is expected to remain volatile as the U.S. publishes its consumer price index data and the earnings season begins. Additionally, U.S. politicians will focus on several key legislative acts related to cryptocurrencies, including the GENIUS Act, CLARITY Act, and an anti-CBDC bill.

Among the top cryptocurrencies to watch this week are Trump Coin (TRUMP), ApeCoin (APE), and Arbitrum (ARB). Trump Coin, the official meme coin, has seen a significant decline, crashing by over 80% from its highest level this year. This has resulted in the erasure of billions of dollars in value. Recently, the token rose by about 13% from its lowest point this month, but it still underperformed compared to other top coins. This week, Trump Coin will be in the spotlight as it unlocks millions of more tokens, with $1.94 billion worth of tokens set to be released on Friday, equivalent to about 100% of the float. These token unlocks are likely to lead to further downside for the meme coin.

ApeCoin, on the other hand, has shown signs of recovery over the past few days, jumping from a low of $0.527 on June 22 to $0.656. However, APE has lagged behind other coins due to the falling sales of Bored Ape Yacht Club NFTs in recent months. For instance, data indicated that BAYC NFT sales totaled over $2.1 million in the last seven days. ApeCoin will also be in the spotlight as the network unlocks APE tokens worth over $38 million, equivalent to 1.89% of the float. On the positive side, APE’s unlocks are nearing the end since 93% have been released.

Arbitrum token has bounced back in the past few days, forming a double-bottom pattern at $0.2491. This technical pattern is considered one of the top bullish catalysts. The Arbitrum price will be closely watched this week as Robinhood utilizes its technology to offer tokenized assets. Additionally, the network will unlock $38.15 million worth of tokens, approximately 1.89% of the total supply. This event will likely draw significant attention from investors and traders.

Meanwhile, other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) will also be in the spotlight as their ETF inflows gain steam. The other top coins to watch will be deBridge, ZetaChain, LayerZero, and Kaito. These cryptocurrencies are expected to experience increased volatility and investor interest due to various market factors and upcoming events.