MARKETS week ahead: July 22 – 28
Last week in the news
There are two major events which impact the markets during the previous week. The first one was assassination attempt on the US presidential candidate Donald Trump, which occurred on Sunday, and the second one was the largest IT outrage that occurred during an update of the Microsoft systems. The ECB left interest rates unchanged, but it was somehow left behind market interest, due to previous two events. BTC rallied during the week, ending above the $ 67K during weekend trading. The US Treasury yields are weighing potential rate cuts in September, reverting a bit back toward 4.24%. Gold tested higher grounds, however, ending the week for one more time at 2.4K due to strengthening of the USDollar. Major IT outage made investors question whether tech companies reached their maximum within this economic cycle, which pushed the S&P 500 1.9% lower as of the weekend.
The European Central Bank left interest rates unchanged at their meeting held on Thursday. This was in line with market expectations. In an after-the-meeting speech, ECB President Lagarde noted that the potential rate cut in September is open, considering weakening in the economy of the EuroZone, while the inflation is expected to stay at lower levels. Some policy makers are still of the opinion that the June rate cut was premature.
A software update from the company CrowdStrike impacted a huge IT outrage in the western countries and Australia. Computers with Microsoft operating systems were affected, some 8.5 million as per Microsoft estimate, impacting that governments, hospitals, airports, banks, payment systems and many other important functions stop working and providing services. At the same time, Mac and Linux operating systems were not affected. Engineers from both CrowdStrike and Microsoft managed to fix the issue within a few hours, but the damage had already been done, through a significant drop in the share prices of some 10% of both companies.
There is an emerging number of analysts who are warning their clients over a potential reversal in the US stock market. The latest warning came from strategists from Societe Generale Bank. They noted a recent surge in small cap companies, where investors are slowly moving their assets from the tech industry to companies which could benefit the most from upcoming rate cuts. They noted “with the US Tech sector now accounting for some 35% of the S&P 500 market cap, investors need to be on high alert for a potential bursting of the bubble”.
Italy made its first digital bond issuance through the Polygon network. A state owned development bank Cassa Depositi e Prestiti SpA and Italy's largest lender, Intesa Sanpaolo, completed a bond issuance in the amount of 25 million euros with four month maturity.
Crypto market cap
There are generally two major events which occurred during the previous week, which impacted a strong shift in the crypto market capitalization to the upside. The first event occurred on Sunday, which was related to assassination attempt of the US Presidential candidate Donald Trump. As this unfortunate event significantly increased his odds to win the presidential elections, the investors changed the sentiment for the crypto market from neutral to positive, considering that Trump supports the crypto industry. The second event occurred on Friday, with the highest IT outage occurring due to an unfortunate Microsoft operating system update. Total crypto market capitalization was increased by 14% on a weekly basis, adding 296B to its market cap. Daily trading volumes were also increased to the level of around 136B on a daily basis, from 124B traded a week before. Total crypto market capitalization increase from the end of the previous year currently stands at 767B, which represents a 47% surge from the beginning of this year.
This was a second green week on the crypto market, however, with a stronger impact. Major coins were leading the crypto market cap increase in nominal terms. BTC surged by more than 15% on a weekly basis, adding total 175B to its market cap. ETH took the second place with a surge of almost 12% w/w, increasing its value for 44.5B. Solana had an excellent week, with an increase in market cap of 15.8B or 24.4% on a weekly basis. BNB should be also mentioned, as the coin surged by almost 13%, adding $ 10B to its cap. DOGE surged by almost 21%, increasing its cap by additional 3.3B. This week XRP also had good performance with a surge of 10.6% or 3.2B. The majority of other altcoins also had a surge of around 10% w/w. Interestingly, there has been only a few coins on a losing side, few of which are ADA, which was down by 0.6%, Tron dropped by 4.5% while Uniswap was down by 1.2%.
Changes in the number of circulating coins slowed down a bit during the week. Tether generally had a good week, with a surge in coins of 1.3%, which is the percentage of increase in its market cap. Stellar added 0.3% of new coins to the market, while Filecoin increased its number by 0.2%, same as XRP.
Crypto futures market
Movements from the spot market were reflected also in the crypto futures market. Both BTC and ETH futures were traded on higher grounds from the week before. BTC short term futures were traded higher by more than 16%, for all maturities, while ETH futures closed the week around 13% higher from the week before.
BTC futures maturing in December this year closed the week at price $69.500, while those maturing a year later were last traded at $77.440. This represents one of the highest prices of BTC futures for maturity December 2025, and expresses current strong market optimism regarding BTC`s levels in the future. ETH futures maturing in December this year were last traded at $3.674, while those maturing in December 2025 closed the week at $3.932.
There are two major events which impact the markets during the previous week. The first one was assassination attempt on the US presidential candidate Donald Trump, which occurred on Sunday, and the second one was the largest IT outrage that occurred during an update of the Microsoft systems. The ECB left interest rates unchanged, but it was somehow left behind market interest, due to previous two events. BTC rallied during the week, ending above the $ 67K during weekend trading. The US Treasury yields are weighing potential rate cuts in September, reverting a bit back toward 4.24%. Gold tested higher grounds, however, ending the week for one more time at 2.4K due to strengthening of the USDollar. Major IT outage made investors question whether tech companies reached their maximum within this economic cycle, which pushed the S&P 500 1.9% lower as of the weekend.
The European Central Bank left interest rates unchanged at their meeting held on Thursday. This was in line with market expectations. In an after-the-meeting speech, ECB President Lagarde noted that the potential rate cut in September is open, considering weakening in the economy of the EuroZone, while the inflation is expected to stay at lower levels. Some policy makers are still of the opinion that the June rate cut was premature.
A software update from the company CrowdStrike impacted a huge IT outrage in the western countries and Australia. Computers with Microsoft operating systems were affected, some 8.5 million as per Microsoft estimate, impacting that governments, hospitals, airports, banks, payment systems and many other important functions stop working and providing services. At the same time, Mac and Linux operating systems were not affected. Engineers from both CrowdStrike and Microsoft managed to fix the issue within a few hours, but the damage had already been done, through a significant drop in the share prices of some 10% of both companies.
There is an emerging number of analysts who are warning their clients over a potential reversal in the US stock market. The latest warning came from strategists from Societe Generale Bank. They noted a recent surge in small cap companies, where investors are slowly moving their assets from the tech industry to companies which could benefit the most from upcoming rate cuts. They noted “with the US Tech sector now accounting for some 35% of the S&P 500 market cap, investors need to be on high alert for a potential bursting of the bubble”.
Italy made its first digital bond issuance through the Polygon network. A state owned development bank Cassa Depositi e Prestiti SpA and Italy's largest lender, Intesa Sanpaolo, completed a bond issuance in the amount of 25 million euros with four month maturity.
Crypto market cap
There are generally two major events which occurred during the previous week, which impacted a strong shift in the crypto market capitalization to the upside. The first event occurred on Sunday, which was related to assassination attempt of the US Presidential candidate Donald Trump. As this unfortunate event significantly increased his odds to win the presidential elections, the investors changed the sentiment for the crypto market from neutral to positive, considering that Trump supports the crypto industry. The second event occurred on Friday, with the highest IT outage occurring due to an unfortunate Microsoft operating system update. Total crypto market capitalization was increased by 14% on a weekly basis, adding 296B to its market cap. Daily trading volumes were also increased to the level of around 136B on a daily basis, from 124B traded a week before. Total crypto market capitalization increase from the end of the previous year currently stands at 767B, which represents a 47% surge from the beginning of this year.
This was a second green week on the crypto market, however, with a stronger impact. Major coins were leading the crypto market cap increase in nominal terms. BTC surged by more than 15% on a weekly basis, adding total 175B to its market cap. ETH took the second place with a surge of almost 12% w/w, increasing its value for 44.5B. Solana had an excellent week, with an increase in market cap of 15.8B or 24.4% on a weekly basis. BNB should be also mentioned, as the coin surged by almost 13%, adding $ 10B to its cap. DOGE surged by almost 21%, increasing its cap by additional 3.3B. This week XRP also had good performance with a surge of 10.6% or 3.2B. The majority of other altcoins also had a surge of around 10% w/w. Interestingly, there has been only a few coins on a losing side, few of which are ADA, which was down by 0.6%, Tron dropped by 4.5% while Uniswap was down by 1.2%.
Changes in the number of circulating coins slowed down a bit during the week. Tether generally had a good week, with a surge in coins of 1.3%, which is the percentage of increase in its market cap. Stellar added 0.3% of new coins to the market, while Filecoin increased its number by 0.2%, same as XRP.
Crypto futures market
Movements from the spot market were reflected also in the crypto futures market. Both BTC and ETH futures were traded on higher grounds from the week before. BTC short term futures were traded higher by more than 16%, for all maturities, while ETH futures closed the week around 13% higher from the week before.
BTC futures maturing in December this year closed the week at price $69.500, while those maturing a year later were last traded at $77.440. This represents one of the highest prices of BTC futures for maturity December 2025, and expresses current strong market optimism regarding BTC`s levels in the future. ETH futures maturing in December this year were last traded at $3.674, while those maturing in December 2025 closed the week at $3.932.
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