Crypto Market Awaits US-Iran Truce, CLARITY Act Vote, and FOMC Rate Decision
The US-Iran truce and the CLARITY Act are key events for the crypto market this week.
Ambassador to the United Nations Mike Waltz said that Trump is giving talks some space, indicating a diplomatic solution may still be possible. However, Iranian Foreign Ministry's spokesman Esmaeil Baghaei charged that Washington was hurting efforts to restore the diplomatic process.
The CLARITY Act has little chance of passing before August recess with only 0.6% odds of passage by August 1 on Kalshi. Senate Majority Leader John Thune intends to get the bill to the floor of the Senate before the start of the August recess, but he stated that he would like to at least get Clarity started.
The Federal Reserve's decision on monetary policy on July 29 is also in focus. Markets see a 62.1% chance of no change to the fed funds target range and a 37.9% chance of a 25-basis-point increase.