New Bitcoin highs and Ethereum breakouts defined July. Interestingly, momentum shifted from BTC to altcoins in the latter part of the month. Will this trend carry into August?
Here’s your look at the economic and crypto events that could shape the weeks ahead. But first, a look back at last month’s key price moves.
What happened in July?
Crypto markets were relatively subdued until around 10 July, when Bitcoin broke out of its consolidation range around $108,000 and climbed to new highs above $117,000. That marked the first leg up. The next push to over $122,000 coincided with the start of “Crypto Week” in the US, during which three key crypto bills were passed. Since then, Bitcoin has been range-bound between $118,000 and $120,000, but it’s handed the momentum to Ethereum and altcoins, which picked up the rally.
A clear narrative is starting to form around Ethereum, with companies beginning to adopt the same treasury strategy that others previously used with Bitcoin. ETH, the original smart contracts crypto, is up about 60% over the month, compared to Bitcoin’s 10%.
Other altcoins also posted strong gains in July. Hedera (HBAR) nearly doubled in price, while familiar names like XRP, Dogecoin (DOGE), Solana (SOL), and Cardano (ADA) all rallied more than 30%. Some speculate this could be the start of altcoin season, when alts outperform Bitcoin, but it’s still too early to tell.
What’s happening in August?
Trade tariff deadline
1 August
Why investors care
The US has set a firm deadline for implementing new tariffs on various countries, ranging from 10% to 50%. These tariffs continue to create uncertainty that have in the past rippled through financial markets.
US unemployment rate
1 August
Why investors care
The 2025 labour market data so far indicates steady but slowing job growth with unemployment around 4.1% to 4.3%.The Federal Reserve has kept interest rates unchanged considering this and other data, but a softening labour market could strengthen the case for rate cuts in future.
Solana phone release
4 August
Why investors care
Solana is set to launch its second smartphone, the Solana Seeker, with shipping beginning 4 August. Marketed as “the definitive Web3 mobile device,” the launch could draw attention from crypto markets, if past Solana phone releases are any indication.
US inflation
12 August
Why investors care
June’s Consumer Price Index (CPI) showed a 0.3% increase, the largest monthly rise in five months and above May’s 0.1% uptick. The annual inflation rate climbed to 2.7%, up from 2.4% in May. These figures could reinforce the Fed’s decision to keep rates steady and opt for gradual adjustments over more aggressive policy moves.
US China trade tariff deadline
12 August
Why investors care
Another tariff deadline that could mark the end of the current US-China tariff truce. Both sides are set to meet in Stockholm just before this date to negotiate a truce extension. Tensions could escalate and impact financial markets if these negotiations fail.
FOMC minutes
20 August
Why investors care
The CME FedWatch Tool shows that 61% of investors expect the Fed to cut rates in September. The tool bases its probabilities on pricing in Fed Funds futures, which reflect investor expectations. Markets will be watching the minutes from July’s meeting for any clues as to whether the Fed agrees with this sentiment.
