Altcoins
Bitcoin, Altcoins in Focus as Market Eyes Ether ETF, Fed Chair Commentary, and More
The cryptocurrency market is abuzz with a series of key events expected to impact Bitcoin and altcoin trading this week. The cryptocurrency market has been highly volatile lately, with government BTC meltdowns, Mt. Gox repayment issues, and other related factors. However, this week would be a pivotal one for the digital asset space, with a series of events expected to weigh on market sentiment.
Bitcoin and Altcoin Traders Watch This Week’s Key Events
Ethereum ETF to Fuel Market Sentiment
The buzz that is skyrocketing above the Ethereum Spot ETF in the United States The SEC approval has been evidenced by the recent discussions in the cryptocurrency market. Apart from altcoins, the approval is also expected to show its impact on the performance of Bitcoin.
Meanwhile, recent comments from Bloomberg senior ETF analyst Eric Balchunas and ETF Store president Nate Geraci highlight the SEC’s silence on the matter. However, despite the regulators’ “mute” stance, experts have nonetheless provided an optimistic outlook for a possible approval or breakthrough in the coming week.
The market is particularly expecting Bitcoin and altcoins to rally following the approval of the Ethereum ETF. In addition, the recent massive inflow of capital into the Bitcoin spot ETF in the US has further boosted market sentiment.
Statements by Fed Chairman and Other Officials
In macroeconomic news, Fed Chairman Jerome Powell is scheduled to speak on Monday, July 15, and the financial sector is likely to be watching closely. Given the mixed inflation data of late, Powell’s commentary will be crucial in assessing the central bank’s current stance on monetary policy.
To put things in context, the latest US CPI data indicated a significant slowdown in inflation in the country. Notably, it also increased bets on three interest rate cuts in 2024, versus previous expectations of two rate cuts. However, IPP in the United States Last week was warmer than expected, which weighed on overall market sentiment.
That being said, if the Fed chair comments on the central bank’s upcoming interest rate plans, it could influence Bitcoin and cryptocurrency market sentiment. Additionally, other Fed officials, such as Fed Governor Adriana Kugler, New York Fed President Williams, and Atlanta Fed President Raphael Bostic, are also expected to provide remarks this week.
Ripple and SEC sue
The price of XRP rose significantly over the weekend, with July 13 being a significant date in Ripple’s lawsuit against the SEC. On July 13, 2023, Judge Torres ruled that XRP was not a security, and this year, Ripple executives welcomed the development.
Therefore, XRP The price of XRP has surged by more than 12%, reflecting the growing market interest in the cryptocurrency. However, in this context, the US SEC has announced that it will hold a “closed-door” meeting on July 18. That said, the XRP community is speculating that the meeting could be focused on a possible settlement in the Ripple vs. SEC lawsuit.
Moreover, many market experts also expect the legal battle to be concluded soon. Considering this, the conclusion of the lawsuit is likely to have a significant impact on the altcoin sector as well as Bitcoin.
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What’s Next for Bitcoin and Altcoins?
Events will play a crucial role in the future of cryptocurrencies. In addition, the selling pressure from the German government has also decreased, as the government sold its last BTC in the previous week.
On the other hand, BTC Spot ETF in the United States According to the latest reports, issuers around the world are on a buying spree. If the momentum continues, the price of BTC could rise significantly. In a recent analysis, cryptocurrency market expert Ali Martinez said that if Bitcoin can break above $59,200, the next stop for BTC could be around $64,000.
Source: Ali Martinez
Let’s talk about the altcoinsCrypto analyst Michael van de Poppe sees a bright future for the sector. After a recent price correction, van de Poppe points to a strong weekly rebound and supports a market cap of around $500 billion. Based on this, he predicts that altcoins will reach a new all-time high by early 2025.
Source: Michael van de Poppe
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