Bitcoin
Bitcoin and Altcoins in Focus as Market Eyes Ether ETF, Fed Chair Comment, and Other Events
The cryptocurrency market is buzzing with anticipation as a flurry of major events are expected to impact Bitcoin and altcoin trading this week. The cryptocurrency market has been highly volatile lately, with BTC dumps from governments, Mt. Gox payment issues, and other related factors. However, this week would be a pivotal one for the digital asset space, with a flurry of events expected to weigh on market sentiment.
Bitcoin & Altcoin Traders Watch for Important Events This Week
Ethereum ETF to fuel market sentiment
The growing buzz about the US Spot Ethereum ETF The SEC’s approval was highlighted by recent discussions in the crypto market. In addition to altcoins, the approval should also show its impact on Bitcoin’s performance.
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’ tight-lipped stance, the experts still provided an optimistic outlook on a possible approval or move forward next week.
Notably, the market is anticipating BTC and altcoins to rally following the Ethereum ETF approval. Additionally, the recent robust inflow into the US Spot Bitcoin ETF has further bolstered market sentiment.
Remarks by Fed Chairman and Other Officials
In macroeconomic news, Fed Chair Jerome Powell is set to speak on Monday, July 15, which would be closely watched by the financial sector. Notably, given the mixed set of inflation data recently, Jerome Powell’s commentary would be crucial in assessing the central bank’s current stance with its monetary policy.
For context, the latest US CPI data indicated a significant cooling of inflation in the nation. Notably, it also increased bets on three interest rate cuts in 2024, up from previous expectations of two rate cuts. However, the US IPP Last week arrived warmer than expected, weighing on overall market sentiment.
That said, if the Fed Chair comments on the central bank’s next move with interest rate plans, it could influence BTC and crypto 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 share their comments this week.
Ripple vs SEC Lawsuit
XRP’s price surged significantly over the weekend as July 13 marks an important date in the Ripple Vs. SEC lawsuit. On July 13, 2023, Judge Torres ruled that XRP is not a security, and this year, Ripple executives praised the development.
As a result, XRP has surged over 12%, reflecting the market’s growing interest in the cryptocurrency. However, amid this, the US SEC has announced that it will hold a “closed” 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.
Furthermore, a flurry of market experts also anticipate that the legal battle will reach a conclusion very soon. Considering this, the conclusion of the lawsuit is likely to have a significant impact on the altcoin sector as well as Bitcoin.
Read too: Binance CEO Shares Developments in Post-CZ Era and Outlook on Cryptocurrency
What’s Next for Bitcoin and Altcoins?
The events will play a crucial role in shaping the future of crypto. Furthermore, the German government’s liquidation pressure has also eased, with the government selling its last BTC the previous week.
On the other hand, US Spot BTC ETF Issuers globally are on a buying spree, according to the latest reports. If the momentum continues, BTC could witness a significant surge in its price. In a recent analysis, cryptocurrency market expert Ali Martinez said that if Bitcoin can break above the $59,200 mark, the next stop for BTC could be around $64,000.
Source: Ali Martinez
Talking about the altcoinsCryptocurrency 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 bounce and supports a market cap of around $500 billion. Based on this, he predicts that altcoins will reach a new all-time high in early 2025.
Source: Michael van de Poppe
Read too: Solana co-founder highlights US government’s crypto “mess”