Bitcoin & Altcoins In Focus As Market Eyes Ether ETF, Fed Chair Comment, & Other Events
The crypto market is buzzing with anticipation with a flurry of key events expected to impact Bitcoin and altcoins trading this week. The crypto market has been highly volatile lately, with BTC dumps from the governments, Mt. Gox repayment woes, and other related factors. However, this week would be crucial for the digital assets space, with a flurry of events expected to weigh on the market sentiment.
Bitcoin & Altcoin Traders Eyes Key Events This Week
Ethereum ETF To Fuel Market Sentiment
The soaring buzz over the U.S. Spot Ethereum ETF approval by the SEC has been evidenced by the recent discussions in the crypto market. Apart from altcoins, the approval is also expected to show its impact on Bitcoin 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 “tight-lipped” stance from the regulators, the experts still provided a bullish outlook on a potential approval or advancement in this coming week.
Notably, the market is anticipating BTC and altcoins to rally on the heels of the Ethereum ETF approval. In addition, the recent robust inflow into the U.S. Spot Bitcoin ETF has further bolstered market sentiment.
Remarks From Fed Chair & Other Officials
In macroeconomic news, Fed Chair Jerome Powell is scheduled to speak on Monday, July 15, which would be closely watched by the financial sector. Notably, given the set of mixed inflation data recently, Jerome Powell’s comment would be crucial in gauging the central bank’s current stance with their monetary policy.
For context, the latest U.S. CPI data has indicated a significant cooling inflation in the nation. Notably, it has also raised bets over three interest rate cuts in 2024, up from the previous expectations of two rate cuts. However, the U.S. PPI last week came in hotter-than-anticipated, weighing on the broader market sentiment.
Having said that, if the Fed Chair comments on the central bank’s upcoming move with the interest rate plans, it might influence the BTC and crypto market sentiment. In addition, other Fed officials like Fed Gov. Adriana Kugler, NY Fed President Williams, and Atlanta Fed President Raphael Bostic are also scheduled to share their remarks this week.
Ripple Vs SEC Lawsuit
The XRP price has rallied significantly over the weekend, as July 13 marks an important date in Ripple Vs. SEC lawsuit. On July 13, 2023, Judge Torres ruled that XRP is not a security, and this year, Ripple executives have lauded the development.
As a result, XRP soared over 12%, reflecting growing market interest in the crypto. However, amid this, the U.S. SEC has announced to hold a “closed” meeting on July 18. Having said that, the XRP community speculates that the meeting could be focused on a potential settlement in the Ripple Vs SEC lawsuit.
In addition, a flurry of market experts also anticipates the legal battle to come to a conclusion very soon. Considering that, the lawsuit conclusion is likely to have a significant impact on the altcoins sector as well as on Bitcoin.
Also Read: Binance CEO Shares Developments In Post-CZ Era and Crypto Outlook
What’s Next For Bitcoin and Altcoins?
The events will play a crucial role in shaping the future of the cryptos. In addition, the selloff pressure from the German government also shrunk, with the govt selling its last BTC in the prior week.
On the other hand, U.S. Spot BTC ETF issuers globally are on a buying spree, according to the latest reports. If the momentum continues, BTC could witness a significant uptick in its price. In a recent analysis, crypto 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.
Talking about the altcoins, crypto 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 around $500 billion market capitalization. Based on this, he predicts altcoins will reach a new all-time high by early 2025.
Also Read: Solana Co-founder Highlights US Govt’s Crypto ‘Mess’
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