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Bitcoin, Altcoins in Spotlight as Market Looks at Ether ETF, Fed Chairman Comment, and More
The cryptocurrency market is buzzing with anticipation, with a flurry of key events expected to impact Bitcoin and altcoin trading this week. The cryptocurrency market has been very volatile lately, with government BTC dumps, Mt. Gox refund issues, and other related factors. However, this week would be crucial for the digital asset space, with a flurry of events expected to weigh on market sentiment.
Bitcoin and Altcoin Traders Watch This Week’s Key Events
Ethereum ETFs to Fuel Market Sentiment
The rising buzz above the US Ethereum Spot ETFs The SEC approval has been demonstrated by recent discussions in the cryptocurrency market. In addition to altcoins, the approval is also expected to 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 issue. However, despite the regulators’ tight-lipped stance, experts still provided a bullish outlook on a potential approval or advance in the coming week.
In particular, the market expects BTC and altcoins to rally immediately after the approval of the Ethereum ETF. In addition, the recent strong inflow into the US Spot Bitcoin ETF has further strengthened market sentiment.
Remarks by the Fed Chairman and Other Officials
In macroeconomic news, Fed Chair Jerome Powell is expected to speak on Monday, July 15, and the financial sector will be watching closely. In particular, given the mixed inflation data recently, Jerome Powell’s comment would be crucial in assessing the central bank’s current stance on monetary policy.
For context, the latest U.S. CPI data indicated a significant cooling in inflation in the nation. Notably, they also increased bets on three interest rate cuts in 2024, from previous expectations of two rate cuts. However, the US PPI Last week was warmer than expected, impacting broader market sentiment.
That said, if the Fed Chair comments on the central bank’s next move with interest rate plans, it could impact BTC 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 expected to share their remarks this week.
Ripple Lawsuit Against SEC
XRP’s price surged over the weekend, as July 13 marks an important date in the Ripple v. SEC case. On July 13, 2023, Judge Torres ruled that XRP is not a security, and Ripple executives have praised the development this year.
Consequentially, Exchange rate risk has risen over 12%, reflecting the growing market interest in the cryptocurrency. However, amidst all this, the US SEC has announced that it will hold a “closed-doors” meeting on July 18. That said, the XRP community is speculating that the meeting could be centered around a potential settlement in the Ripple Vs SEC lawsuit.
Furthermore, a flurry of market experts predict that the legal battle will come to a conclusion very soon. Considering this, the conclusion of the case is likely to have a significant impact on the altcoin sector and Bitcoin.
Read also: Binance CEO Shares Post-CZ Era Developments and Crypto Outlook
What Future for Bitcoin and Altcoins?
The events will play a crucial role in shaping the future of cryptocurrencies. Furthermore, the German government’s selling pressure has also subsided, with the government selling its last BTC the previous week.
On the other hand, US BTC Spot ETFs issuers globally are in a buying frenzy, according to the latest reports. If the momentum continues, BTC could see a significant increase 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
Speaking of the altcoinsCryptocurrency analyst Michael van de Poppe sees a bright future for the sector. After a recent price correction, van de Poppe is targeting a strong weekly rebound and supports a market cap of around $500 billion. Based on this, he predicts altcoins will hit a new all-time high by early 2025.
Source: Michael van de Poppe
Read also: Solana Co-Founder Highlights US Government Crypto ‘Mess’