The cryptocurrency market is buzzing with anticipation as a series of major events are expected to impact Bitcoin and altcoin trading this week. The cryptocurrency market has been extremely volatile lately, with government-led sell-offs of Bitcoin, Mt. Gox’s repayment issues, and other related factors. However, this week will be a crucial one for the digital asset space, with a series of events expected to impact market sentiment.
Bitcoin and Altcoin Traders Await Key Events This Week
Ethereum ETF to Boost Market Sentiment
The growing interest in the US Securities and Exchange Commission’s approval of an Ethereum exchange-traded fund (ETF) has been evident in recent discussions in the cryptocurrency market. Aside from altcoins, this approval is also expected to have an impact on Bitcoin’s performance.
Meanwhile, recent comments from Bloomberg ETF Senior Analyst Eric Balchunas and ETF Shop President Nate Geraci highlight the SEC’s silence on the issue. However, despite the “silent” stance from regulators, experts are still optimistic about a possible approval or move forward next week.
It is worth noting that the market is expecting a rise in the value of Bitcoin and altcoins following the approval of the Ethereum ETF. In addition, the recent strong inflow into the US spot Bitcoin ETF has boosted market sentiment.
Remarks by Fed Chairman and Other Officials
In macro news, Federal Reserve Chairman Jerome Powell is scheduled to speak on Monday, July 15, which the financial sector will be closely watching. Notably, given the recent mixed inflation data, Powell’s comments will be crucial in gauging the central bank’s current stance on monetary policy.
In a related context, the latest US consumer price index data indicated a significant slowdown in inflation in the country. It is worth noting that the data also raised bets on three interest rate cuts in 2024, up from previous expectations of two rate cuts. However, the US producer price index came in higher than expected last week, which affected the broader market sentiment.
However, if the Fed Chair comments on the central bank’s next move on interest rate plans, it could impact Bitcoin and cryptocurrency market sentiment. Additionally, other Fed officials such as Fed Governor Adriana Kogler, New York Fed President Williams, and Atlanta Fed President Raphael Boucek are scheduled to deliver their remarks this week.
Lawsuit Against Ripple and SEC
The price of XRP 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, a development that Ripple executives have hailed this year.
As a result, XRP’s value has surged by more than 12%, reflecting the market’s growing interest in the cryptocurrency. However, in the midst of this, the US Securities and Exchange Commission has announced a “closed-door” meeting on July 18. However, the XRP community expects the meeting to focus on a potential settlement in the Ripple Vs SEC lawsuit.
In addition, a large number of market experts expect the legal battle to end very soon. Accordingly, the outcome 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 shaping the future of cryptocurrencies. In addition, selling pressure from the German government has also diminished, as the government sold its last Bitcoin the previous week.
On the other hand, according to the latest reports, the issuers of US-based Bitcoin ETFs globally are on a buying spree. If the momentum continues, Bitcoin could see a significant surge in its price. In a recent analysis, cryptocurrency market expert Ali Martinez said that if Bitcoin can break through the $59,200 barrier, the next stop for Bitcoin could be around $64,000.
Speaking of altcoins, crypto analyst Michael van de Poppe sees a bright future for the sector. Following a recent price correction, van de Poppe points to a strong weekly recovery and supports a market cap of around $500 billion. Based on this, he expects altcoins to reach an all-time high by early 2025.
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The content provided may contain the author’s personal opinion and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or the publication does not bear any responsibility for your personal financial loss.
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