Bitcoin & Altcoins In Focus As Market Eyes Ether ETF, Fed Chair Comment, & Other Events - July 2024

As a seasoned crypto investor, I’m keeping a close eye on the upcoming events that are expected to shape the Bitcoin and altcoin markets this week. The potential approval of the Ethereum ETF by the SEC and the remarks from Fed Chair Jerome Powell are two key factors that could significantly impact the market sentiment.

The cryptocurrency market is abuzz with excitement as several significant events are set to unfold this week, potentially influencing the prices of Bitcoin and various altcoins. Lately, the crypto market has been notoriously unpredictable, marked by sharp drops in Bitcoin’s value due to government actions, ongoing issues with Mt. Gox repayments, and other related concerns. Nevertheless, the upcoming events could significantly shape the mood of the digital asset sector.

Bitcoin & Altcoin Traders Eyes Key Events This Week

Ethereum ETF To Fuel Market Sentiment

The excitement surrounding the potential approval of a Spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) has been palpable in recent cryptocurrency market conversations. Beyond affecting altcoins, this approval is also anticipated to influence Bitcoin’s performance.

As a crypto investor, I’ve been closely following the developments regarding the possible approval of a Bitcoin ETF. Recently, Eric Balchunas from Bloomberg and Nate Geraci from ETF Store have shared their optimistic views on the situation. Despite the SEC’s reluctance to comment publicly, these experts believe that we might see some progress in the coming week.

Significantly, investors are optimistic that Bitcoin and other cryptocurrencies will experience a price surge following Ethereum ETF’s approval. Moreover, the substantial increase in investments into the US Spot Bitcoin ETF has added to the positive market outlook.

Remarks From Fed Chair & Other Officials

In the realm of macroeconomic updates, Federal Reserve Chair Jerome Powell is slated to deliver a speech on Monday, July 15. This event holds significant importance for the financial sector as Powell’s remarks could provide valuable insight into the Fed’s present monetary policy stance, given the recent ambiguous inflation data.

The most recent Consumer Price Index (CPI) figures in the United States have shown a noticeable decrease in inflation. This development has boosted speculation that the Federal Reserve may consider implementing three interest rate reductions in 2024, compared to the earlier prediction of only two cuts. However, it’s important to note that the Producer Price Index (PPI) reading from last week came out stronger than anticipated, which negatively impacted the overall market mood.

If the Chair of the Federal Reserve speaks about the central bank’s intended actions regarding interest rates, it could potentially sway the perception in the Bitcoin and cryptocurrency markets. Furthermore, other Federal Reserve members, including Adriana Kugler (Governor), John Williams (President of the New York Fed), and Raphael Bostic (President of the Atlanta Fed), are set to make their remarks this week as well.

Ripple Vs SEC Lawsuit

Over the past weekend, the value of XRP has surged noticeably. This upward trend can be attributed to July 13 holding significance in the ongoing Ripple versus SEC lawsuit. Specifically, on this date in 2023, Judge Torres handed down a decision declaring that XRP does not fall under the category of securities. Since then, Ripple’s executives have celebrated this development.

The price of XRP surged by more than 12% due to increasing market demand. However, it’s important to note that the U.S. Securities and Exchange Commission (SEC) has scheduled a “closed-door” meeting for July 18. The crypto community is abuzz with speculation that this meeting could be related to the ongoing Ripple vs SEC lawsuit, potentially hinting at a possible settlement.

Furthermore, many industry insiders predict that the ongoing legal dispute will be resolved imminently. Consequently, the resolution of this lawsuit could carry substantial implications for the altcoin market and Bitcoin alike.

What’s Next For Bitcoin and Altcoins?

The upcoming events are significant and will greatly influence the development of cryptocurrencies. Furthermore, the German government’s selling of Bitcoin has come to an end, reducing the downward pressure on the market from this source.

On the contrary, international issuers of U.S. Spot Bitcoin ETFs are currently on a buying rampage, as indicated by recent reports. Should this trend persist, Bitcoin’s price may experience a substantial increase. In his latest assessment, renowned crypto market analyst Ali Martinez posits that if Bitcoin surpasses the $59,200 threshold, its next destination could be around $64,000.

Bitcoin & Altcoins In Focus As Market Eyes Ether ETF, Fed Chair Comment, & Other Events

Crypto analyst Michael van de Poppe is optimistic about the future of altcoins following a recent price correction. He notes a robust weekly rebound and estimates a market capitalization of approximately $500 billion. Consequently, Van de Poppe anticipates that altcoins will hit new record highs by the beginning of 2025.