Major cryptocurrencies saw a slight uptick on Sunday evening, with investors closely monitoring upcoming events such as the Federal Reserve’s potential interest rate hike and the expiration of Bitcoin options next week.
Cryptocurrency
Gains +/-
Price (Recorded 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC)
+0.35%
$29,955
Ethereum (CRYPTO: ETH)
+0.66%
$1882
Dogecoin (CRYPTO: DOGE)
+1.29%
$0.071
In another day of crypto market activity, BTC experienced a brief upward movement before returning to its familiar range below $30,000.
Regarding regulations, the Securities and Exchange Commission (SEC) stated on Friday, in reference to the recent verdict in the Ripple case, that a portion of the court’s ruling was “wrongly decided.” This suggests that the SEC may contest the Ripple ruling.
The coming week is anticipated to be eventful, with the FOMC decision on interest-rate policy scheduled for Wednesday, accompanied by numerous earnings reports.
Top Gainer (24 Hour)
Cryptocurrency
Gains +/-
Price (Recorded 9:30 p.m. EDT)
Tezos
+5%
$0.8847
Theta Network
+4.51%
$0.8307
Bitcoin Cash
+3.88%
$249.65
Currently, the global crypto market capitalization stands at $1.20 trillion, reflecting a 0.38% increase in the last day.
In regards to the stock market, S&P 500 futures were relatively unchanged on Sunday evening as investors eagerly anticipated upcoming earnings reports and a crucial policy decision from the Federal Reserve.
Futures linked to the broad market index S&P 500 experienced a slight decline of 0.07%, while Nasdaq 100 futures witnessed an increase of 0.03%.
“The cryptoverse is still celebrating a partial victory after a federal judge said Ripple’s XRP token wasn’t a security when sold to retail investors on exchanges. The ruling is potentially paving the way for the House Republicans’ bill for a US crypto market overhaul,” wrote Edward Moya, Senior Analyst at OANDA.
He added, “The Bitcoin consolidation seems like it isn’t going away just yet but it could if the House’s bill advances or if the Fed delivers a hawkish surprise.”
Crypto analyst Michael Van de Poppe believes that there is a crucial area that Bitcoin needs to break. If it succeeds, it’s party time and we can expect new highs. However, if it turns out to be a fake-out, brace yourself for increased volatility in the coming week.
The crucial area for #Bitcoin to break.
If we do, it’s party time and we’ll go to highs.
If this is again a fake-out, embrace yourself.
The volatility will be getting there next week. pic.twitter.com/aDIu7BeGEU
— Michaël van de Poppe (@CryptoMichNL) July 23, 2023
Crypto analyst Nicholas Merten is suggesting that altcoins may be prepared for a sustained corrective move. “Not only are altcoins at the moment looking like they’re ready for a continued pullback.
However, Merten also points out that Ethereum could be an exception to this trend. “Out of all the cryptocurrencies out there, one that has stood out that looks at least more bullish to me is the price pattern of Ethereum,” he adds.
Produced in association with Benzinga
Edited by Saba Fatima and Maham Javaid
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