This week, the crypto market is abuzz with significant events that could impact Bitcoin and altcoins. The potential approval of a U.S. Spot Ethereum ETF is highly anticipated, which might boost the market sentiment. Analysts like Eric Balchunas and Nate Geraci are optimistic about the approval despite the SEC’s silence.
Adding to the excitement, Fed Chair Jerome Powell’s upcoming speech could influence the market, especially with the mixed inflation data. His comments might provide insights into future interest rate cuts, which could affect Bitcoin and other cryptocurrencies.
Moreover, the Ripple vs. SEC lawsuit is heating up. The XRP community is hopeful for a favorable outcome after Judge Torres ruled that XRP is not a security. A potential settlement in the lawsuit could significantly impact altcoins and Bitcoin.
Crypto traders should also note the selloff pressure from the German government easing and the continued buying spree of U.S. Spot Bitcoin ETF issuers. If Bitcoin breaks above the $59,200 mark, it might reach around $64,000, according to analyst Ali Martinez.
In the altcoin market, analyst Michael van de Poppe predicts a bright future, expecting new all-time highs by early 2025. The market is watching closely, and these events will shape the crypto landscape in the coming weeks.
