In the altcoin space, bullish movements predominate. XRP and Cardano (ADA) show moderate increases, while Dogecoin (DOGE) and Avalanche (AVAX) stand out with more significant increases of 4% and more than 10%, respectively.
Although it is expected to maintain current interest rates, recent data could influence a possible rate cut at the September meeting.
Cryptocurrencies are starting the week with a positive performance. Bitcoin (BTC) maintains a solid position above $67,000, after experiencing an increase of 0.8% in the last 24 hours. Meanwhile, EOS (Euro) is up 0.8%Thereum (ETH) remains close to $3,500without major variations.
In the altcoin space, bullish movements predominate. XRP and Cardano (ADA) show moderate increases, while Dogecoin (DOGE) and Avalanche (AVAX) stand out with more significant increases of 4% and more than 10%, respectively. However, Toncoin (TON) is down 2%, while Shiba Inu (SHIB) and Polkadot (DOT) also show more contained declines.
Bitcoin looks set to continue its upward trajectory, having gained around 12% over the past week. The leading cryptocurrency has benefited from several favorable factors, particularly those linked to the US stock market. Stocks, especially technology and those related to artificial intelligence (AI), have struggled recently, leading some analysts to predict a second half of more moderate growth for this sector.
The recent global outage that affected Crowdstrike and Microsoft last Friday contributed to a further fall in the Nasdaq index, which in turn favored Bitcoin, which managed to stabilize around $67,100. Charles Edwards, founder of Capriole Investments, wondered on Twitter whether this event could be indicating that institutions see Bitcoin as a safe store of value in times of technological instability.
Bitcoin: what the market is analyzing
In terms of American politics, the queen cryptocurrency continues to receive support. Investors are keeping an eye on former President Donald Trump’s speech at the Bitcoin Conference 2024, scheduled fornow on July 27th. Trump, if re-elected in November, is expected to present Bitcoin as a strategic asset, which could trigger a significant rise in its price. Markus Thielen of 10x Research warns that shorting or taking profits ahead of Trump’s speech could prove costly.
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President Joe Biden’s refusal to run for re-election is also a relevant issue. Biden has maintained a strong stance against cryptocurrencies, and a potential administration led by Kamala Harris, who has received his endorsement, couldcould be unfavorable for the digital asset market.
Finally, market attention is turning to the Federal Reserve, which will conclude its Federal Open Market Committee (FOMC) meeting on July 31. Although it is expected to keep current interest rates on hold, recent data could influence a possible rate cut at the September meeting.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
