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Major cryptocurrencies saw an uptick on Sunday evening, with investors keeping a close eye on upcoming events such as the Federal Reserve’s potential interest rate hike and the expiry of Bitcoin options next week.
CryptocurrencyGains +/-Price (recorded 9:30 PM EDT)Bitcoin (CRYPTO:BTC)+0.35%$29,955Ethereum (CRYPTO:ETH)+0.66%$1882Dogecoin (CRYPTO:DOGE)+1.29%$0.071
What happened: In another day of crypto market activity, BTC saw a brief upward move before returning to its familiar range below $30,000.
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On the regulatory side, the Securities and Exchange Commission (SEC) said on Friday, in reference to the recent verdict in the Ripple case, that part of the court’s decision was wrongly made. This suggests that the SEC could challenge the Ripple decision.
The week ahead is expected to be eventful, with the FOMC interest rate policy decision scheduled for Wednesday, accompanied by numerous earnings reports.
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CryptocurrencyEarnings +/-Price (recorded 9:30 PM EDT)Tezos+5%$0.8847Theta Network+4.51%$0.8307Bitcoin Cash+3.88%$249.65
Currently, the global crypto market capitalization stands at $1.20 trillion, reflecting an increase of 0.38% over the past day.
Turning to the stock market, S&P 500 futures were relatively flat on Sunday evening as investors eagerly anticipated upcoming earnings reports and a crucial policy decision from the Federal Reserve.
Futures contracts linked to the S&P 500 broad market index saw a slight decline of 0.07%, while Nasdaq 100 futures saw an increase of 0.03%.
See more: Best Crypto Day Trading Strategies
Analyst Notes: “The cryptoverse is still celebrating a partial victory after a federal judge ruled Ripple’s XRP token was not a security when sold to retail investors on exchanges. The ruling potentially paves the way for House Republicans’ bill to overhaul the U.S. crypto market,” wrote Edward Moya, senior analyst at OANDA.
He added, “Bitcoin consolidation appears to be unstoppable just yet, but it could if the House bill moves forward or the Fed delivers a hawkish surprise.”
Crypto analyst Michael Van de Poppe believes there is one crucial area Bitcoin needs to break. If he succeeds, it’s party time and we can expect new heights. However, if it turns out to be a fakeout, be prepared for increased volatility over the coming week.
Crypto analyst Nicholas Merten suggests altcoins may be primed for a sustained corrective move. “Not only do altcoins currently look poised for a continued pullback.
However, Merten also points out that Ethereum could be an exception to this trend. “Of all the cryptocurrencies, the one that stood out and seemed at least more optimistic to me was the price structure of Ethereum,” he adds.
Photo courtesy: Shutterstock.com
Read next: Jim Cramer advises against using Binance and provokes strong reactions from Twitter users
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