Bitcoin, Ethereum, Dogecoin See Uptick Ahead Of Fed Policy Meet: Analyst Sees Big Sell-Off For Altcoins, But Says This Crypto Could Be Exception

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.

What Happened: 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)

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%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: "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.

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.

Photo Courtesy: Shutterstock.com

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users