Bitcoin and Altcoins: Key Catalysts Ahead
Bitcoin and most altcoins stayed in a narrow range last week. Despite ETF inflows and record highs for major US indices like teh nasdaq 100 and S&P 500, Bitcoin (BTC) briefly touched $110,000 before settling at $108,000. the total market cap of all cryptocurrencies ended at $3.30 trillion. Hear are the top factors influencing Bitcoin and altcoins.
Tariff Deadline
The end of President Trump’s 90-day tariff pause on July 9 is a crucial event. The US has made trade agreements with Vietnam, China, and the UK. Though, Canada, the EU, Japan, and South Korea may face high tariffs again. A return to “retaliatory tariffs” could negatively impact Bitcoin, altcoins, and stocks. As an example,Bitcoin fell to $74,000 after the Liberation day speech but recovered after the tariff pause was announced.
FOMC Minutes
The Federal Open Market Commitee minutes, due on Wednesday, will reveal more about the May 6-7, 2025, meeting. The minutes will hint at future interest rate cuts, which would be good for Bitcoin and altcoins. However, strong job data has reduced the chances of a July rate cut.
Bitcoin Price Breakout Potential
Bitcoin has stayed below its all-time high of $111,900. It has formed bullish patterns that could lead to a breakout and push it to new highs. This could also boost altcoins. Upcoming token unlocks for Aptos (APT), Flare (FLR), and Ethereum Name Service are other key factors to watch.
