The statement from Federal Reserve Chairman Jerome Powell may act as a catalyst for rising Bitcoin and altcoin prices in July.
Jerome Powell's Statement
In a recent statement, Jerome Powell shifted his approach regarding the reduction of interest rates. For the first time this year, he did not rule out the possibility of rate cuts as early as the July meeting. He stated: CITE_NA "I can’t really say. It’s going to depend on the data. We are going meeting by meeting, and I wouldn’t take any meeting off the table."
Traders' Predictions and Expectations
Despite some Federal Reserve officials advocating for a July rate cut, traders and the futures markets remain skeptical. Polymarket data indicates a mere 17% chance for a July cut, while the CME FedWatch tool suggests odds of just 19.1%. Most analysts predict a September rate cut is likely, with over 75% probability.
Catalysts for Bitcoin and Altcoins
Beyond potential rate cuts, Bitcoin and altcoins may benefit from other factors as well. Demand for Bitcoin continues to rise, with spot ETF inflows nearing $50 billion. The approval of several altcoin ETFs is also expected, potentially leading to increased capital inflows. Additionally, the GENIUS Act was passed in Congress, focusing on the stablecoin economy, which may attract more investors.
Although there is uncertainty surrounding the interest rate cuts, several factors are poised to contribute to Bitcoin and altcoin price increases in the coming months.
