Major cryptocurrencies are on the rise as the Federal Reserve and Bank of Japan prepare for rate decisions. The Fed is expected to cut rates by 25 basis points to 4%, with more cuts anticipated in the future. Bitcoin is gaining strength, nearing the 50-day SMA at $114,250. Other tokens like XRP, ETH, and SOL are also up.

Federal Reserve Chair Jerome Powell is expected to emphasize concerns about the job market and downplay the impact of the U.S. government shutdown during his press conference. Powell may hint at further easing measures, potentially boosting risk assets. The lack of fresh jobs data due to the shutdown is unlikely to change the Fed’s September guidance.

The Fed may end quantitative tightening (QT) soon, according to Powell’s recent speech. This could lead to a resumption of balance sheet expansion, increasing optimism in the crypto community. The Bank of Japan is expected to keep rates steady, but market volatility could arise from new economic forecasts. Tech giants like Apple and Microsoft are set to release earnings reports this week.

U.S.-China trade tensions have eased as a trade deal nears between the two countries. President Trump and President Xi are scheduled to meet in South Korea, raising hopes for a positive outcome. Any setbacks in the trade talks could lead to a risk-off reaction among investors.

Read more at Yahoo Finance: Bitcoin Bid, XRP Retakes 200-Day Average as Fed Rate Cut Looms; ‘Mag 7’ Earnings, Trump-Xi Summit Eyed