Bitcoin Bid, XRP Retakes 200-Day Average as Fed Rate Cut Looms; 'Mag 7' Earnings, Trump-Xi Summit Eyed

What to know:

• Major cryptocurrencies trade higher ahead of an expected Fed rate cut on Wednesday.
• Powell's comments on the Federal Reserve's quantitative tightening program could prove pivotal.
• BOJ is likely to keep rates unchanged.

Major cryptocurrencies are trading higher, with key events, including Federal Reserve (Fed) and Bank of Japan (BOJ) rate decisions, and earnings reports from influential Mag 7 stocks lined up for the week ahead.

The Federal Reserve is widely expected to cut its policy rate by 25 basis points to 4% on Wednesday, bringing the total easing since September last year to 150 basis points.

The CME Fed funds futures are pricing in near certainty that the Fed will cut rates by 25 basis points on Wednesday and at its December meeting.

The consensus anticipates further rate cuts next year, supporting a continued bullish trend for bitcoin and the wider crypto market.

Bitcoin is already showing strength, rising 1.7% over the past 24 hours to $113,600, extending its three-day winning streak. The upswing follows signs of seller exhaustion near the 200-day simple moving average (SMA), currently placed at $108,800.

Prices, however, have yet to surpass the 50-day SMA at $114,250, a widely recognized barrier that must be overcome to restore near-term bullish momentum.