The Week Ahead: Key Events That Could Impact the Crypto Market
The Bitcoin and crypto market is gearing up for an eventful week that could have significant effects on trading and regulations. Here are the top five events to watch out for:
#1 Binance Responds to SEC’s Orders (Monday)
Binance.US, the American arm of the global crypto exchange, is expected to reply to the SEC’s motion to file confidential documents and objection to a protective order. This case has implications for the crypto sector, and experts speculate on the nature of the sealed documents.
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#2 Gensler Testifies Before Senate Banking Committee (Tuesday)
SEC Chair Gary Gensler will testify before the Senate Banking Committee, where the SEC’s position on a spot Bitcoin ETF and broader regulatory questions may be discussed.
#3 FTX Seeks Liquidation Approval (Wednesday)
Bankrupt crypto exchange FTX will seek approval to liquidate $3.4 billion in Bitcoin and other crypto assets, which could potentially impact the market.
#4 US CPI Data Release (Wednesday)
The US will release the Consumer Price Index (CPI) for August, with inflation rates expected to rise. This data is crucial amidst discussions about inflationary pressures and their impact on monetary policy.
#5 US PPI Release (Thursday)
The Producer Price Index (PPI) will be released, preceding the CPI data. The forecast for August indicates a year-over-year increase.
Hot Take: BTC Price Double Top Confirmation?
Market analysts are concerned about the Bitcoin price closing below $26,000, potentially confirming a double top formation. However, there is a possibility of finding support at the neckline of an inverse head and shoulders pattern, around $24,200.
