Bitcoin and Crypto Market Brace for Potential Market Shifts
This week is filled with significant events that could have a substantial impact on the Bitcoin and crypto cryptocurrency sector. From legal proceedings to macroeconomic data releases, there are several determinants that you should pay attention to.
1. Bitcoin Spot ETF Approval? SEC’s Grayscale Appeal Deadline Looms (Friday)
The SEC has until Friday to appeal the decision made by the DC Circuit Court of Appeals regarding Grayscale’s proposal to convert the Bitcoin Trust into an exchange-traded fund. If the SEC chooses not to appeal, it could be a sign that they will approve multiple Bitcoin spot ETF applications soon. Industry experts are optimistic about the possibility of a spot bitcoin ETF being approved this year or in early 2024.
2. Binance Vs. SEC Clash Continues (Thursday)
The ongoing legal battle between Binance.US and the SEC will have a crucial hearing on Thursday. The SEC accuses Binance platforms of operating without proper licenses and earning billions from U.S. customers since 2017.
3. US CPI Data Release (Thursday)
The release of September’s CPI report is highly anticipated as it provides insights into inflation rates. While monthly inflation is expected to be mild, core CPI, which excludes volatile food and energy prices, may offer more clarity on waning inflation concerns.
4. FOMC Minutes To Shed Light On Monetary Policy? (Wednesday)
The release of September’s FOMC minutes is eagerly awaited for insights on the Fed’s stance concerning monetary policy and economic slowdown fears. The officials’ perspective on the situation will be interesting for traders as it could impact yields and have macro headwinds for Bitcoin and crypto.
5. More Macro Data
Other important data points to watch out for include September’s US Producer Price Index (PPI) Inflation, the OPEC monthly report, US jobless claims data, and remarks from Fed officials. These events will provide further insights into inflation, oil prices, and economic policy.
Hot Take: Pivotal Week for Bitcoin and the Crypto Market
This week’s convergence of major events makes it a pivotal time for Bitcoin, the wider crypto market, and traditional financial markets. The outcomes of these events will likely have ripple effects across various markets. Keep a close eye on these developments as they could shape the future of the cryptocurrency sector.
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