The Bitcoin and Crypto Market in a Quiet Week, but September Holds Key Events
The upcoming week is quiet in terms of events for the Bitcoin and crypto market. However, September is set to be a significant month with important events and potential surprises. Here are the key points to watch:
#1 Bitcoin Spot ETF Decision: The approval of a spot Bitcoin ETF remains the most important catalyst for the market. Grayscale’s recent victory against the SEC could lead to the approval of spot Bitcoin ETFs. However, analysts believe there may be another delay by the SEC, and a definitive decision in September seems unlikely.
#2 US CPI Release: The September Consumer Price Index (CPI) report, scheduled for release on September 13th, will provide insights into inflationary trends in the US economy. If alarming inflationary trends are showcased again, the Fed could consider another potential rate hike in 2023.
#3 FOMC Meeting: The Federal Open Market Committee (FOMC) meeting on September 20th is significant following the recent surge in CPI and the PCE data. The market expects a pause in rate hikes, unless CPI shoots up again.
#4 More Crypto Events: The decentralized exchange dYdX is launching V4 on their Cosmos app-chain, focusing on greater decentralization. Coinbase’s Base platform has rapidly accumulated a Total Value Locked (TVL) of $400 million, with notable projects like Curve, Uniswap, and Aave.
In conclusion, while this week may be quiet, September holds key events that could impact the Bitcoin and crypto market. Keep an eye on the Bitcoin spot ETF decision, the US CPI release, the FOMC meeting, and upcoming crypto events on dYdX and Coinbase’s Base platform.
Hot Take: The approval of a Bitcoin spot ETF remains highly anticipated, but the timing is uncertain. September’s events, including the US CPI release and the FOMC meeting, will provide important insights into the market’s direction. The crypto market remains dynamic and full of potential surprises.
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