Exciting Week Ahead for Crypto Traders 🚀
As we approach the end of May, crypto traders are eagerly awaiting a new week filled with a series of potentially impactful macro events. From Binance’s trial in Nigeria to the FIT21 bill’s voting, these events might have a significant impact on the crypto market.
These Events Might Decide Market’s Next Move
In recent days, the crypto market has seen significant volatility due to concerns about possible interest rate hikes. However, Bitcoin’s price surged on Thursday, aided by a weaker dollar following milder consumer inflation data for April. This improved market sentiment, pushing several crypto assets above their resistance levels. Amid this, several major crypto events are scheduled for next week, which could potentially reverse the current market trend.
Binance Prepares For A Crucial Week
- A Nigerian court denied Binance executive Tigran Gambaryan’s bail application last week.
- In the tax evasion case, the court postponed the arraignment to May 22 after prosecutors filed an amended charge.
- In the separate money laundering case involving Binance and Gambaryan, the court adjourned until May 23, following a request from Gambaryan’s lawyers.
- The first witness, Abdulkadir Abbas from the Nigerian Securities and Exchange Commission, testified in the case.
SEC To Decide On Ethereum ETF
- The U.S. Securities and Exchange Commission (SEC) is scheduled to decide on the first spot Ether ETF application by May 23.
- A recent filing has raised doubts about the approval of any Ether ETFs.
- Legal experts uncovered the filing, which suggests the SEC may classify Ether (ETH) as a security.
FIT21 Bill Await Voting
- With the House of Representatives set to vote on the Financial Innovation & Technology for the 21st Century Act (FIT21) next week, nearly 60 crypto companies signed a letter urging lawmakers to support the bill.
- The bill includes key consumer protections such as minimum capital standards, risk disclosure requirements, and bankruptcy protection extensions.
Crypto’s Fate Hinges On Biden’s Decision
- On May 16, 2024, the U.S. Senate approved a Congressional Review Act (CRA) to review the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).
- President Biden, influenced by Senator Warren and SEC Chair Gensler, threatened to use his veto power if the Resolution reaches his desk.
Closing Thoughts on Crypto Market 📈
Stay tuned for an exciting week ahead in the crypto market as pivotal events are set to unfold that could potentially shape the direction of the market. Keep a close eye on developments related to Binance, SEC decisions on Ethereum ETFs, and the outcome of the FIT21 bill voting, as these events could have far-reaching implications for the crypto industry. It’s a week filled with anticipation and uncertainty, making it crucial for traders to stay informed and nimble in their decision-making process. Good luck and happy trading!
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