Spot Bitcoin ETF Deadline Looms as Crypto Market Awaits Major Events
The deadline for the US Securities and Exchange Commission’s (SEC) spot Bitcoin ETF is approaching in October 2023. However, there are other important events that could impact the crypto market in the meantime.
SEC Chair Gensler’s Testimony
SEC Chair Gary Gensler is scheduled to testify before the House Financial Services Committee on September 27, 2023. Members of the committee have previously disagreed with Gensler’s views on crypto regulation, and this hearing may bring up debates on whether Ethereum is a security or commodity.
PCE Price Index Data Release
The Bureau of Economic Analysis is set to release the Personal Consumption Expenditures (PCE) Price Index data for August on September 29, 2023. This data could have an impact on the crypto market.
Ripple’s “The Proper Party”
Ripple will be hosting “The Proper Party” in New York City on September 29, 2023. While this event may not directly affect XRP demand and supply, it could influence trader sentiment. No major announcements are expected during the event.
Potential Upside for Bitcoin Price
Although Bitcoin price experienced a slight downside last week, some analysts believe it is just a corrective phase before a recovery. Analyst CrediBULL suggests that the $27,000 level could be regained in the future, calling the recent dip a bear trap before an upside expansion.
Hot Take: Key Events Hold the Key to Crypto Market’s Future
The upcoming events, including SEC Chair Gensler’s testimony and Ripple’s celebratory event, will play a crucial role in shaping the crypto market’s future. Traders and investors should closely monitor these developments as they could have a significant impact on market sentiment and price movements.
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