This Week focuses on some of the 4 big bitcoin and crypto events that are anticipated to occur
Numerous events are anticipated to occur this week, which could result in important developments for the Bitcoin and cryptocurrency markets. These events could impact the ETF landscape, the macroeconomic indicators, and the next move by Bitcoin. Here is a brief overview of the most anticipated events every Bitcoin and crypto enthusiast, investor, and trader should have on their radar.
1. High Expectations Await SEC’s Decision on the Bitcoin Spot ETF:
A pivotal week for Bitcoin spot ETFs is ahead, as the SEC is expected to announce its decision on the Bitcoin spot ETF filings by six heavyweight companies on Friday. These companies are Bitwise, BlackRock, VanEck, WisdomTree, Invesco & Galaxy Digital, and Fidelity. Bitwise will receive its verdict on September 1, while the others will receive theirs on September 2. However, since September 2 falls on a Saturday, all announcements will likely be made on September 1, Friday afternoon. A Bitcoin spot ETF is significant because it could attract new inflows to the market, which is currently stagnating due to decreasing stablecoins on exchanges and a lack of compelling reasons for retail investors to re-enter. Approving a Bitcoin spot ETF could change the market sentiment and boost the BTC prices. The market mostly expects a delay, but a positive decision, especially for an influential company like BlackRock, could have a ripple effect on the market. BlackRock has a strong track record of getting approvals from the SEC and has a lot of influence in the industry.
2. SEC v. Grayscale: The Case That May Open Doors
A possible way for a Bitcoin spot ETF to get approved is through the Grayscale case vs. the SEC, pending in the D.C. Circuit Court of Appeals. The court could rule that the SEC has to approve a Bitcoin spot ETF since it has already approved several Bitcoin futures ETFs. The verdict for the Grayscale case vs. the SEC could come out soon, as it is expected within the next few days or weeks. The court usually releases its decisions on Tuesdays or Fridays at 11 a.m. EST. The case has been going on for 173 days since the oral arguments, which is longer than the average duration of such cases. Most of these cases were resolved within 160 days; the longest was 174. If the court does not decide by September 4 or 5, the case might be extended to the next term of the court. The court has 24 cases from this term that are still unresolved and has decided 87% of this term’s cases so far. The court normally decides over 92% of its cases by September. The last Tuesdays and Fridays saw 4, 0, and 1 rulings.
3. Potential Market Movers from DXY and Macro Events
The DXY, the US dollar index that measures the value of the US dollar against a basket of other currencies, could significantly impact Bitcoin and other cryptocurrencies this week, as it has an inverse correlation with them. This means that when the DXY goes up, Bitcoin and other cryptocurrencies tend to go down, and vice versa. The DXY is currently at a higher time frame resistance level, which means it could face some downward pressure. On the other hand, Bitcoin is at a higher time frame support level, meaning it could bounce back from there.
4. Additional Important Crypto Events
Apart from the events mentioned above, some interesting developments are happening in other areas of the crypto space this week. HashKey, a Hong Kong-based centralized exchange that has obtained regulatory approval, is launching its crypto retail trading service today, August 28. This could impact the crypto market, as China used to dominate the Bitcoin trading volumes before its crackdown. The market is watching closely how HashKey will perform and whether it will attract more Chinese players to the crypto scene. Sui Network, a project that aims to create a decentralized social media platform, is releasing 4.8% of its total SUI supply, which amounts to 70.89 million SUI, into circulation on September 3. This could create some selling pressure on the SUI price, as some investors might take profits or exit the project. These are some of the factors that could shape the Bitcoin and crypto landscape this week. At the time of writing, BTC was trading at $25,966.
