With the second deadline for the US SEC’s spot Bitcoin ETF scheduled for the third week of October 2023, the onus in now on other major events like the XRP Property Party being hosted by Ripple.
Also Read: Chainlink Price Prediction As ETH Whale Makes Huge LINK Transfer
Events To Watch Out For
U.S. Securities and Exchange Commission Chair Gary Gensler is scheduled to testify at a hearing before the House Financial Services Committee on the oversight of the agency on September 27, 2023 at 10 am eastern time. Members of the committee have a history of strongly opposing Gensler’s views especially on the crypto regulatory framework. In an April 2023 hearing, Committee Chairman Patrick McHenry asked the Commission Chair if Ethereum (ETH) was a security or a commodity.
This could yet again be the subject of debate during the upcoming hearing in the context of the XRP lawsuit ruling, which categorized the token sale to retail buyers as not securities. On September 29, 2023, the Bureau of Economic Analysis is set to release the Personal Consumption Expenditures (PCE) Price Index data for August.
Ripple will be hosting “The Proper Party” on September 29, 2023 in New York City. It will be a community celebration of freedom from legal troubles thanks to the recent partial victory in the SEC lawsuit. While the event does not have any direct impact on the XRP demand and supply, it could potentially have an effect on trader sentiment. Also, the company may not make any big announcements in the event, it is expected.
Bitcoin Price: Upside Potential
While Bitcoin price closed last week with around 2% downside, it is likely that the latest dip is a corrective phase before recovering the upside momentum. Crypto analyst CrediBULL believes the downward path may be a bear trap before regaining upside direction. He believes the $27,000 level is there to be recovered going forward. “This latest push down looks to be manipulation to the downside prior to expansion to the upside. 27k incoming,” the analyst said.
Last week, a team of Ripple executives led by chief executive officer Brad Garlinghouse met US Congressmen in Washington D.C. to discuss regulatory framework around crypto assets.
Also Read: Long-term Bitcoin Hodlers Now Own Over Half the Circulating Supply: Report
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