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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 different main occasions that influence the crypto market.

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 listening to earlier than the House Financial Services Committee on the oversight of the company on September 27, 2023 at 10 am japanese time. Members of the committee have a historical past of strongly opposing Gensler’s views particularly on the crypto regulatory framework. In an April 2023 listening to, Committee Chairman Patrick McHenry asked the Commission Chair if Ethereum (ETH) was a safety or a commodity.

This might but once more be the topic of debate in the course of the upcoming listening to within the context of the XRP lawsuit ruling, which categorized the token sale to retail consumers as not securities. On September 29, 2023, the Bureau of Economic Analysis is set to release the Personal Consumption Expenditures (PCE) Price Index knowledge for August.

Ripple might be hosting “The Proper Party” on September 29, 2023 in New York City. It might be a neighborhood celebration of freedom from authorized troubles due to the latest partial victory within the SEC lawsuit. While the occasion doesn’t have any direct influence on the XRP demand and provide, it might probably impact dealer sentiment. Also, the corporate could not make any massive bulletins within the occasion, it’s anticipated.

Bitcoin Price: Upside Potential

While Bitcoin worth closed final week with round 2% draw back, it’s seemingly that the newest dip is a corrective part earlier than recovering the upside momentum. Crypto analyst CrediBULL believes the downward path could also be a bear trap earlier than regaining upside path. He believes the $27,000 degree is there to be recovered going ahead. “This latest push down looks to be manipulation to the downside prior to expansion to the upside. 27k incoming,” the analyst said.

Also Read: Long-term Bitcoin Hodlers Now Own Over Half the Circulating Supply: Report

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Anvesh experiences main crypto updates round U.S. regulation and market transferring developments. Published over 1,200 articles to this point on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The introduced content material could embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.