Here's what to expect in crypto this week after Grayscale's victory against US SEC
|Crypto investment company Grayscale has won a lawsuit against the US Securities and Exchange Commission (SEC). This development prompted Bitcoin price to shoot up an excess of 6.5% in a few minutes. After Ripple's win in the SEC vs. Ripple lawsuit, this is another historic win for crypto. This victory has got crypto investors sitting at the edge of their seats for an action-packed week ahead, including seven Bitcoin spot ETF approvals in the next ten days.
What to expect in crypto this week
This week is jam-packed with events that are likely going to bring volatility back to crypto markets. Due to the type of events, this spike in volatility can be ephemeral, so investors need to be cautious.
BTC/USDT 1-day chart
Read more: Bitcoin Weekly Forecast: BTC history forecasts another crash in Q3 ahead of Jackson Hole Symposium
What to expect this week
Let’s start from a macro perspective and move to cryptos:
- Core Personal Consumption Expenditure (PCE) Price Index on Thursday at 12:30 GMT: This event, while important to stocks, is unlikely to have a huge impact on crypto prices. Regardless, it is an event that investors need to keep a close eye on.
- Nonfarm Payrolls (NFP) on Friday at 12:30 GMT: This is the most important event that could trigger a sharp move not only in stocks but also in Bitcoin price.
The US Securities and Exchange Commission (SEC) has a lot on its plate this week since it needs to make a decision on multiple Bitcoin Spot Exchange-Traded Funds (ETF). Here’s a list of ETFs approval decisions that are due in the next two weeks.
September 1
- Bitwise
September 2:
- BlackRock
- VanEck
- WisdomTree
- Invesco and Galaxy
- Fidelity
September 4
- Valkyrie
Bitcoin spot ETF approval deadlines
Regarding the spot ETFs, there’s one out of two outcomes that will come to pass. Either the SEC approves one or several spot ETFs, which is unlikely considering its stance on cryptos, or it will postpone the decision to await the next deadline or the final one. This means the SEC could push its decision up to the first quarter of 2024.
Another factor that could have a deep impact on crypto prices is token unlocks. This week, nearly $140 million worth of altcoins are scheduled to be unlocked in one go. These tokens include HBAR, SUI and OP.
Read more: Optimism, Sui, Hedera prices brace for over $138 million worth in token unlocks
Notable updates
Optimism and BASE collaborate
This alliance is likely to attract more projects to the Optimism collective. Additionally, the implementation of EIP-4844 is likely to trigger a rally among Layer 2 tokens like Optimism’s OP, Arbitrum’s ARB, Polygon’s MATIC and so on.
Friend.tech loses its charm
After a massive spike in user interest, transactions, and fees generated, the popular friend.tech platform has lost its charm as volume dropped 95% in a week.
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