If the court decides on the Grayscale vs. US SEC case and picks from six Bitcoin ETF applications, it could make the crypto market better.
This week is important for the crypto market. It might help Bitcoin and other coins recover because of some important choices. Traders and big crypto holders are waiting to see if the court decides on the Grayscale vs. US SEC case, and if the US Securities and Exchange Commission (SEC) decides about six Bitcoin ETF applications, including one from BlackRock.
Possible Crypto Market Recovery Expected This Week
This week, experts say there will be an important decision in the Grayscale vs. US Securities and Exchange Commission case. The decision about Grayscale might come on Tuesday or Friday. Also, the SEC will decide about six Bitcoin ETF applications from big companies like Bitwise, BlackRock, VanEck, WisdomTree, and Invesco. They should give answers by the end of the week.
Some people who know about this stuff said that Grayscale has a 70% chance to win the lawsuit. But the court kept delaying the decision because the SEC Chair Gary Gensler doesn’t really want to say yes to a Bitcoin ETF. If Grayscale wins, the SEC will probably approve a Bitcoin ETF this year.
*Potential* ruling in Grayscale case tomorrow or Friday…
Plus, SEC decision likely forthcoming before the long weekend on numerous spot bitcoin ETF filings.
Chart courtesy of @JSeyff, who I’m assuming is tailgating all week. https://t.co/PPaJO46at2 pic.twitter.com/XZtDcWNbaP
— Nate Geraci (@NateGeraci) August 29, 2023
The SEC will decide about Bitwise, BlackRock, VanEck, WisdomTree, and Invesco on Friday. If the SEC says yes to a Bitcoin ETF, it will make people feel good about crypto. The price of Bitcoin might go up above $27,580, which is a number that experts watch. Michael Saylor, who’s a big part of MicroStrategy, said Bitcoin doesn’t usually go below this number, so it’s a good time to buy.
Will Bitcoin’s Price Go Up Again?
Bitcoin’s price hasn’t changed much since it dropped below $25,800 in the middle of August. People who study this stuff think Bitcoin might start going up if it ends the month higher than $26,000.
In a smaller time frame of 4 hours, something called Bollinger Bands show that the Bitcoin price might suddenly change a lot. People who trade need to watch how much Bitcoin is being traded and also things like DXY to know if things are getting better.
Right now, Bitcoin is being sold for about $26,950, and it’s heading towards a point where it should get support. More people are trading Bitcoin now, with a 35% increase in trading in the last 24 hours.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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