BTC Slips 3% As Cryptocurrency Market Reacts To CPI Data As JPMorgan Awaits SEC’s ETF Decision
Amid dynamic global events, Bitcoin is once again in the spotlight. Currently trading at $26,831, it was up a little over 0.10% on Friday, but has fallen about 3% over the past seven days. The entire cryptocurrency market is holding its breath in anticipation of various influencing factors.
Consumer Price Index (CPI) data recently sparked a reaction in the crypto space, causing BTC to slide by 3%. As this unfolds, JPMorgan awaits the SEC's ruling on the ETF, which is set to become a major determinant of Bitcoin's short-term price path.
Adding another layer to the regulatory landscape, the commission has until midnight on Friday to respond to the SEC's August 29 deadline to challenge the grayscale approaches.
The escalating conflict in the Middle East poses a threat to the digital currency industry. Recognizing the urgency of the situation, Coinbase's CEO appealed to Congress, stressing the need for swift and reasonable cryptocurrency legislation in these tumultuous times.
Grayscale vs SEC: Friday midnight deadline August 29th will be a challenge.
Grayscale investments scored a major legal victory when the DC Circuit Court ruled in their favor on August 29, allowing them to turn Bitcoin Trust (GBTC) into an exchange-traded fund (ETF).
The court found that the US Securities and Exchange Commission (SEC) had arbitrarily and capriciously rejected the proposal.
The SEC was given a 45-day window to appeal, with a deadline set for midnight on October 13. If the SEC chooses not to appeal, it is tantamount to approval, potentially paving the way for the first Bitcoin ETF in the US.
However, the market speculates that alternative arguments could be used to reject the ETF, perhaps related to Coinbase's involvement. The result could have an impact on the cryptocurrency market, which is experiencing selling pressure.
Amid Middle East Tensions, Coinbase CEO Pushes for Swift Crypto Legislation
With the Middle East conflict on the rise, Coinbase Chief Legal Officer Paul Grewal has urged the US Congress to enact reasonable cryptocurrency legislation.
He stressed the need for the crypto industry to thrive in countries that respect the rule of law, rather than being forced into states with little regard for human rights and public safety.
The US Securities and Exchange Commission (SEC) classifies most crypto tokens as securities, with the exception of Bitcoin, which regulates crypto platforms.
Grewal's statement is in response to reports that Hamas received nearly $41 million in cryptocurrency, using Binance for fundraising. Coinbase is committed to preventing illegal use of cryptocurrency through strict measures such as KYC checks, sanctions screening and law enforcement cooperation.
Grewal's call for sensible cryptocurrency legislation is likely to find support from the crypto community as it seeks legitimacy and transparency.
This development may contribute to a more favorable market outlook as regulatory certainty attracts more institutional investors and increases general confidence in the cryptocurrency market.
Bitcoin price prediction
On October 13, Bitcoin (BTCUSD) traded at $26,793.09 for a 24-hour volume of $9.43 billion. Despite a small swing of 0.04% on the last day, it holds the #1 spot on CoinMarketCap with a market cap of nearly $522.79 billion.
This dominant cryptocurrency has 19,512,131 BTC in circulation out of a maximum of 21,000,000 BTC. Technical analysis from the 4-hour chart shows a pivot point at $27,208.
Resistance levels are marked at $27,909, $28,636 and $29,304, while support is seen at $26,461, $25,779 and $25,044.
With an RSI of 33, the momentum suggests an oversold condition. The 50-day exponential moving average stands near the pivot at $27,284.
If Bitcoin stays below $27,208, the immediate trend looks bearish.
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