Bitcoin Price Prediction: BTC Slips 3% as Cryptocurrency Market Reacts to CPI Data as JPMorgan Awaits SEC's ETF Verdict
Amidst fluctuating global events, Bitcoin is once again in the spotlight. As it currently trades at $26,831, marking a slight uptick of over 0.10% on Friday, but it fell nearly 3% in the last seven days. The entire cryptocurrency market holds its breath in anticipation of various influencing factors.
The Consumer Price Index (CPI) data has recently stirred reactions in the crypto space, causing BTC to slip by 3%. As this unfolds, JPMorgan awaits the SEC's verdict on the ETF, poised to be a major determinant of Bitcoin's short-term price trajectory.
Adding another layer to the regulatory landscape, the looming deadline for the SEC to address its August 29 setback against Grayscale approaches, with the Commission having only until midnight on Friday to respond.
The escalating conflict in the Middle East raises concerns for the digital currency industry. Recognizing the situation's urgency, Coinbase's CEO appeals to Congress, emphasizing the need for prompt and rational cryptocurrency legislation in these tumultuous times.
Grayscale Investments achieved a significant legal victory when the D.C. Circuit Court ruled in their favour on August 29, allowing them to convert their Bitcoin Trust (GBTC) into an Exchange-traded fund (ETF).
The court found that the US Securities and Exchange Commission (SEC) had arbitrarily and capriciously denied the proposal.
The SEC was given a 45-day window to appeal, with the deadline set for October 13 at midnight. If the SEC chooses not to appeal, it is equivalent to approval, potentially paving the way for the first spot Bitcoin ETF in the US.
However, the market speculates that alternative arguments could be used to reject the ETF, possibly related to Coinbase's involvement. The outcome could
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