- The week of August 28 to September 1 began with a calm start as the BTC price started the week at $26,100 on Monday. It was reported on the first day of the week that Binance exchange was considering the possibility of completely withdrawing from Russia.
- With Grayscale winning the lawsuit against the SEC, positive sentiments in the market increased. The BTC price climbed to $28,142 with this news but couldn’t hold onto that price.
- A Fox Business employee mentioned that SEC Chairman Gary Gensler will testify on September 12 and September 27. It is likely that questions related to spot Bitcoin ETFs will be asked during these testimonies.
The Bitcoin and cryptocurrency market has overcome a challenging week and left August behind. What developments await investors in the first week of September?
What Happened in the Week of August 28 to September 1?
The week of August 28 to September 1 had a calm start as Bitcoin (BTC) began the week at $26,100 on Monday. It was reported on the first day of the week that Binance exchange was considering the possibility of completely withdrawing from Russia. This was the only significant development of the day, and the BTC price generally remained stable.
On Tuesday, August 29, there was an increase in BTC price movement, and positive sentiments in the market increased when Grayscale won the lawsuit against the SEC. With this news, the BTC price climbed to $28,142 but couldn’t hold onto that price. On the same day, another positive development came from X (Twitter), which obtained a Rhode Island Currency Transmission license, which can be used for cryptocurrency services as well.
Following Grayscale’s victory over the SEC on August 29, ETF analyst James Seyffart noted that this does not guarantee approval for a spot Bitcoin ETF and the SEC still has over a month to contest this decision. On the day the decision was announced, it was reported that the SEC was reviewing the court decision regarding the Grayscale spot Bitcoin ETF to determine its next steps.
On Wednesday, August 30, Binance Japan announced its plans to increase the number of listed cryptocurrencies to 100. Later, a Fox Business employee mentioned that SEC Chairman Gary Gensler would testify on September 12 and September 27. It is likely that questions related to spot Bitcoin ETFs will be asked during these testimonies.
As we reached Thursday, August 31, it could be considered the most critical day for the Bitcoin market. On Friday, September 1, the SEC was expected to provide a response to seven spot Bitcoin ETF applications, including those from BlackRock and Fidelity. However, the SEC chose to delay its decision on these ETFs until August 31. Before the SEC announced its decision on spot Bitcoin ETF applications, there were sharp declines in the Bitcoin price, which dropped to $26,000.
On August 31, the SEC decided to postpone the spot Bitcoin ETF applications, adding an additional 45-day review period. This decision caused the Bitcoin price to fall below $26,000. On September 1, the Bitcoin price dropped to $25,333. Additionally, on September 1, Bitwise applied to the SEC to withdraw its application for a Bitcoin and Ethereum Futures ETF.
What to Expect in the Week of September 4-8?
The Bitcoin and cryptocurrency market has overcome a challenging week and is now focusing on upcoming developments. The week of September 4-8 does not appear to contain significant critical developments, so volatility may remain low during this week.
September 4, Monday, is Labor Day in the United States, which means it will be a holiday all day, and U.S. markets will be closed. The likelihood of high volatility on Monday is low, and the crypto market is expected to remain stable.
On September 6, Wednesday, the Beige Book will be released in the United States. This book provides reports on economic data, and Federal Reserve (FED) officials will provide their insights by examining this book. Throughout the week, some FED officials will also give speeches. On September 7, Thursday, the U.S. will release unemployment claims data.
Weekly Economic Calendar! ⚡️#Türkiye #US #Calendar #Bitcoin #BTC $BTC pic.twitter.com/fnkguER6JF
— CO NEWS (@coinotagen) September 3, 2023
In addition to economic developments, on September 6, Wednesday, Coinbase exchange will delist BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX) coins from its platform.
