- The week of August 14 kicked off with Central Bank antagonist and Bitcoin supporter Presidential Candidate Javier Milei winning the pre-elections in Argentina with 31.5%. Milei then gained substantial interest and support within the crypto community.
- Coinbase obtained FCM Approval to offer regulated crypto futures to eligible U.S. customers, allowing the exchange to provide futures trading in the U.S.
- Reports emerged that the SEC is preparing to approve Ethereum Futures ETF applications. While this news brought some recovery in prices, BTC and ETH continued to remain low.
The Bitcoin and crypto market, having left behind a challenging week, continues its journey with the hope of brighter days ahead. What can investors expect in the upcoming week?
What Happened in the Week of August 14 – 18?
The week began with Central Bank antagonist and Bitcoin supporter Presidential Candidate Javier Milei winning the pre-elections in Argentina with 31.5%. Subsequently, Milei garnered substantial interest and support within the crypto community. On the same day, Coinbase started its services in Canada.
As Tuesday, August 15, arrived, Europe’s first spot Bitcoin ETF was launched by Jacobi Asset Management. This was an event anticipated by the crypto community, yet it didn’t quite receive the intense attention anticipated – trading volume was just above $2,000. On Tuesday, Binance announced that it would be shutting down its Binance Connect service, which allowed businesses to receive payments in crypto, on August 16.
Wednesday, August 16, saw a significant development in the U.S. crypto ecosystem; Coinbase obtained FCM Approval to offer regulated crypto futures to eligible U.S. customers, potentially increasing volatility as Coinbase may now offer futures trading in the U.S. The minutes from the FED meeting were also revealed on Wednesday, with participants signaling that inflation is still high and interest rate hikes could continue.
Thursday, August 17, proved to be a tough day for the crypto world. Early on, Grayscale announced it was hiring for its ETF team. Subsequently, the price of Bitcoin witnessed sudden drops, first dipping below $28,000. Following this, news that SpaceX sold $373 million worth of Bitcoin shook the market, and it didn’t stop there – Chinese real estate giant Evergrande filed for bankruptcy. With all these developments coinciding, Bitcoin’s spot price plunged to $25,166, and currently, BTC is trading at $26,091.
Following the challenging night of August 17, reports emerged that the SEC is preparing to approve Ethereum Futures ETF applications. While this news brought some recovery in prices, BTC and ETH continued to remain low. On Friday, August 18, no expected verdict was reached in the Grayscale – SEC case, resulting in slight BTC declines.
What’s Ahead for the Next Week?
Crypto investors have navigated through a challenging week, and everyone is curious about what’s to come. The upcoming week doesn’t feature any critical economic developments, but there are two significant events that might affect the market: Jerome Powell’s speech and the court decision on the Grayscale – SEC case. On August 25, Friday, FED Chairman Powell will deliver a speech, which might introduce volatility to the Bitcoin and crypto market.
The other crucial event is the court decision on the Grayscale – SEC case. This decision was anticipated last week but wasn’t delivered as expected. Now, eyes are set on Tuesday, August 22. A verdict in favor of Grayscale would be very positive for the cryptocurrency market, particularly Bitcoin.
Weekly Economic Calendar⚡️#Türkiye #US #FED #Grayscale #Bitcoin #BTC $BTC pic.twitter.com/Cw99UXpwMX
— CO NEWS (@coinotagen) August 20, 2023
Additionally, on Tuesday, August 22, crypto exchange Binance will delist SRM, SNM, and YFII coins from its platform.
