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- As we started the week on September 4th, Bitcoin
was trading around $25,970. Throughout the week, Bitcoin saw a high of $26,443 but couldn’t hold those levels. - On Wednesday, a significant development occurred as Binance’s President for Eastern Europe & Russia and Regional Director for Russia resigned. Resignations of top executives at Binance reflect serious regulatory concerns for the exchange.
- On Tuesday, Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), is set to testify before the U.S. Senate. SEC’s stance against a spot Bitcoin ETF has garnered attention.
Bitcoin and the crypto market have navigated a somewhat volatile week and are now heading into another turbulent one; what’s in store for the upcoming week?
What Happened in the Past Week?
As we entered the week on September 4th, Bitcoin was trading around $25,970. Throughout the week, Bitcoin reached as high as $26,443 but couldn’t hold those levels and retreated back below $26,000. At the time of writing, it’s trading at around $25,850.
On Monday, it was reported that Mayur Kamat, Binance’s Global Product Lead, resigned from his position amid regulatory issues. These resignations at Binance started to raise concerns among users. Also on Monday, it was reported that Stake, the world’s largest crypto betting platform, suffered a hack, resulting in a loss of $41 million.
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On Tuesday, it was announced that Visa would collaborate with the Solana blockchain for its stablecoin initiatives. While this didn’t have a direct impact on SOL’s price, it was seen as a significant development for the ecosystem. On the same day, it was reported that X had obtained a money transmitter license for payments in the U.S. state of Mississippi.
Wednesday, September 6th, saw Grayscale sending a letter to the SEC. The company plans to continue its pressure on the SEC for the approval of a spot Bitcoin ETF. A U.S. court had previously found the SEC’s rejection of Grayscale’s spot Bitcoin ETF unfair. The SEC remains silent on this issue. Additionally, on Wednesday, Binance’s President for Eastern Europe & Russia and Regional Director for Russia resigned, further indicating the seriousness of the exchange’s regulatory issues.
Furthermore, on Wednesday, it was reported that ARK Invest had submitted an application for a spot Ethereum ETF. This marks the first spot Ethereum ETF application made after VanEck’s move in 2021. It’s noteworthy that not even a spot Bitcoin ETF has been approved in the U.S. yet, but this step holds great importance for the Ethereum ecosystem.
On Thursday, September 7th, Stellar made a post hinting at a major announcement to be made on September 12th. The Stellar community now has its eyes set on the 12th of September. On the same day, it was reported that JPMorgan was researching a blockchain-based token for payments and transactions. This move is of significant importance to the crypto ecosystem, as JPMorgan’s involvement could accelerate capital inflow.
On Friday, September 8th, Ripple announced its acquisition of Fortress Trust. Additionally, it was announced that Apple TV would produce a film about Sam Bankman-Fried’s story.
What’s Coming in the Upcoming Week?
The upcoming week could be turbulent for Bitcoin and cryptocurrencies. There are no major developments to watch out for on Monday. However, on Tuesday, Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), is set to testify before the U.S. Senate. The SEC’s stance against a spot Bitcoin ETF has drawn attention, which might lead to questions about Bitcoin during Gensler’s testimony.
On Wednesday and Thursday, economic data in the U.S. will be significant: Wednesday will bring inflation data for the U.S., and Thursday will see the release of the U.S. Producer Price Index data. These two data points could introduce volatility to the Bitcoin market.
Weekly Economic Calendar! ⚡️#US #Bitcoin #BTC $BTC $ETH $FTT $SOL $DOGE pic.twitter.com/AHDmbbeih5
— CO NEWS (@coinotagen) September 10, 2023
In addition to economic developments in the U.S., it’s expected that the court will approve the liquidation of assets of the bankrupt FTX exchange. The amounts of these assets could exert selling pressure on the crypto market.
The three largest assets in FTX’s existing assets are as follows: $685 million worth of SOL, $529 million worth of SOL, and $268 million worth of BTC.
