In today’s bustling blockchain market, Bitcoin stands at a trading price of $30,492, marking a slight uptick of over 1%. The feverish market attention is riveted on Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), who is taking flak from a Ripple attorney for his seemingly capricious regulatory behavior. This comes on the heels of the SEC approving Grayscale’s Bitcoin Futures Exchange-Traded Fund (ETF).
A pivotal factor likely to influence Bitcoin pricing would be the June Consumer Price Index (CPI) and the Producer Price Index (PPI) readings, which are under close scrutiny. These indexes serve as mirror images of inflationary pressures and offer an overall picture of economic health.
The SEC’s decision to accept Grayscale’s Bitcoin Futures ETF has elicited concerns about its viewpoints on spot Bitcoin ETFs, which carry fewer risks. Comparatively, Gensler has been saddled with a less flattering image as a “bad faith regulator,” a term coined by a Ripple lawyer in contrast to his predecessor, Jay Clayton.
The SEC has refrained from clear endorsement, citing potential manipulation and fraud concerns, despite these issues being endemic within its approved BTC Futures ETFs. Grayscale is in hot pursuit of a court-supplied definition of “unfairness,” its chief legal officer, Craig Salm, outlines three possible resolutions to the impasse.
Optimism about potential regulatory approval for Spot ETFs piggybacks on the SEC’s endorsement of Bitcoin Futures ETFs, given the upswing in market accessibility and mainstream acceptance of Bitcoin-related products.
Significant economic indicators being in play this week include the US June Consumer Price Index (CPI) and the Producer Price Index (PPI). Increasing inflation could alter Federal Reserve’s plans for interest rate adjustments. The anticipated release of the CPI report today is believed to be subtly affecting Bitcoin prices.
Bitcoin is currently hovering around the $31,000 hurdle, with a bullish ascendancy indicating a potential upward trend. On the flip side, if Bitcoin can’t sustain the $31,000 mark, we could see a decline, placing greater importance on monitoring this price point.
Moreover, the list of top 15 cryptocurrencies to watch in 2023 is worth a glance. Curated by experts from Industry Talk and Cryptonews, it offers insights into emerging Initial Coin Offering (ICO) projects and alternative cryptocurrencies. As we navigate through the unpredictable seas of the digital world, a treasure chest of knowledge can be valuable indeed.
Lastly, never lose sight of the best price points to buy or sell your favorite cryptocurrency. Stay updated with the help of the Cryptocurrency Price Tracker.
Source: Cryptonews
