HomeNewsCrypto Craze: The Rise and Fall of Bitcoin – Is $30,000 or...

Crypto Craze: The Rise and Fall of Bitcoin – Is $30,000 or $20,000 on the Horizon?

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  • Binance.US set to respond to SEC’s motion regarding confidential documents and protective order.
  • SEC Chair Gary Gensler to testify on the Bitcoin ETF stance and more before the Senate Banking Committee.

Binance.US Vs. SEC: A Crypto Battleground

Binance.US, the American branch of the renowned crypto exchange, is expected to react to the US Securities and Exchange Commission’s (SEC) proposition regarding the sealing of specific documents and challenges to a protective order. With the crypto community intrigued, remarks from experts like pro-XRP attorney John E. Deaton hint at the anticipated nature of these concealed documents.

Binance.US, in recent legal developments, has been defending its position against the SEC’s demands. The exchange believes it has shared sufficient evidence regarding the safety of its client assets. However, they argue that the SEC’s requirements are excessively wide-ranging and unnecessarily challenging.

Gensler Steps Into The Spotlight

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Gary Gensler, SEC Chair, has his testimony scheduled before the Senate Banking Committee. Notably, it’s his first in a series of two testimonies for the US Congress this month. A significant portion of this address might delve into the SEC’s stance on a Bitcoin ETF, more so given Grayscale’s recent legal triumph. The aftermath of the SEC’s loss to Ripple Labs may also influence discussions, potentially bringing forth broader regulatory inquiries.

FTX’s Liquidation Moves and The Market

FTX, the crypto exchange now facing bankruptcy, has a critical appearance in Delaware Bankruptcy Court, with intentions to obtain approval for liquidating a whopping $3.4 billion in Bitcoin and other digital assets. The market is cautiously observing, understanding the sale’s potential ramifications. As per FTX’s plan, Galaxy Digital, steered by Mike Novogratz, might oversee the asset sale, which could see weekly liquidations reaching up to $200 million on certain tokens.

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CPI Data: A Crucial Economic Gauge

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The upcoming release of the Consumer Price Index (CPI) data for August is creating ripples of anticipation. An expected increase in the YoY inflation rate, paired with the Cleveland Fed’s revised forecasts, means this data drop is more pertinent than ever. With the Federal Reserve’s policy meeting just around the corner, any unforeseen escalations in the CPI might have the potential to alter the discourse.

Peeking Into Producer Prices: The PPI Release

Following closely on CPI’s heels is the Producer Price Index (PPI), another essential metric for the economic and crypto realms. The forecast for August indicates an increase, painting an intriguing backdrop for market watchers.

Lastly, Bitcoin’s recent pricing activities have stirred debates among analysts, with some viewing the recent trends as indicative of potential corrections, especially with the digital currency trading at $25,692.


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Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
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