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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

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.

CPI Data: A Crucial Economic Gauge

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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Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628