- Important events in the week could cause a sharp rise in Bitcoin and crypto volatility.
- U.S. Federal Reserve Bank’s interest rate decision, inflation data, and pivotal outcomes in SEC’s lawsuits against Ripple, Coinbase and Binance US could significantly shape the crypto landscape.
As we embark upon the week, the crypto market braces for perhaps its most dynamic week yet, laden with events that could induce an unparalleled volatility spike. Following the recent sweeping sell-off of altcoins and the associated moderate dip in Bitcoin price, crypto traders are gearing up for a seismic shift in market dynamics.
Leading the roster of this week’s critical occurrences are the revelations of the U.S. Consumer Price Index (CPI) and the Producer Price Index (PPI), alongside the U.S. Federal Reserve Bank’s (Fed) interest rate verdict. The crypto community is also eagerly awaiting updates on the Ripple v. SEC lawsuit, the SEC’s response to Coinbase’s rulemaking petition, and the Federal Court’s hearing on SEC’s preliminary injunction request against Binance US, among other developments.
Tuesday is shaping up to be a monumental day for the financial world, starting with the U.S. Bureau of Labor Statistics’ latest inflation data release for May at 8:30 a.m. EST. The annualized CPI (Year over Year) has exhibited a significant downward trajectory over the last few months, dwindling to 4.9% in April. Forecasts for May predict a further slump to 4.1%. If these estimates are met or even surpassed, the prospects of a halt in the Fed’s interest rate could gain momentum, possibly benefiting the U.S. financial, Bitcoin, and crypto markets.
It is worth noting, however, that considerable attention will also be devoted to core inflation and month-on-month inflation rates. Any positive surprise in these figures could energize the financial, Bitcoin, and crypto markets. Tuesday also carries significant relevance for crypto-specific events, including the SEC’s impending response to Coinbase’s rulemaking request.
Further adding to the excitement, the SEC’s temporary restraining order hearing against Binance US is scheduled for 2:00 pm EST. The SEC recently called upon a Federal Judge in Washington, D.C., to suspend the assets of Binance’s US division.
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Meanwhile, in the Ripple case, the purported unsealing of internal SEC Hinman documents could shed light on Ethereum’s (ETH) previous non-security designation, a classification now under scrutiny by SEC Chairman Gary Gensler. Lastly, Tuesday marks the termination of the public commentary period for the SEC’s proposed enlarged definition of an exchange, which could necessitate DEXs to register as securities exchanges.
In the middle of this action-packed week, on Wednesday, June 14, the Fed will announce its latest interest rate decision at 2:00 pm EST. Also, on the same day, the release of the Producer Price Index (PPI) is expected, which may act as a leading indicator of swift disinflation.
As we move into this week, filled with pivotal events, Bitcoin and the crypto market are poised for a volatile ride. At the time of writing, Bitcoin stands firm at $25,843, maintaining its stance above the 200-day EMA (blue line).
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