The Bitcoin and cryptocurrency market is preparing for a week filled with significant events that could have a major impact on trading and regulatory landscapes. From Binance’s ongoing legal battle with the SEC to the release of crucial economic data, here are the top five events to watch out for.
#1 Binance Responds To SEC’s Orders (Monday)
Today, Binance.US, the American arm of the global crypto exchange, will be responding to the US Securities and Exchange Commission’s (SEC) motion to file confidential documents and objection to a protective order. This case carries significant implications for the entire crypto sector, and experts like pro-XRP attorney John E. Deaton are eagerly awaiting the nature of these sealed documents. Deaton remarked yesterday, “As I said on Crypto Law and other channels, it will be interesting to see whether Binance objects to the SEC’s Motion to Seal certain documents (over 30 plus exhibits). Binance’s response could be insightful regarding the nature of the documents.”
Earlier this month, the SEC, Binance.US, BAM Trading Services, and BAM Management US Holdings jointly submitted a stipulation and proposed order. The filing revolves around Binance.US’s request for a protective order against the SEC’s demands, which they argue exceed a previously established consent order. Binance.US aims to halt depositions of its CEO and CFO and dismiss certain unrelated demands from the SEC. Binance has emphasized that it has provided ample evidence to the SEC regarding the security of its customer assets. However, they criticize the SEC’s demands as being “stunningly overbroad and unduly burdensome.”
#2 Gensler Testifies Before Senate Banking Committee (Tuesday)
On September 12th at 10:00 am ET, SEC Chair Gary Gensler is scheduled to testify before the Senate Banking Committee. This is the first of two testimonies Gensler will give to the US Congress this month. One key aspect expected to draw attention is the SEC’s stance against a spot Bitcoin ETF, especially considering Grayscale’s recent legal victory. Additionally, broader regulatory questions may arise, particularly in light of the SEC’s loss against Ripple Labs. Senator Bill Hagerty has expressed interest in exploring the relationship between the securities regulator and the digital assets sector.
#3 FTX Seeks Liquidation Approval (Wednesday)
On September 13th, FTX, the now-bankrupt crypto exchange, will appear in Delaware Bankruptcy Court seeking approval to liquidate $3.4 billion in Bitcoin and other crypto assets. Market participants are concerned about the potential selling pressure this could put on the market. FTX’s proposal suggests Galaxy Digital, led by Mike Novogratz, oversee the sale and management of these assets. The court will review these propositions on September 13th.
#4 US CPI Data Release (Wednesday)
This week, the United States is preparing to release significant economic data, with the Consumer Price Index (CPI) for August taking center stage. The year-over-year (YoY) inflation rate is anticipated to rise from 3.2% to 3.6%, while the Core Inflation Rate YoY is projected to recede from 4.7% to 4.3%. These figures carry particular significance amidst ongoing discussions about inflationary pressures and their potential impact on monetary policy. The Cleveland Fed’s recent adjustments to their projections have further intensified the focus on the CPI data. Their updated forecast suggests a YoY CPI of 3.82% for August, with the projection for September’s CPI at 0.45%, pushing the YoY to an even more significant 3.91%. Jim Bianco from Bianco Research LLC highlighted the importance of this upcoming data, stating via Twitter, “if YoY CPI is pushing 4.0% by September (reported in mid-October), I cannot see how the Fed pauses from raising rates, and any 2024 rate cut is out of the question.” The CPI data will play a crucial role in shaping discussions at the Federal Reserve’s policy meeting scheduled for September 19-20.
#5 US PPI Release (Thursday)
The Producer Price Index (PPI), which often precedes the CPI, is another significant metric to watch closely. PPI data for August will be released on Thursday. The forecast stands at 1.2%, up from July’s 0.8% year-over-year.
Extra: BTC Price Double Top Confirmation?
Concerns have arisen among market analysts after Bitcoin’s weekly close below the $26,000 mark. This move is seen as the first step towards confirming a double top formation. If $26,000 turns into new resistance, BTC’s price could potentially drop towards the $22,000 region. However, it’s important to note that BTC could find earlier support at the neckline of the inverse head and shoulders pattern on Bitcoin’s weekly chart, which played out in mid-March this year. A successful retest of the neckline, around $24,200, might indicate the bottom of Bitcoin’s current correction. As of press time, Bitcoin is trading at $25,692.
Source: Unsplash, TradingView.com
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
