Chair

Bitcoin

Gary

The post <a rel="nofollow" href="https://coinpedia.org/news/crucial-week-for-crypto-grayscale-lawsuit-and-bitcoin-etf-decision-hold-markets-fate/">Crucial Week for Crypto as Market Awaits Key SEC Decisions</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
It’s going to be a big week for Bitcoin and altcoin prices, as upcoming decisions could affect them significantly. The impending verdict in the Grayscale vs. US Securities and Exchange Commission (SEC) lawsuit and the coming pronouncement by the US SEC regarding six high-profile Bitcoin exchange-traded fund (ETF) applications, notably including the <a href="https://coinpedia.org/news/blackrock-sets-a-milestone-with-bitcoin-etf-filing-a-seismic-shift-in-crypto-industry/">BlackRock spot Bitcoin ETF.</a> 
These two crucial events are set to take center stage, potentially triggering a much-needed market recovery. 
<h2 id="anticipation-builds-for-crypto-market-rebound-as-grayscale-verdict-and-bitcoin-etf-decision-on-the-horizon" data-name="anticipation-builds-for-crypto-market-rebound-as-grayscale-verdict-and-bitcoin-etf-decision-on-the-horizon" class="wp-block-heading">Anticipation Builds for Crypto Market Rebound, as Grayscale Verdict and Bitcoin ETF Decision on the Horizon</h2> 
Market experts and participants are eagerly awaiting a significant announcement in the Grayscale vs. US SEC lawsuit, slated for <a href="https://twitter.com/NateGeraci/status/1696338376952004938">this week</a>. The ruling, projected to occur either on Tuesday or Friday, has been a focal point of speculation.&nbsp; 
Initial assessments by Bloomberg Intelligence ETF analysts suggested that Grayscale held a 70% chance of winning the lawsuit against the SEC. The elongated postponement of the ruling, attributed to SEC Chair Gary Gensler’s hesitance towards approving a spot Bitcoin ETF, has added to the anticipation. 
Concurrently, the US SEC is set to pronounce its verdict on the six Bitcoin ETF applications submitted by major asset management firms, Bitwise, BlackRock, VanEck, WisdomTree, and Invesco, by the end of the week. The approval or consideration of a spot Bitcoin ETF by the US SEC would likely infuse the crypto market with renewed optimism.&nbsp; 
Meanwhile, it is expected that the Grayscale victory in the lawsuit would likely signal the SEC’s green light for a spot Bitcoin ETF, thereby paving the way for its potential approval this year. 
<h2 id="bitcoins-potential-rebound-as-aiming-to-surpass-200-week-moving-average" data-name="bitcoins-potential-rebound-as-aiming-to-surpass-200-week-moving-average" class="wp-block-heading">Bitcoin’s Potential Rebound, as Aiming to Surpass 200-Week Moving Average</h2> 
In such a scenario, the price of Bitcoin could reclaim its position above the crucial 200-week moving average (WMA) level, currently standing at $27,580. MicroStrategy’s executive chairman, Michael Saylor, <a href="https://twitter.com/saylor/status/1696214672318280109">underscored</a> the rarity of Bitcoin’s trading below the 200-WMA level, suggesting that this could be an opportune time for investors to enter the market. 
Following the current drop of BTC below $25,800 in mid-August, Bitcoin’s price action has been sideways. However, market analysts predict that a breakthrough could be in store if the cryptocurrency manages to conclude the month above the $27,500 mark. 
In the shorter timeframes, such as the 4-hour chart, the Bollinger Bands’ constriction indicates the potential for a substantial price movement in Bitcoin. As of now, Bitcoin’s price hovers around $26,150, making a gradual approach toward another support level.&nbsp;

Crucial Week for Crypto as Market Awaits Key SEC Decisions

Table of Contents

CoinPedia News

Other articles published on Aug 29, 2023

Crypto Cybersecurity Firm OpenZeppelin Launches Blockchain Security Upgrade ‘Defender’ Version 2.0

Cardano Founder on Verge of Major Breakthrough in Extraterrestrial Research

XRP Could Hit $3.41 by Year-End: Ripple’s Strategy VP Weighs In

Crypto Will Outperform Tech Stocks: Ex Goldman Sachs Executive

U.S. SEC Set to Deliver Updates on Bitcoin ETF Application Decision This Week

Bitcoin ETF Approval Looms After Court Forces SEC To Reconsider Decision On Grayscale; Bitcoin Pr...

Join our free newsletter for daily crypto updates!