BTC Slips 3% as Cryptocurrency Market Reacts to CPI Data as JPMorgan Awaits SEC’s ETF Verdict

Amidst fluctuating global events, Bitcoin is once again in the spotlight. As it currently trades at $26,831, marking a slight uptick of over 0.10% on Friday, but it fell nearly 3% in the last seven days. The entire cryptocurrency market holds its breath in anticipation of various influencing factors. 

The Consumer Price Index (CPI) data has recently stirred reactions in the crypto space, causing BTC to slip by 3%. As this unfolds, JPMorgan awaits the SEC’s verdict on the ETF, poised to be a major determinant of Bitcoin’s short-term price trajectory.

 Adding another layer to the regulatory landscape, the looming deadline for the SEC to address its August 29 setback against Grayscale approaches, with the Commission having only until midnight on Friday to respond. 

The escalating conflict in the Middle East raises concerns for the digital currency industry. Recognizing the situation’s urgency, Coinbase’s CEO appeals to Congress, emphasizing the need for prompt and rational cryptocurrency legislation in these tumultuous times.

Grayscale vs SEC: Friday Midnight Deadline Looms for August 29 Challenge

Grayscale Investments achieved a significant legal victory when the D.C. Circuit Court ruled in their favour on August 29, allowing them to convert their Bitcoin Trust (GBTC) into an Exchange-traded fund (ETF). 

The court found that the US Securities and Exchange Commission (SEC) had arbitrarily and capriciously denied the proposal. 

The SEC was given a 45-day window to appeal, with the deadline set for October 13 at midnight. If the SEC chooses not to appeal, it is equivalent to approval, potentially paving the way for the first spot Bitcoin ETF in the US.

However, the market speculates that alternative arguments could be used to reject the ETF, possibly related to Coinbase’s involvement. The outcome could affect the cryptocurrency market, with potential sell pressure.

Amidst Middle East Tensions, Coinbase CEO Pushes for Swift Crypto Legislation

Coinbase’s Chief Legal Officer, Paul Grewal, has urged the US Congress to promptly enact sensible cryptocurrency legislation as the Middle East conflict escalates. 

He stressed the need for the crypto industry to thrive in nations upholding the rule of law rather than being forced into regions with lesser regard for human rights and public safety. 

The US Securities and Exchange Commission (SEC) categorizes most crypto tokens, except bitcoin, as securities, subjecting crypto platforms to regulatory oversight. 

Grewal’s statement came in response to reports that Hamas had received approximately $41 million in cryptocurrency over three years, utilizing Binance for fundraising. Coinbase remains committed to preventing illicit cryptocurrency use through stringent measures like KYC checks, sanctions screening, and law enforcement collaboration.

Grewal’s call for sensible cryptocurrency legislation may garner support from the crypto community as it seeks legitimacy and clarity. 

This development could contribute to a more favourable market outlook, with increased regulatory certainty potentially attracting more institutional investors and boosting overall confidence in the cryptocurrency market.

Bitcoin Price Prediction

On October 13th, Bitcoin (BTCUSD) is trading at $26,793.09 with a 24-hour volume of approximately $9.43 billion. Despite a minor 0.04% dip in the last day, it firmly holds its #1 position on CoinMarketCap with a market cap nearing $522.79 billion. 

This dominant cryptocurrency has 19,512,131 BTC in circulation out of its maximum 21,000,000 BTC. Technical analysis from a 4-hour chart reveals a pivot point at $27,208. 

Resistance levels are marked at $27,909, $28,636, and $29,304, while support is seen at $26,461, $25,779, and $25,044. 

With an RSI of 33, the momentum suggests a potential oversold condition. The 50-day Exponential Moving Average stands close to the pivot at $27,284. 

The immediate trend appears bearish if Bitcoin stays below $27,208.

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Find The Best Price to Buy/Sell Cryptocurrency

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