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bitcoin price It’s trading at $30,492 in the market today and posted a gain of more than 1% on Tuesday.
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler faces criticism from Ripple lawyers who called him a “malicious regulator” after the SEC accepted Grayscale Bitcoin futures trading. Faced with this, the cryptocurrency market continues to attract attention. Exchange Traded Funds (ETFs).
Investors are focusing on June consumer price index (CPI) and producer price index (PPI) readings.
These economic indicators can provide valuable insight into inflationary pressures and overall economic performance, influence market sentiment, and influence Bitcoin price volatility.
SEC Approves Grayscale Bitcoin Futures ETF, Ripple Attorney Calls Gary Gensler a ‘Malicious Regulator’
The SEC approved Grayscale’s Bitcoin Futures ETFs are added to the list of allowed products alongside Leveraged ETFs and BTC Short ETFs.
The decision sparked a debate about the SEC’s stance on low-risk spot bitcoin ETFs.
Ripple’s lawyers have accused SEC Chairman Gary Gensler of being a “rogue regulator” compared to his predecessor, Jay Clayton, who offered more insightful advice.
The SEC has approved the Grayscale Bitcoin Futures ETF, adding it to its list of permitted products alongside Leveraged ETFs and BTC Short ETFs.
The decision sparked a debate about the SEC’s stance on low-risk spot bitcoin ETFs.
Ripple’s lawyers have accused SEC Chairman Gary Gensler of being a “rogue regulator” compared to his predecessor, Jay Clayton, who offered more insightful advice.
Despite similar vulnerabilities in approved BTC futures ETFs, the SEC deemed the proposal for listing and trading trust shares opaque to address manipulation and fraud concerns.
Grayscale is seeking clarification from the court on the concept of “unfairness,” but Grayscale’s chief legal officer, Craig Thurm, has offered three possible solutions.
These include approving previous Grayscale applications to convert GBTC to Spot BTC ETFs before approving the latest Spot Bitcoin ETF applications.
Salm proposed that the SEC either provide another justification for rejecting the Spot BTC ETF or treat the Spot Bitcoin ETF and Bitcoin Futures ETF equally, which would include the BTC Futures ETF. A comprehensive reorganization of the
The approval of Bitcoin futures ETFs by the SEC, coupled with the ease of market access and growing mainstream acceptance of Bitcoin-related products, has sparked speculation about the potential regulatory approval of spot ETFs, leading to the rise of BTC. Contributing to the upward trend.
June CPI and PPI readings spotlight: key inflation indicators to watch
This week we focus on the June release in the US Consumer Price Index (CPI) The Producer Price Index (PPI) is back in the spotlight for inflation data.
These reports are important because they can influence the Federal Reserve’s interest rate decisions.
Investors will be watching closely for signs of rising inflation that could trigger the Fed to reconsider its plans to raise rates by 25 basis points.
After pausing rate hikes last month, whether the Fed will move to a more hawkish stance will depend on inflationary pressures in the economy.
The Fed’s actions brought the CPI down from 9% in August 2022 to 4% in May, but have raised concerns about possible breaches that could severely impact the economy.
Expectations for Wednesday’s CPI announcement have had some impact on the BTC price on Tuesday.
Bitcoin price prediction
Bitcoin is currently facing resistance near the $31,000 levels but has managed to hold just above that level near $31,050.
The presence of a bullish engulfing candlestick on the daily timeframe indicates a strong potential for a bullish trend.
A resistance has been observed near $31,350 and a successful breakout of this level could lead Bitcoin to its next target near $32,500 or even higher near $34,150.
On the downside, near-term support levels could be near $30,300, or perhaps near $29,650. A break below $29,650 could lead to a drop towards $28,650 or even towards $27,900.
Therefore, it is important to monitor the $31,000 level closely as it could be an indicator of Bitcoin buying opportunities.
Top 15 cryptocurrencies to watch in 2023
Stay up to date on the latest Initial Coin Offering (ICO) projects and alternative cryptocurrencies by regularly exploring our curated collection of the top 15 digital assets to watch in 2023.
This carefully curated list is from Industry Talk and crypto newsyou can be sure to receive professional recommendations and valuable insights.
Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.