From the battle to get a Bitcoin Spot ETF approved and the political as well as macroeconomic undercurrents impacting crypto to pioneering platform launches and technological innovations, this week is once again jam-packed with important events. Here’s a deep dive into the top five events you should mark on your Bitcoin and crypto calendar this week:
Tue & Fri
Grayscale v. SEC: Verdict on GBTC conv. to spot ETF?
First US Rep. debate: $BTC & crypto on agenda?
Fed Powell to speak at Jackson Hole 🚨
— Jake Simmons (@realJakeSimmons) August 21, 2023
#1 Tuesday Or Friday: A Bitcoin Spot ETF Decision?
A Bitcoin spot ETF is widely seen as the most powerful catalyst for a new uptrend in the Bitcoin and crypto markets. While the decision from BlackRock, Fidelity and Co. is not due until September 2, a ruling in the Grayscale vs. SEC case regarding the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot ETF could come any Tuesday or Friday at 11 am EST when the Court of Appeals releases its new rulings.
Nate Geraci, President ETF Store and co-Founder of ETF Institute, tweeted today that the “next two weeks could be *very* interesting in spot bitcoin ETF saga… Possible ruling in Grayscale lawsuit & SEC must make decision (approve, deny, or delay) on wave of filings incl BlackRock’s. Timing is notable b/c Grayscale ruling seems highly likely before SEC decision.”
Geraci expects that the SEC will delay the spot Bitcoin ETF decisions as they just did with ARK Invest a few days ago. However, the Grayscale lawsuit could be a game-changer. As Scott Johnsson, finance lawyer at Davis Polk, pointed out the case is at appellate court now. “Only place left to go is SCOTUS and not sure this SEC wants to even think about that option.”
This means that the verdict is unlikely to be challenged by the SEC. “My understanding is the SEC will have a period of time to petition for rehearing, both to DC Court and/or Supreme Court. Appeal is unlikely, but they could just sit on their hands during that period,” remarked Geraci.
#2 Wednesday: First US Republican Debate
In November 2024, US citizens will vote for the next President of the United States, a decision with potential implications for the upcoming Bitcoin and crypto bull cycle. While the official polling day is marked for November 5, 2024, a slew of US politicians have already thrown their hats into the ring, bringing up BTC and crypto.
On Wednesday, the first US Republican debate will take place. While former US president Donald Trump already announced that he will skip the event and instead do an interview with Tucker Carlson, the debate could get interesting for the Bitcoin and crypto space.
While it was revealed a few days ago that Trump is a secret Ethereum (ETH) whale, there are a lot of Bitcoin and crypto supporters in the field of US Republican presidential candidates. It will be interesting to watch if Bitcoin supporter Francis Suarez, Vivek Ramaswamy or Ron DeSantis will bring crypto on the agenda of the debate.
#3 Friday: Fed Chair Powell At Jackson Hole
The annual Jackson Hole symposium will once again serve as the epicenter of monetary policymaking discussions this Friday. The speech from Federal Reserve (Fed) Chair, Jerome Powell, is one of the most awaited events in this week, especially given the extended interlude between the Fed meetings in July and September.
Noteworthy financial data like CPI, PPI and employment data has been released since the last meeting, potentially hinting at Powell’s evolving stance on monetary policy. Bank of America strategists rightly express, “While the Fed would prefer not to short-circuit the business cycle, they’re possibly wary of a re-acceleration in inflation.” Bitcoin and crypto should brace for a volatile Friday. Powell’s speech can move financial markets.
#4 RUNE’s Eagerly Awaited Offerings
THORChain is set to introduce its lending feature on Tuesday, followed by the debut of Stable Savers on Thursday. Typically, when RUNE experiences a surge, it’s pronounced, but its declines are equally sharp. Investors need to keep a close eye on the metrics of the lending product post-launch to determine whether it might trigger a “sell-the-news” event.
#5 Reboot Of Shibarium?
Shibarium’s unexpected freeze shortly after launch, triggered by a flood of users, has severely impacted the Shiba Inu (SHIB) price, sending it tumbling downward. In his latest update on Saturday, SHIB chief developer Shytoshi Kusama stated that crucial progress has been made in scaling efforts for Shibarium.
The blockchain was restarted on Saturday, but initially in a private mode. Once this test is complete, Shibarium will restart again for the public in a second attempt. Whether SHIB will then experience massive hype again remains to be seen.
At press time, the Bitcoin price stood at $26,105.
Featured image from Fernando Gomez / Unsplash, chart from TradingView.com