Crypto investment company Grayscale has won a lawsuit against the US Securities and Exchange Commission (SEC). This development prompted Bitcoin price to shoot up an excess of 6.5% in a few minutes. After Ripple's win in the SEC vs. Ripple lawsuit, this is another historic win for crypto. This victory has got crypto investors sitting at the edge of their seats for an action-packed week ahead, including seven Bitcoin spot ETF approvals in the next ten days. 

What to expect in crypto this week

This week is jam-packed with events that are likely going to bring volatility back to crypto markets. Due to the type of events, this spike in volatility can be ephemeral, so investors need to be cautious.

BTC/USDT 1-day chart

BTC/USDT 1-day chart

Read more: Bitcoin Weekly Forecast: BTC history forecasts another crash in Q3 ahead of Jackson Hole Symposium

What to expect this week

Let’s start from a macro perspective and move to cryptos:

  • Core Personal Consumption Expenditure (PCE) Price Index on Thursday at 12:30 GMT: This event, while important to stocks, is unlikely to have a huge impact on crypto prices. Regardless, it is an event that investors need to keep a close eye on. 
  • Nonfarm Payrolls (NFP) on Friday at 12:30 GMT: This is the most important event that could trigger a sharp move not only in stocks but also in Bitcoin price. 

The US Securities and Exchange Commission (SEC) has a lot on its plate this week since it needs to make a decision on multiple Bitcoin Spot Exchange-Traded Funds (ETF). Here’s a list of ETFs approval decisions that are due in the next two weeks.

September 1

  • Bitwise

September 2: 

  • BlackRock 
  • VanEck
  • WisdomTree
  • Invesco and Galaxy
  • Fidelity

September 4 

  • Valkyrie

Bitcoin spot ETF approval deadlines

Regarding the spot ETFs, there’s one out of two outcomes that will come to pass. Either the SEC approves one or several spot ETFs, which is unlikely considering its stance on cryptos, or it will postpone the decision to await the next deadline or the final one. This means the SEC could push its decision up to the first quarter of 2024.

Another factor that could have a deep impact on crypto prices is token unlocks. This week, nearly $140 million worth of altcoins are scheduled to be unlocked in one go. These tokens include HBAR, SUI and OP.

Read more: Optimism, Sui, Hedera prices brace for over $138 million worth in token unlocks

Notable updates

Optimism and BASE collaborate

This alliance is likely to attract more projects to the Optimism collective. Additionally, the implementation of EIP-4844 is likely to trigger a rally among Layer 2 tokens like Optimism’s OP, Arbitrum’s ARB, Polygon’s MATIC and so on. loses its charm

After a massive spike in user interest, transactions, and fees generated, the popular platform has lost its charm as volume dropped 95% in a week.

Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana network is plagued by failed transactions caused by congestion issues on the blockchain. The recent rise in popularity of Solana-based meme coins has resulted in a massive increase in user activity on the SOL blockchain, which has exacerbated the issue. 

More Solana News

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Pups, a BTC-based meme coin, hit a new all-time high of $84.08 early on Friday. The Ordinals Inscription project, which was launched nearly a year ago, sees gains from anticipation surrounding Bitcoin halving.

More Bitcoin News

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday. XRP price tests $0.60 support, price ranges below $0.62 on April 12. Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC. 

More Ripple News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki, author of Rich Dad Poor Dad, is popular for his investment advice and pro-Bitcoin stance on social media platform X. Early on Friday, Kiyosaki shared his thoughts on Bitcoin ETFs and advocated holding the asset directly, instead of a “Wall Street” version. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. While Bitcoin’s long-term outlook remains positive, bouts of volatility could bring prices down ahead of the upcoming halving.

Read full analysis