By Bitcoinist - 7 months ago - Reading Time: 4 minutes
The Week In Bitcoin And Crypto: 5 Must-Watch Events
From macro headwinds for Bitcoin to Ripple’s legal victory celebrations to Chainlink’s major upcoming conference, the crypto universe is set to witness a dynamic week ahead. Here are the top events to mark on your calendar.
#1 Ripple’s Victory Lap In NYC
This week sees Ripple hosting “The Proper Party” on September 29 (Friday) in New York City. The event celebrates Ripple’s recent win against the US SEC where XRP was declared not a security. While the event might not directly influence XRP’s demand and supply mechanics, market analysts suggest it could shape trader sentiment.
The New York City event is enveloped in a shroud of speculation. Rumors are rampant, with whispers ranging from potential revelations regarding the SEC vs. Ripple settlement to an eagerly anticipated Ripple IPO announcement.
#2 Bitcoin ETF And Crypto Regulation: Gensler’s Grilling On Capitol Hill
On the regulatory front, SEC Chair Gary Gensler is bracing for another round of rigorous scrutiny. Scheduled to appear before the House Financial Services Committee on September 27 (Wednesday) at 10 am ET, Gensler’s perspectives on crypto regulatory frameworks are set to be rigorously examined.
This appearance contrasts sharply with his recent Senate Banking Committee session on September 12. While the Senate’s approach leaned more toward collegiality, Gensler should brace himself for a more confrontational encounter with the House, especially from Republican members and notably Chairman Patrick McHenry. Previous engagements have seen McHenry push Gensler on topics like Ethereum’s classification and the existing gaps in the crypto regulatory paradigm.
Certainly, the approval of a Bitcoin Spot ETF will also become an issue. As Bitcoinist reported, a few weeks ago a US appeals court had handed down a ruling in which they found that the SEC had acted “arbitrarily and capriciously” in refusing to convert the Grayscale Bitcoin Trust into the first US spot ETF, while allowing several derivatives-based ETFs to open. The market will be listening for Gensler’s every word on whether an early approval is coming or whether the SEC will exercise its right to object.
#3 Chainlink’s SmartCon Buzz
Chainlink’s price has surged by 10.4% in the past week, likely spurred by the upcoming SmartCon event set to commence on October 2. This major conference is expected to feature prominent speakers from leading firms including Google, Swift, State Street, IBM, BBVA, Ethereum Foundation, and Alchemy.
Last year’s SmartCon had thrown the spotlight on SWIFT’s Jonathan Ehrenfeld Solé’s insights into SWIFT messaging standards integrating with smart contracts. The buzz this year revolves around rumors of another significant announcement by Swift. Remarkably, as Chainlink’s CCIP mainnet has recently been launched and with Swift’s engagement with top financial institutions to connect with the multi-chain ecosystem via CCIP, attendees are eagerly awaiting words from Swift’s Qian Jiang and Thomas Dugauquier.
#4 Arbitrum Odyssey
The Arbitrum network’s innovative 7-week initiative, “Arbitrum Odyssey”, is set to return on September 26th (Tuesday). Designed to boost user engagement, participants are rewarded with NFT badges and have an increased chance of landing an Arbitrum (ARB) airdrop.
As laid out by Arbitrum: “You are embarking on a 7-week journey of exploring the biggest communities on Arbitrum One.” With different themes each week, the program involves diverse projects ranging from GMX to Handlefi and Sushi.
Next week the Arbitrum Odyssey returns. REIGNITED pic.twitter.com/nwPGHvqENG
— Arbitrum (,) (@arbitrum) September 19, 2023
#5 US Macro Events
While the Bitcoin and crypto world is abuzz, the broader economic landscape isn’t dormant. This week will witness a barrage of US macro events. Among the headliners are the Consumer Confidence and Building Permits/New Home Sales data releases on Tuesday. Thursday is poised to be particularly eventful with the unveiling of the Second Quarter GDP Data and Pending Home Sales data. Additionally, six Fed speakers are slated to articulate their views, which invariably command attention. Among them is Fed Chair Powell on Thursday.
However, the most important day will probably be Friday when the Fed’s favorite inflation gauge, the PCE data, will be released. Market analysts from ING emphasized the importance of Friday’s personal income and spending data. “After a strong July, we anticipate a dip in spending, especially in real terms,” said the institution. They predict the core PCE deflator to exceed market expectations, eyeing a 0.3% month-on-month surge, as opposed to the consensus’ 0.2% estimate.
The final Q2 GDP reading is also expected to be impactful as growth predictions have been adjusted to an annualized rate of 2.1%. Other metrics such as durable goods orders, new home sales, and consumer confidence data will also be in focus.
At press time, the Bitcoin price stood at $26,154.
Original source: Bitcoinist