Ripple Proper Party, Gary Gensler Hearing; BTC, ETH, XRP Price

With the second deadline for the US SEC’s spot Bitcoin ETF scheduled for the third week of October 2023, the onus in now on other major events that impact the crypto market.

Also Read: Chainlink Price Prediction As ETH Whale Makes Huge LINK Transfer

Events To Watch Out For

U.S. Securities and Exchange Commission Chair Gary Gensler is scheduled to testify at a hearing before the House Financial Services Committee on the oversight of the agency on September 27, 2023 at 10 am eastern time. Members of the committee have a history of strongly opposing Gensler’s views especially on the crypto regulatory framework. In an April 2023 hearing, Committee Chairman Patrick McHenry asked the Commission Chair if Ethereum (ETH) was a security or a commodity.

This could yet again be the subject of debate during the upcoming hearing in the context of the XRP lawsuit ruling, which categorized the token sale to retail buyers as not securities. On September 29, 2023, the Bureau of Economic Analysis is set to release the Personal Consumption Expenditures (PCE) Price Index data for August.

Ripple will be hosting “The Proper Party” on September 29, 2023 in New York City. It will be a community celebration of freedom from legal troubles thanks to the recent partial victory in the SEC lawsuit. While the event does not have any direct impact on the XRP demand and supply, it could potentially have an effect on trader sentiment. Also, the company may not make any big announcements in the event, it is expected.

Bitcoin Price: Upside Potential

While Bitcoin price closed last week with around 2% downside, it is likely that the latest dip is a corrective phase before recovering the upside momentum. Crypto analyst CrediBULL believes the downward path may be a bear trap before regaining upside direction. He believes the $27,000 level is there to be recovered going forward. “This latest push down looks to be manipulation to the downside prior to expansion to the upside. 27k incoming,” the analyst said.

Also Read: Long-term Bitcoin Hodlers Now Own Over Half the Circulating Supply: Report

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Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1,200 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.