This week, the Bitcoin and cryptocurrency market is set for some major shifts due to a series of significant events. These events, ranging from regulatory decisions to major industry conferences, are likely to have a notable impact on investor sentiment and market dynamics. Let’s take a closer look at the top five of these events.
#1 Spot Bitcoin ETF News Coming This Week?
The approval of a spot Bitcoin Exchange-Traded Fund (ETF) remains a central topic in the cryptocurrency market. Recent days have seen various speculations about when the U.S. Securities and Exchange Commission (SEC) might give the green light for a spot Bitcoin ETF. Valkyrie Investments, which has an active application pending with the SEC, predicts that the initial approval step could occur as early as the end of November.
On the other hand, there’s been a noticeable lack of updates from Grayscale, which received a ruling to convert the Bitcoin Trust (GBTC) into a spot ETF from the DC Circuit Court of Appeals on August 29. Nate Geraci, an ETF expert, expressed surprise at the silence, highlighting that Grayscale had won the court case and filed a registration statement in October. Despite the court’s mandate, there has been no word from the SEC regarding whether NYSE/Grayscale needs to refile under the 19b-4 rule.
It appears that a statement from the SEC is imminent and could come at any moment. Bloomberg analyst James Seyffart recently noted his expectations for more clarity on timelines or next steps from either the SEC or Grayscale regarding GBTC. However, as of now, the situation remains uncertain.
#2 Fed Chairman Powell Speaks Twice
Federal Reserve (Fed) Chair Jerome Powell’s upcoming speeches this week are highly anticipated, and they could have a significant impact on financial markets. Powell is scheduled to speak on Wednesday at 10:15 am EST and Thursday at 3:00 pm EST, following the recent decision by the Federal Open Market Committee (FOMC) to pause interest rate hikes for the second consecutive time. This pause has led to speculation about a potential shift towards a more accommodative monetary policy stance.
Now, the focus has shifted to when the Fed might consider cutting interest rates, with market analysts having different opinions on whether this could happen in the second, third, or fourth quarter of the next year. One key aspect of interest will be Powell’s perspective on changes in Treasury yields.
During the FOMC press conference, Powell acknowledged the impact of Treasury yields on monetary policy but emphasized the importance of sustained changes rather than short-term fluctuations. This stance is crucial because the recent drop in Treasury yields, from above 4.9% to end the week at 4.59%, has played a significant role in influencing gold and Bitcoin prices, as well as stock markets.
#3 Ripple vs. SEC Briefing Schedule
In the ongoing SEC v. Ripple case, an important development is expected by November 9, as per a court order dated October 24, 2023. The court has instructed both the SEC and Ripple to propose a briefing schedule regarding the charges in the case. This step comes after the court ruling on Programmatic Sales, which leaves the issue of institutional sales of XRP unresolved.
Since the October 24 court order, there have been no updates from either the SEC or Ripple about their discussions. If they do not propose a briefing schedule, the court will establish one. The lack of clarity has led to speculation among market observers about the possibility of a settlement between both parties.
#4 Ripple Swell In Dubai
Ripple is in the spotlight for another reason this week – the Ripple Swell annual conference scheduled for November 8 to 9 in Dubai. There is significant speculation about a major announcement by Ripple during this event. This anticipation is driven by Ripple’s recent legal progress in the SEC case, which could potentially lead to an announcement about an IPO (Initial Public Offering).
Moreover, the conference is expected to focus on Central Bank Digital Currencies (CBDCs) and tokenization, areas where Ripple has demonstrated considerable interest. Given that the deadline for the briefing schedule in the Ripple vs. SEC case coincides with Ripple Swell, there is also speculation about the possibility of a settlement announcement at the conference.
#5 Arbitrum Ecosystem Incentives And Staking Go Live
The Arbitrum ecosystem reaches a significant milestone this week with the launch of its Short-Term Incentive Program. This program is designed to stimulate network growth and user engagement by allocating 50 million ARB tokens to various protocols within the ecosystem, which could significantly increase liquidity.
In tandem with this, the Arbitrum DAO is currently in the midst of a crucial vote on a proposal that would enable ARB token staking, offering yields paid out in tokens. This decision, which stems from a recommendation by PlutusDAO in September, involves the potential use of Arbitrum treasury funds to fund these staking rewards. The proposal outlines a tiered token allocation system, suggesting that 1% to 1.75% of the total 10 billion ARB supply be set aside for staking rewards from the DAO’s treasury.
The community vote, set to conclude on November 6, has so far shown a majority in favor of introducing staking, indicating a strong likelihood of the proposal’s approval. This development could have a significant impact on the Arbitrum ecosystem, potentially attracting more participants and enhancing its presence in the market.
As of the current time, Bitcoin is trading at $35,136.