Bitrabo Editorial
This week stands out as a significant moment for the Bitcoin and cryptocurrency sphere, marked by pivotal events that could potentially transform the market dynamics for BTC, Ethereum, and other digital assets.
#1 Bitcoin 2024 Conference
The Bitcoin 2024 conference, set to take place from July 25-27 in Nashville, has garnered immense attention due to its impressive lineup of speakers, notably including Donald Trump. Trump, currently a leading candidate in the US presidential race, is scheduled to deliver a keynote speech on the conference’s closing day.
Speculation within the Bitcoin community suggests that Trump might unveil plans for establishing a US Bitcoin strategic reserve if he wins the November election. This speculation gained traction when Dennis Porter, the founder of the Satoshi Act Fund, hinted about Trump making such an announcement based on unidentified sources.
Furthermore, Elon Musk’s addition of “laser-eyes” to his X profile picture has fueled anticipation of his potential participation and endorsement of Bitcoin at the conference, sparking further interest in the event.
#2 US Spot Ethereum ETF Launch
The Chicago Board Options Exchange (Cboe) confirmed that trading for several spot Ethereum ETFs will kick off on July 23 (Tuesday). This development follows the approval of regulatory filings by the US Securities and Exchange Commission (SEC) back in May.
The ETFs to be launched include 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), Franklin Ethereum ETF (EZET), Invesco Galaxy Ethereum ETF (QETH), and VanEck Ethereum ETF (ETHV). The announcement stated that these Exchange Traded Products (ETPs) are set to be listed on Cboe and start trading as new issues, pending regulatory approval.
Ripple Vs. SEC: Settlement Prospects
Amidst buzz within the XRP community, the US Securities and Exchange Commission (SEC) has rescheduled its postponed closed-door meeting with Ripple Labs to July 25, 2024. This meeting holds significance as it could potentially lead to a settlement in the ongoing legal battle between Ripple and the SEC, prompting a surge in XRP prices.
Ripple CEO, Garlinghouse, has expressed optimism regarding a possible imminent resolution of the lawsuit, indicating that some key rulings are expected to be made soon. Additionally, pro-XRP lawyer Fred Rispoli has predicted that a decision on remedies and penalties will likely be announced by the end of July.
US Inflation Data Impacts
The upcoming release of US inflation data, particularly the core PCE price index on July 26 (Friday), holds significant implications for financial markets, including the Bitcoin and crypto landscape. Analysts anticipate that the data might influence the Federal Reserve’s monetary policy decisions, with expectations of sustained moderate inflation rates.
Economists predict that the June core PCE price index will remain steady, potentially impacting the Fed’s 2% inflation target. Likewise, economic data projections by Bank of America suggest a strong economic outlook with controlled inflation levels, pointing towards positive activity and inflation trends.
Currently, BTC is priced at $67,334.