Bitcoin Price Prediction: USD Strengthens on Q2 GDP Release, BTC Reacts to Market Developments
In the dynamic world of cryptocurrencies, the price of Bitcoin stands at $29,270, registering a decline of nearly 1% on Friday.
As the market evolves, various factors come into play, influencing Bitcoin's trajectory. Grayscale's recent call on the SEC to approve all Bitcoin ETFs simultaneously has garnered attention, adding to the market's anticipation.
Moreover, BTC faces challenges following the Bank of Japan's latest decision on Yield Curve Management, impacting its performance.
The release of Q2 GDP figures has further shaped the landscape, with the US dollar strengthening, consequently affecting the price of Bitcoin and erasing gains from the previous FOMC developments.
Amidst these market dynamics, Bitcoin's price prediction remains a subject of interest for traders and investors alike.
Grayscale's ETF was rejected by the Securities and Exchange Commission in the past. Hence, to ensure fairness, Grayscale is requesting the approval of all proposed spot Bitcoin exchange-traded funds (ETFs) simultaneously.
This would prevent any party from having an unfair advantage.
Grayscale has stated that the recent agreements for sharing surveillance information (SSAs) between Coinbase and spot ETF providers are not a new concept and do not meet the SEC's regulations.
The Bitcoin futures market is considerable and is part of the Intermarket Surveillance Group, a worldwide network of exchanges that share market surveillance.
Grayscale recognizes this and believes that it provides ample monitoring and surveillance to prevent fraud or manipulation in the underlying spot BTC market.
However, Grayscale has sued the regulator, claiming that it is behaving arbitrarily by not applying uniform treatment to identical investment vehicles.
Despi
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