Get ready for an exciting August 2023 in the cryptocurrency market as investors eagerly await BTC and XRP price changes.
Even when making predictions, recent moves in the cryptocurrency market have had investors on the edge of their seats, and August 2023 is building up to be an interesting month for Bitcoin (BTC) and other digital assets like Ripple (XRP). Gracy Chen, Managing Director of Bitget, offers insights on probable BTC price changes during this critical period as the market responds to numerous news and regulatory developments.
Future developments in light of Bitcoin’s cryptocurrency predictions and Ripple’s lawsuit against the SEC, according to Bitget’s managing director
News concerning Bitcoin’s long-awaited exchange-traded fund (ETF) and regulatory revisions had a big impact on the BTC market in July. BTC grew to its greatest level of $31,800 over the month.
All eyes are now on the possible effects of significant events that may affect the direction of the cryptocurrency as we move into August.
The US Securities and Exchange Commission’s (SEC) evaluation of applications to list six spot Bitcoin ETFs is one of the most important events in August.
One of these applications is the ETF from BlackRock. The review period is fixed at 45 days, but it may be extended for an additional 240 days. According to Gracy Chen, this evaluation could offer the market significant support in August.
Market sentiment has become activated by the anticipated approval of a Bitcoin ETF, and a positive decision could trigger a new wave of interest in and investment into BTC.
A recent landmark decision on cryptocurrency regulation determined that XRP is not a security, giving the XRP community the much-needed clarification.
Contrary to the SEC’s earlier classification of other cryptocurrencies including SOL, ADA, MATIC, FIL, and others as securities, this decision.
According to Gracy Chen, the market’s following reaction to such news might spark a catalyst and boost investor confidence.
Increased investor confidence and market involvement can frequently be attributed to regulatory clarity.
Index of consumer prices
On the other hand, the market is still unsure about when the Federal Reserve will raise interest rates in September.
Since 2021, the Consumer Price Index (CPI) has increased to 3%, indicating a likely rate increase. According to CME data, there is a 99.8% chance that interest rates will increase by 25 basis points in July.
However, uncertainty around the timing of the rate decrease in September could result in major market movements in August that would have an impact on BTC prices.
Investors should keep a close eye on these developments to determine how they might affect the cryptocurrency market.
Bitcoin and Ripple forecast for the month of August
Gracy Chen provides pricing predictions for August taking these considerations into account.
Depending on how the news may affect BTC when it stabilizes at $29,000, it may experience a jump in the $33,000–36,000 zone.
Positive developments in the Bitcoin ETF and regulatory clarity for other cryptocurrencies are prerequisites for this bullish scenario.
But negative assumptions about interest rates and regulations can also affect the market. In this scenario, BTC might retrace its steps and look for support between $25,000 and $28,000.
The bitcoin market is unpredictable by nature, just like any other financial market.
Given the likelihood of market changes during this time, it is crucial for investors to exercise caution and knowledge.
Investors are advised by Gracy Chen to keep up with news and regulatory events that may affect BTC price swings in August.
In the end
As a result, August 2023 holds enormous potential for Bitcoin as well as the overall cryptocurrency industry.
Market sentiment may change as a result of the SEC’s examination of Bitcoin ETF applications, regulatory clarification regarding XRP, and possible interest rate increases.
Investors can benefit greatly from Gracy Chen’s observations, but it’s crucial to approach the market with prudence and a long-term investment mindset.
The cryptocurrency world anticipates witnessing how these events will influence the course of BTC in the upcoming days and weeks later this month.