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Five Things to Know in Crypto Next Week: SEC v Ripple and Hinman Docs
The cryptocurrency market is in for a blockbuster week. The US CPI Report and the Fed will have an impact, but the SEC v. Ripple lawsuit might take a turn.
Data on the US and Chinese economies
One of the five things to know about cryptocurrency is that the US economic calendar has a significant week coming up. On Tuesday, there will be a lot of attention in the US CPI Report. Bets on a more hawkish Fed interest rate trajectory to control inflation would rise if inflation remained sticky.
Prior to the FOMC Economic Projections, the Fed Chair Powell news conference, and the Fed interest rate decision on Wednesday, wholesale inflation statistics will also influence the market. A sudden increase of 25 basis points and a pessimistic outlook would weigh.
But in the second half of the week, investors should also take into account data on US retail sales, the Philly Fed Manufacturing Index, US jobless claims, and Michigan consumer sentiment.
Economic information from China will also need to be taken into account given the continuing recessionary fears. The dial will be moved on Thursday by data on industrial production and retail sales.
The crypto market valuation decreased by $87.8 billion (-7.93%) to $1,019 billion this morning as a result of the SEC forcing Binance US to become a cryptocurrency-only platform.
William Hinman's speech documents in the XRP v. SEC case will be released on June 13.
The SEC will publish records pertaining to the William Hinman speech on June 13 without redactions. The SEC has filed at least seven motions since 2021 in an effort to get the records protected by the attorney-client privilege. However, in mid-May, the Court rejected the SEC's final request to seal the records connected to the Hinman address.
The SEC v. Ripple litigation, which has been ongoing since December 2020, may be significantly affected by the unredacted speech-related materials.
Significantly, the information could exert pressure on US politicians to restrain the SEC and reconsider its stance on regulation by enforcement, which has caught the attention of several platforms and resulted in charges being brought against Binance US, Binance, Binance CEO CZ, and Coinbase (COIN).
Ripple and the larger market would benefit from any indications of an SEC-Ripple settlement.
For the week, XRP is down 5.70% to $0.50435 due to news about Binance and the SEC.
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