Shortly, a “bullish vacuum” exists in the Bitcoin and cryptocurrency markets. The US Federal Reserve’s much-anticipated shift and substantially lower-than-expected inflation data (CPI and PPI) allowed the Bitcoin price to maintain its upward trend of the previous few weeks. It recently hit a new yearly high of $30,968.
The approaching two weeks lacked significant macro data after the previous three weeks were consistently jam-packed. It will only alter on May 3 when the US Federal Reserve’s Federal Open Market Committee (FOMC) is due to meet.
As a result, there will be a bullish vacuum until early May, when it appears likely that Bitcoin and the entire crypto market will continue their uptrend. Even so, there are a few occasions this week that could have an impact on the market. We review the most significant dates, as we do every Monday.
Crypto Hearing: SEC Chairman Under Scrutiny in Bitcoin Supervision Defense
On Tuesday, April 18, the Securities and Exchange Commission (SEC) chairman Gary Gensler will have to defend his supervision of the US bitcoin and cryptocurrency business, and all eyes will be on Washington, D.C. Patrick McHenry, the head of the Financial Services Committee, set the hearing date, as Bitcoinist reported.
Cryptocurrency Regulation in Focus:
McHenry wants to investigate what Gensler did to the US crypto business. He stated in an interview:
The Securities and Exchange Commission’s first hearing will be under our watch. It will be about his strategy to regulate digital assets and rulemaking, and it will have extensive overall control over the SEC. To establish a regulatory framework for digital assets, [this will be] a severe policy approach.
Gensler will come under intense scrutiny. The co-chairs of the Digital Assets Subcommittee are Republican French Hill and Republican Warren Davidson, both of whom support cryptocurrencies. One of Gensler’s harshest detractors, Davidson, recently tweeted that “Fire Gary” should become a bipartisan movement.
Conclusion
Significant events could still impact the Bitcoin and cryptocurrency markets, even though the next two weeks may be relatively quiet regarding macro data. Both legislators and stakeholders will closely monitor Gensler’s decisions and rule-making concerning cryptocurrency. Investors and traders will need to be on the lookout for any potential effects on the crypto landscape as the market continues to negotiate these developments.
The lower-than-expected inflation figures may last until the Federal Open Market Committee meeting in early May. However, the outcome of the SEC hearing and Gensler’s choices about the regulation of digital assets and rulemaking may have an impact on the cryptocurrency market.