We have come to the end of another week in the cryptocurrency industry. During this week, the leading cryptocurrency Bitcoin (BTC) lost an average of 5% in value. Altcoins crashed very badly.
The cryptocurrency market is focusing on a number of important events that will occur this week. These developments, which may affect both the crypto world and the general economy, are being followed closely.
Here are the important developments that may affect the price movements of #Bitcoin and altcoins this week, according to the latest economic data:
🚨 Important Developments This Week 🚨
Monday, June 12
• Polygon (MATIC) will make an important announcement. #MATIC
Polygon (MATIC) is an Ethereum-based layer 2 scaling solution. Polygon was developed to solve the scalability problems experienced in the Ethereum network and to make faster, cheaper and more efficient transactions.
Tuesday, June 13
• Deadline for SEC to release Hinman documents regarding Ripple (XRP) case. #XRP
The Hinman documents are documents that play an important role in a legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC). These documents contain statements and contents made by William Hinman, a former official of the SEC. In a speech he gave in 2018, Hinman stated that digital assets such as Bitcoin and Ethereum should not be considered securities. The Ripple case arose when the SEC sued Ripple Labs for allegedly issuing XRP tokens as securities. The Hinman documents are documents requested to be published in order to clarify the SEC's stance on the Ripple case and how Hinman's statements may affect Ripple's defense.
• The U.S. House Financial Services Committee will hold a committee hearing titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.”
This hearing will focus on the future of digital assets (cryptocurrencies, tokens, digital currencies, etc.) and the importance of providing clarity in this area. Regulation of digital assets will address the balance between encouraging innovation and ensuring consumer protection. This hearing aims to provide information to members of Congress by addressing policy and regulatory issues related to the rapidly evolving digital asset ecosystem in the financial services industry.
• US Consumer Price Index (CPI) will be announced at 15:30. (Expectation uncertain, previous was 4.9.)
• 324,905,000 SWEAT (Sweat Economy) items worth $1,571,504 will be unlocked.
Tuesday, June 14
• 195,999,999.97 BLURs worth $58,998,352 will be unlocked. #blur
• 15,000 1INCH (1inch Network) worth $3,962 will be unlocked. #1INCH
• US Producer Price Index (PPI) will be announced at 15:30. (Expectation uncertain, previous was 2.3.)
• Fed interest rate decision will be announced at 21:00.
• Fed Chairman Powell will make a press statement at 21:30.
Thursday, June 15
• The European Central Bank (ECB) interest rate decision will be announced at 15:15. (A 25 basis point increase is expected.)
• 187,500,000.32 BIT (BitDAO) worth $79,506,563 will be unlocked.
• 37,500,000 LOOKS (LooksRare) worth $3,525,586 will be unlocked.
Friday, June 16
• European Region (EU) Consumer Price Index (CPI) will be announced at 12:00. (It is expected to be 6.1, the previous one was 7.0.)
• 7,291,666.66 FLOWs worth $3,549,627 will be unlocked. (0.50%)
Saturday, June 17
• 15,601,326 APE (ApeCoins) worth $35,727,037 will be unlocked. (1.56%)
• 18,075,990.72 IMX (ImmutableX) worth $10,589,638 will be unlocked. (0.90%)
These important developments may cause fluctuations in the cryptocurrency market and have an impact on the value of Bitcoin and other altcoins. Cryptocurrency investors and market followers can improve their trading strategies and shape their decisions accordingly by monitoring these developments closely.
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