What could affect the Bitcoin price this week: Powell’s interview, an XRP judgment and a Fidelity ETF

We’re just about past the first half of the year and Bitcoin is posting about 50% growth. That seems spectacular, but when you consider that the first quarter was very bullish and the second quarter almost unchanged, it is clear that investors want some sort of direction from Bitcoin at this time.

What could thus affect Bitcoin’s price this week? In our view, there are three possible news items that could provide a boost or downwards pressure.

Powell interview

First, Federal Reserve Chairman Jerome Powell is due for a round of interviews with Senators and members of Congress at the US Capitol on June 21 and 22. Given the importance of the level of interest rates in the US (and Europe), almost everyone is wondering whether Jerome thinks interest rates should rise further after the summer or whether they can finally fall.

Looking at #Bitcoin, the area to hold is the $26,000 zone.

If that practically sustains, the odds of upwards continuation is significant.

— Michaël van de Poppe (@CryptoMichNL) June 19, 2023

Whatever Powell says, both the stock markets and crypto markets will be affected.

XRP judgment

We are now June 20th and just about everyone in the Ripple labs camp was expecting a ruling in the case between XRP and the SEC before the end of the month. Given that the SEC has now also started lawsuits against Binance and Coinbase, a ruling by Judge Analisa Torres in the XRP case could have major consequences for the crypto world.

Blackrock and Fidelity

Just days after Blackrock, the largest investment fund in the world, announced that they would be launching a Bitcoin ETF to allow large clients direct access to the largest digital currency, Fidelity, another well-known name on Wall Street, now appears to be joining them. Adoption is growing.

BREAKING 🚨 #BITCOIN

$4.3 trillion assets management
Company Fidelity Investment is preparing to apply for #Bitcoin ETF . pic.twitter.com/lxnANhmVSG

— BITCOINLFG® (@bitcoinlfgo) June 19, 2023