Bitcoin (BTC) fell 0.12%
On Saturday, BTC fell 0.12%. After a 1.12% gain on Friday, BTC ended the session at $37,673. Notably, BTC fell short of $38,000 and Friday's high of $38,435.
The lack of BTC-spot-ETF related news left BTC within a range of $500 at the start of the weekend. Investors must wait until January 1, 2024, for the second deadline for the Hashdex and Franklin Bitcoin ETFs, which could force the SEC to take action.
Investors hope the SEC will approve BTC spot ETFs in batches to prevent investors from accusing the SEC of gaming. kingmaker. Five BTC spot ETF applications have a third deadline of January 15, 2024. However, mid-January could be too soon. BTC spot ETF applicants and the SEC may have further discussions regarding cash creation and in-kind creation/redemption.
SEC v Coinbase: Motion to Dismiss Ruling Could Be a Curveball!
On January 17, 2024, Judge Katherine Failla will hear oral arguments related to Coinbase (CURRENCY) motion to dismiss (BAT). Coinbase filed a motion to dismiss in August 2023, arguing that the SEC lacks the legal power to regulate crypto exchanges.
Senator Cynthia Lummis supported Coinbase's MTD by presentation an amicus curiae brief. The senator behind the Responsible Financial Innovation Law fixed,
โThrough this case, the SEC seeks primary influence over economic, political and legal issues under active consideration by Congress and multiple agencies. โThe SECโs assertion of authority in this case is out of step with active legislative efforts.โ
On Tuesday, Senator Lummis reacted to the SEC. move against Kraken, saying,
โThe SEC can no longer govern through law enforcement. Cryptoasset companies have repeatedly attempted to obtain guidance from the SEC only to receive enforcement actions, causing unnecessary harm to customers. It is time for Congress to pass a regulatory framework to provide clear rules to the SEC about what is a security and what is a commodity. โThe Lummis-Gillibrand Responsible Financial Innovation Act will rein in the SEC and allow financial innovation to thrive in the United States.โ
Technical analysis
bitcoin analysis
btc maintained above 50 and 200 days It's notreaffirming bullish price signals.
If BTC reaches $38,000, it could pave the way for a break above Friday's high of $38,453. A break above $38,450 could see the $39,000 resistance level.
Regulatory activity and news related to crypto-spot ETFs are the focal points.
A fall below the $37,600 support level would put the $36,400 support level into play.
The 14-day RSI reading of 61.04 indicates a return of BTC to $38,500 before entering overbought territory.
Ethereum Analysis
ETH it remained above the 50-day and 200-day EMAs, reaffirming bullish price signals.
A return of ETH to $2,100 would give the bulls a run towards the $2,143 resistance level.
However, a fall below the $2,021 support level would put the $1,926 support level into play.
The 14-period daily RSI at 62.20 suggests a breakout of ETH above the $2.143 resistance level before entering overbought territory.
