Key ideas:
- Bybit suspends UK services in response to new crypto regulations from the UK Financial Conduct Authority.
- Bitwise withdraws a second ETF amendment request to the SEC.
- Binance filed a motion to dismiss, focusing on investment contracts and joint ventures.
Friday session summary
Bybit suspends services in the UK:Bybit Announced the suspension of its services in the United Kingdom in response to the Financial Promotion Rules for Crypto Assets of the United Kingdom Financial Conduct Authority. However, Bybit is suspending its services rather than withdrawing from the UK completely. According to the announcement,
โBybit has made the decision to proactively adopt regulation and suspend our services in this market. โThe suspension will allow the company to focus its efforts and resources on being able to better comply with the regulations outlined by the UK authorities in the future.โ
Bitwise Retires BTC and ETH Futures Converter App: Friday, bit by bit sent a letter to the SEC, officially withdrawing its strategy change request for the Bitwise Bitcoin Strategy Optimum Roll ETF. On August 31, 2023, bit by bit he retired your ETF app for the Bitwise Bitcoin ETF and Ether Market Cap Weight Strategy.
Binance Motion to Dismiss: On Thursday, Binance Holdings Limited and Changpeng Zhao, in the SEC v Binance case, archived a motion to dismiss (MTD) in the District Court of the District of Columbia. The presentation argues,
โThe Court should dismiss the SEC's claims against BHL and Mr. Zhao. โVirtually all claims should be dismissed based on a threshold: the SEC cannot plausibly allege that any of the cryptoassets at issue are a security.โ
The filing also discussed the Howey Test and investment contracts, arguing that the SEC must analyze each transaction and evaluate whether there is a contract and a contribution of capital to a common enterprise, which then uses that capital to generate and distribute profits.
In August 2023, Coinbase (COIN) filed a motion dismiss.
Technical analysis
bitcoin analysis
btc was below 50 and 200 days It's not, reaffirming bearish price signals. The 50-day EMA remained converged with the 200-day EMA. A bearish crossover of the 50-day EMA through the 200-day EMA would support a decline in BTC below $26,000 to test buyers' appetite at the trendline.
However, a BTC break above the $26,755 resistance level would give the bulls a run towards the EMAs. BTC would need a market-friendly SEC v Ripple and Coinbase (COIN) case-BTC Spot ETF related news and updates to drive buyers' appetite.
The 14-day RSI reading of 49.70 supports a BTC break below the trendline before entering oversold territory.
Ethereum Analysis
ETH it remained below the 50-day and 200-day EMAs, affirming bearish price signals. A break above the $1,626 resistance level would bring the 50-day EMA into play. News related to ETH spot ETFs and SEC activity will influence buyers' appetite.
However, a drop in ETH to $1,550 would allow the bears to race towards the $1,502 support level.
The 14-day RSI reading of 40.48 supports a move for ETH to the $1,502 support level before entering oversold territory.
