On Saturday, BTC declined by 0.12%. After a 1.12% gain on Friday, BTC ended the session at $37,673. Notably, BTC fell short of $38,000 and the Friday high of $38,435.
A lack of BTC-spot-ETF-related news left BTC within a $500 range 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 into a move.
Investors expect the SEC to approve the BTC-spot ETFs in batches to avoid investors accusing the SEC of playing kingmaker. Five BTC-spot ETF applications have a third deadline of January 15, 2024. However, mid-January could be too soon. The SEC and BTC-spot ETF applicants may have further discussions surrounding cash creates and in-kind for creation/redemptions.
BTC Spot ETF Deadlines
SEC v Coinbase: Motion to Dismiss Ruling Could Be a Curveball!
On January 17, 2024, Judge Katherine Failla will hear oral arguments relating to the Coinbase (COIN) motion to dismiss (MTD). Coinbase filed a motion to dismiss in August 2023, arguing the SEC lacks the statutory power to regulate crypto exchanges.
Senator Cynthia Lummis supported the Coinbase MTD by filing an amicus curiae brief. The senator behind the Responsible Financial Innovation Act stated,
“Through this case, the SEC seeks primary influence over economic, political, and legal questions under active consideration by Congress and multiple agencies. The SEC’s assertion of authority in this case is out of step with active legislative efforts.”
On Tuesday, Senator Lummis reacted to the SEC move against Kraken, saying,
“The SEC cannot continue ruling by enforcement. Crypto asset companies have repeatedly tried to get guidance from the SEC only to be hit with enforcement actions, causing unnecessary harm to customers. It is time for Congress to pass a regulatory framework to provide clear rules to the SEC on what is a security and what is a commodity. The Lummis-Gillibrand Responsible Financial Innovation Act will rein in the SEC and allow financial innovation to thrive in the United States.”
BTC held above the 50-day and 200-day EMAs, reaffirming bullish price signals.
If BTC reaches $38,000, it could pave the way for a breakout above the Friday high of $38,453. A break above $38,450 could bring the $39,000 resistance level into consideration.
Regulatory activity and crypto-spot ETF-related news are the focal points.
A drop below the $37,600 support level would bring the $36,400 support level into play.
The 14-Daily RSI reading of 61.04 indicates a BTC return to $38,500 before entering overbought territory.
BTCUSD 261123 Daily Chart
ETH remained above the 50-day and 200-day EMAs, reaffirming bullish price signals.
An ETH return to $2,100 would give the bulls a run at the $2,143 resistance level.
However, a drop below the $2,021 support level would bring the $1,926 support level into play.
The 14-period Daily RSI at 62.20 suggests an ETH break above the $2,143 resistance level before entering overbought territory.
Statement: China is allowed to do crypto mining in the U.S.MANCHESTER, N.H. — Addressing a forum of cryptocurrency enthusiasts, Republican 2024 presidential candidate and former Arkansas Gov. Asa Hutchinson said...