Crypto Industry Awaits SEC’s Verdict on U.S. Spot Bitcoin ETFs
A recent turn of events left the U.S. Securities and Exchange Commission (SEC) red-faced, a U.S. appeals court slammed the regulatory body for its “arbitrary and capricious” decision-making. The crux of the dispute was the SEC’s denial to convert the Grayscale Bitcoin Trust into the first U.S. spot ETF while permitting several derivatives-based ETFs.
The court’s judgment contained sharp criticisms, calling out the SEC for failing to meet the “standard for reasoned decision-making.” It’s a situation that has left crypto enthusiasts and Wall Street analysts asking: Why did derivative ETFs get the nod, but not a spot ETF?
Alistair Milne, a well-known investor and crypto influencer, believes that SEC Chairman Gary Gensler may have a plan to regain the agency’s bruised reputation. During a recent Senate appearance, Gensler stated that the SEC is reviewing both the Appeals Court judgment and other Bitcoin spot ETF applications, ostensibly treating all applications as equals.
This is more than a mere coincidence. Large asset managers have been rushing to file for ETFs since Grayscale initiated legal action against the SEC. Milne says this could be the golden window for the SEC to restore its credibility.
SEC likely to Approve spot ETFs?
According to Milne, the SEC will likely approve spot ETFs from some of the most trusted ETF operators globally, thereby conveniently declaring the crypto market has ‘matured.’ This will enable the SEC to assert that the entry of significant players like Blackrock into the market will bolster trading volume in the U.S., thereby augmenting oversight and reducing the risk of market manipulation.
It’s an elegant solution that saves face and allows the SEC to avoid having to devise new excuses for denying spot ETFs or retracting approvals for derivative-based ETFs. Such actions would inevitably lead to more lawsuits and further public disgrace.
Timing is Everything
As Wall Street prepares to embrace Bitcoin fully, the SEC seems to be realigning its strategy. It’s worth noting that Blackrock has had only one out of its 576 ETF applications denied.
With the SEC having 45 days to review its decision on the Grayscale Bitcoin Trust, Milne speculates that several U.S. spot Bitcoin ETFs could be approved as soon as mid-October. This, in turn, could catalyze a new bull market, further amplified by the Bitcoin halving event slated for April 2024.
Bitcoin News Today- BTC Price Awaits Bullish Breakout Amidst Growing Institutional Interest
As the Bitcoin (BTC) market hovers just above the critical support level of $30,000, traders anxiously await a decisive breakout. Technical analysis suggests that the cryptocurrency’s price action on the daily timeframe may be forming a bullish megaphone pattern.
With the bulls diligently defending the support level on the lower border, a surge in buyer activity could propel the asset higher in the upcoming weeks. Additionally, the altcoin market is gearing up for a potential rally after the SEC vs Ripple case triggered a bullish outlook.
Analyst Predicts Impending Volatility Surge
In a recent YouTube video, influential crypto analyst Jason Pizzino confidently asserted that the Bitcoin market is primed for a substantial volatility breakout in the near future. Notably, Pizzino highlighted that the macro price action for Bitcoin is currently following an upward trend channel, indicating that a bullish breakout is imminent despite the possibility of a short-term correction.
Pizzino further observed that for the cryptocurrency and Bitcoin market to continue rallying, the stock market will need to experience a correction after its recent bullish run over the past few months. Moreover, the analyst emphasized that institutional money has been playing a pivotal role in driving the crypto price action, especially in the wake of the recent Bitcoin ETF frenzy.
From a short-term perspective, Pizzino remains optimistic about Bitcoin’s price trajectory, as increased demand appears to be supporting the cryptocurrency above the crucial $20,000 level. Although there are concerns that BTC demand may dip below 50 percent, the analyst does not foresee the price falling back below $20,000 in the current market conditions.
Cardano Awaits Crucial Support for Recovery Rally- Here’s the Next Level For ADA Price to Watch Out
Amid the altcoin crash, the price of Cardano (ADA) has been a hot topic of discussion among investors and traders. The digital asset has seen some significant volatility, and market participants are eagerly watching for signs of a recovery rally. The recent market trends have seen Cardano’s price experiencing a downward trajectory. However, before any recovery rally occurs, there’s a crucial support level that ADA needs to touch.
Cardano Suffers After Failing To Trigger Bullish Confidence
On June 19, Cardano’s (ADA) price fell by more than 3%. This drop brought the ADA price to daily lows of $0.257, a figure that caught the attention of traders and investors. This decline was not an isolated incident but a reaction to Cardano’s inclusion in a list of digital assets that the US SEC categorizes as “unregistered securities.”
Last week, the Fed hinted at a likely 50 basis points hike in 2023, a development that usually curbs interest in riskier assets. Such increases often prompt investors to favor safer, less volatile investments, a trend that can significantly impact high-risk, high-reward altcoins like Cardano.
At the same time, the open interest in derivatives linked to ADA has seen a significant decrease. It has fallen to approximately $111 million, the lowest level since January 2021. This decrease in open interest indicates a reduced trading activity or interest in ADA, which could impact its liquidity and price volatility.
Over the last 24 hours, the market has witnessed liquidations amounting to roughly $360K. Long positions have borne the brunt of these losses, with a staggering $341K being liquidated. This suggests that many traders who had anticipated a price increase have instead decided to close their positions by selling ADA. This mass offloading of ADA has likely added to the downward pressure on its price.
What To Expect From ADA Price Next?
The weekly price chart of ADA indicates a 7% decline. Yet, since the market downturn on June 10th, sellers have lost momentum, unable to drive the price further down. Given the strong support at 24 cents, bullish traders might have a window to send ADA’s price to the North.
After witnessing a sharp decline from $0.2682, ADA’s price took support at $0.2571. Currently, bears are losing control of the price chart as bulls aim to push the ADA price above the EMA20 trend line.
As of writing, ADA price trades at $0.2624, declining over 1.9% in the last 24 hours. Analyzing the 4-hour price chart, ADA price is currently attempting to surge above the resistance line, and a push above $0.3312 will send the altcoin to a crucial level at $0.383.
On the bearish side, if Cardano’s price drops below $0.25, it may take support near $0.22. However, a surge from this support will likely occur due to the ‘buy in the dip’ sentiment.
Bitcoin Nears Major Resistance While Shiba Inu Awaits for a Massive Rise Ahead
The crypto markets received a minor push in the early trading hours, which raised the BTC price back above $27,000 in very little time. The rise in the value of Bitcoin compelled the other altcoins to maintain a notable upswing that has been rising significantly. Tokens like Ethereum, XRP, etc. have maintained enough strength, while, cryptos like Shiba Inu are preparing to undergo a breakout.
Bitcoin Tests Major Resistance
After the recent price action, the BTC price has approached close to the major daily resistance. Currently, the price may encounter a couple of major resistance levels in the coming days. The first is around $28,000 and is located at 0.6% FIB levels; it sustains well, and a notable rise towards the next target at $28,800 may be expected. However, a notable plunge from the resistance zone may be expected, represented by the red arrows in the above chart.
Major Surge Awaits Shiba Inu Price
The Shiba Inu price has been consolidating within a very narrow range for nearly a week after undergoing a significant plunge in the first few days of May. However, the price is approaching the major daily support and also the daily lows.
But a rebound is expected to trigger around these support levels towards the targets at the resistance mentioned in the above chart. The first resistance could be around $0.000012, while the next target could be close to $0.00002 after surpassing $0.000015 levels.
Ripple vs SEC: Crypto Industry Awaits Game-Changing Ruling
Are you keeping up with the latest developments in the crypto world? The cryptocurrency is abuzz with all the hype about the potential game-changer that a positive Ripple ruling could be for the industry. As founder of CryptoLaw, John Deaton predicts it could mark the end of crypto’s biggest week ever, with Bitcoin‘s surge past $30,000 and Ethereum‘s highly anticipated Shanghai upgrade already making headlines.
Deaton hopes for a favorable XRP ruling
Deaton took to Twitter to express his enthusiasm for the potential implications of a favorable Ripple ruling, stating that it “could prove to be crypto’s biggest week ever.” With all the positive developments happening in the crypto world, a successful resolution of the SEC lawsuit against Ripple could solidify the industry’s momentum and provide much-needed regulatory clarity.
However, despite the excitement, there is still no concrete timetable for when a ruling may be issued. Deaton suggests it could come anytime between the next 30 to 60 days, and Judge Torres has previously taken a few months to issue her decisions in the case.
Implications of the XRP ruling
A successful outcome for Ripple would bring a sense of stability to the industry and open up new opportunities for digital assets to grow and flourish. It would also serve as a reminder that the crypto market is continuously evolving, and regulatory changes are an essential part of that process.
Related: Ripple CTO Unveils Key Drivers for Boosting XRP Price – Coinpedia Fintech News
As the crypto world waits anxiously for news on the Ripple ruling, there is no doubt that it will be a significant event for the industry. The potential implications of the case could impact crypto markets worldwide and provide a significant boost for those who have invested in digital assets.
Bitcoin (BTC) Price Awaits for a Larger Move: Will PCE Rates be the Catalysts?
Bitcoin price is trading within a stagnant trend and consolidating below $20K for over a month, failing to breach these levels. Moreover, the volatility has squeezed to its maximum in the past couple of days due to which the price is not able to rise above $16,900 too. The RSI also sliced through the lower trend line and was unable to regain the levels. In the meantime, the market participants speculate a substantial uptick any time from now.
After the Consumer Price Index(CPI) and the FOMC rates, the markets may receive a significant boost with the Core Personal Consumption (PCE) which is expected to be better than before. BTC price nowadays has been heavily dependent on the macro data and the decision of the U.S Federal Reserve.
After the recent CPI data did not impact the markets as expected, which was largely neglected by the FED chair Jeremy Powell. The speculations of the ransomware attack on Haver Analytics are hovering around and hence this may be the major reason for their negligence.
A popular analyst at Funstart writes,
“We think core PCE inflation will be 0.10% compared to Cleverland Fed inflation NOW forecast of 0.26%. Any figure below 0.4% would make the #FOMC figure of 4.8% too high”
“If tomorrow’s core PCE is 4.5% or lower (~75% chance), the entire hawkish FOMC repricing is blown out – no way 4.8% core PCE in December, SEP/Dots repriced and terminals rate tumbles,”
How may this impact the Bitcoin (BTC) price?
The PCE rates are believed to be fruitful for the crypto space and to be so, the rates have to be lower than the FED’s expectations which may completely wipe out the bearish sentiment. This may display the inflation to be well in control due to which the FED may be forced to revise their predictions and take up a more dovish stand in the coming meetings.
If the PCE rates are less than expectations, it may weaken the dollar strength which may ring the alarm signals for the star crypto. Presently, the BTC price is trading around $16,800 at the moment. If the price is able to rise beyond $17,000 it may spike high to test $17,400 else drop towards the support at around $16,400.
Dogecoin Price Awaits Bullish Momentum
It’s been observed that the meme king, Dogecoin has declined faster than the two largest cryptocurrency Bitcoin and Ethereum. Since its all-time high of $0.731 which was hit in May 2021, Dogecoin has lost nearly 92% from its current price. At the time writing, Dogecoin is selling at $0.0593 after a surge of 2.57% in the last 24hrs.
No Sign Of Recovery For Dogecoin
If we just look back around March this year, it was observed that 700,000 DOGE holders had moved out of the market in just 48 hours. However, there was no particular reason sighted, still DOGE investors were slightly worried in terms of Dogecoin price.
But there was no impact found on Dogecoin price and in August DOGE settled around $0.059. Since this time the meme currency has been trading sideways. Also from August Dogecoin is struggling to reach the Fibonacci line of 23.6%.
The current trading price indicates that the immediate support lies near $0.050 and resistance is positioned at $0.065.
On the other hand the Simple Moving Average of the 50-day, 100-day and 200-day is posing a resistance for DOGE since August 2022.
It’s also important to note that there is no any development happening around Dogecoin for now hence, it all depends on the overall market performance.
Moreover, currency’s volatility is also a factor that needs to be considered. If Dogecoin’s volatility remains on a downside, then the chance for DOGE price to make any move is also reduced. At present DOGE volatility is around 52% and if the volatility has to see any upward direction then DOGE price should surge double digit.
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XRP Price Sees an Uptick, Impending Rally Awaits for the Cryptocurrency Market
While most cryptocurrencies are experiencing an outflow during this period of market turbulence, XRP is on pace to surpass all short-term barriers and reach the $0.6 level.
Since the long legal dispute between Ripple Labs and the Security and Exchange Commission (SEC) will soon come to an end, investors are encouraged to purchase XRP for the long term at a discount. The CEO of trading platform Eight and trading guru Michaal van de Poppe thinks the cryptocurrency asset might still move higher based on Bitcoin’s performance.
Poppe asserts that if the largest cryptocurrency in the world by market capitalization consolidates and rises beyond $20,000, XRP and other altcoins may also have significant breakouts.
He advised altcoin investors to get ready for an impending rally. Bitcoin may stabilize over $20,000 rather than dropping to the $12,000 to $4,000 area.
“Well, XRP has been breaking out heavily. The thing is, if Bitcoin consolidates and goes back to $20k+, it’s probably time for more of those altcoins to have big breakouts,” Poppe said in a tweet today.
In fact, XRP has seen significant growth over the last week. This comes after applications for summary judgment were formally filed by Ripple and the Securities and Exchange Commission. It became clear that the case, which has slowed XRP’s growth for more than a year, is about to be resolved.
Investors in cryptocurrencies are quickly adopting XRP, driving up the price of the currency as a result of the lawsuit’s developments that point to a possible favorable outcome for Ripple. XRP’s price increased by almost 50% over the past week, going from $0.32 to $0.55.
Additionally, because Ripple released news about the payment provider, the community’s mood is bullish. They are increasing the use cases for their On-Demand Liquidity offering, which is encouraging the market and setting the stage for a significant bull run over the next few weeks.
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Binance Coin Awaits a Trigger, Is the BNB Price Ready For a 15% Jump?
Binance coin price which currently trading at $266.11, gained 0.35% the previous day. The price has experienced a significant decline over the last 7 days, and every attempt of a rebound dragged the price lower with a large margin. While the asset is attempting to rise above the bearish influence, the bulls tend to remain passive.
A significant price drop occurred during the second week of June, with $216.39 as a support level. Prices fell below this level of support, turning it into a resistance level before finally rising to $243.41. In this case, the support and resistance levels are $216.39 and $243.41, respectively.
The initial days of August saw a price decline at the support level of $274.09. For a month, the prices varied at the same level of support. Prices quickly increased after a minor correction and eventually hit $301.0, forming new support and resistance levels at $274.09 and $301.01, respectively.
Currently, the asset is trading below $274.09. The bullish thesis will be proven false if the price drops below $243.41 and fails to hold this level. As a result, the BNB price will decline by an additional 11% and revisit the $216.39 support level, where buyers can enter and restart the uptrend.
The BNB price may return to $274.09 and, in some situations, even as high as $301.01 in order to profit from the liquidity created above these equal highs. By introducing volatility, the price of the Binancecoin price will be driven lower, giving investors the chance to launch a run-up.
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California Assembly Passed Crypto Licensing Bill, Now Awaits Governor’s Signature – Coinpedia – Fintech & Cryptocurreny News Media
The California assembly has passed a crypto regulating bill that now requires cryptocurrency-related businesses to gain a special license to offer services to users in California. The crypto bill is now in the final process of becoming law in California.
California Is Aiming For Crypto Regulation
On Monday, California Assembly member Timothy Grayson produced the bill, AB 2269, with support from the Consumer Federation of California with a 71-0 majority. The crypto bill will establish the Digital Financial Assets Law in California.
The Digital Financial Assets Law is known as California’s “BitLicense.” A simple pen stroke is left to create a full-fledged law in California. The bill now requires Governor Gavin Newsom, who has until 30 September to sign or veto the bill. California will become one of the first states to require crypto platforms to obtain a special license to offer services in the state.
What Does This Crypto Bill Say?
The crypto law will tighten crypto regulations and bring more transparency to the crypto industry in California. If the governor signs the bill, it will take effect from 1 January 2025. Companies of digital-asset exchanges will get license approval from the state’s Department of Financial Protection and Innovation.
The Department will also be allowed to enforce drastic actions against those who are unlicensed. A non-licensed corporation engaging in digital financial asset business activity will be charged a civil penalty of up to $100,000 daily. Furthermore, if a licensee breaks the rule, they will have to pay a fine of $200,000 for each day of violation.
Stablecoin issuers holding securities as a reserve must have a total amount of stablecoins not less than the amount of all outstanding stablecoins sold or issued in the United States.
Tim Grayson stated, “While the newness of cryptocurrency is part of what makes investing exciting, it also makes it riskier for consumers because cryptocurrency businesses are not adequately regulated and do not have to follow many of the same rules that apply to everyone else.”
Regulators and governments are framing crypto space. Crypto bill provides the user with more closure looks of the crypto space. However, The California BitLicense now completely depends on the governor whether to sign it or not.