Uncertainty About BTC-Spot ETF Approvals Lingers
Bloomberg Intelligence ETF Analyst Eric Balchunas shared the latest on BTC-spot ETFs, saying,
“Yeah it’s basically done. Latest I’m hearing (from multiple sources) that final S-1s are due 8am on Monday as SEC is trying to line everyone up for Jan 11th launch. That said, I still want to hear it from the SEC to call it official.”
Bloomberg Intelligence ETF Analyst James Seyffart shared a post from commercial litigator Joe Carlasare. Carlasare stated,
“Folks are posting the Better Markets comment filed today as if it’s new or some last minute effort to stop the ETF. In reality, they have been filing substantially similar comments at every step of the process going back months. Very little is new in the filing today.”
Seyffart acknowledged Carlasare’s post, saying,
“I’ve read them before! It actually goes back more than months. It goes back years. I thought it was insane that they dropped another one on literally the last day of comments just as a sort of spite to the news that it’s getting close to done.”
The comments provided some reassurance, allowing BTC to hold onto the $44,000 handle. However, uncertainty about the SEC approving the BTC-spot ETFs could linger. The links between Better Markets, SEC Chair Gary Gensler, and Senator Warren may contribute to the uncertainty.
Senator Warren and the Anti-Crypto Movement
There were no posts from Senator Warren or SEC Chair Gary Gensler about the Better Markets comment letter. However, the timing of the comment letter coincides with a Senator Warren onslaught on the US crypto space. Senator Warren is pushing the Digital Asset Anti-Money Laundering Act. The bill would impose banking-style regulations on the US crypto market.
Senator Warren recently paraded CEOs of the largest US banks at a Banking Committee hearing on Capitol Hill. JPMorgan CEO Jamie Dimon famously delivered an anti-crypto tirade, with the CEOs advocating banking-style regulations for the crypto market.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.
A BTC breakout from the $44,690 resistance level would support a move to the $46,020 resistance level.
On Sunday, the market focus will remain on BTC-spot ETF-related updates.
However, a fall through the $42,968 support level would give the bears a run at the 50-day EMA.
The 14-Daily RSI reading, 56.62, suggests a BTC move to the $46,020 resistance level before entering overbought territory.