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Ripple co-founder Chris Larson had this to say about the news,
“The last 3 years we’ve seen a rogue administration state that needs to be held accountable for its actions – not just an investigation into the conflicts of interests that led to these baseless claims, but how the US actively demolished its global standing as the home for innovation, with thousands of jobs moving overseas.”
The SEC filed charges against Ripple, Chris Larson, and Brad Garlinghouse in 2020.
A settlement in the SEC v Ripple case would leave the SEC v Binance and SEC v Coinbase (COIN) for the markets to follow.
BTC-Spot ETF Amendments Suggest SEC Approvals Are in Sight
On Thursday, Grayscale Investments filed a Form S-3 Registration Statement with the SEC in support of the request to convert Grayscale Bitcoin Trust to an ETF.
Grayscale won its case against the SEC on appeal in August. The court ruled that the SEC must reconsider the Grayscale application to convert the Grayscale BTC Trust to an ETF.
The race to launch the first BTC-spot ETF is heating up. The amended Grayscale and Fidelity filings suggest progress toward a US BTC-spot ETF market.
Mike Novogratz, CEO of crypto asset management firm Galaxy Digital, predicted the approval of a BTC-spot ETF in 2023. Bloomberg Intelligence ETF analyst James Seyffart puts the probability of the SEC approving the Ark BTC-spot ETF application at 90%.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.
A BTC breakout from the Thursday high of $28,937 would support a move to the $29,193 resistance level. Favorable BTC-spot ETF-related news will likely fuel buyer demand.
However, a drop below $28,500 would give the bears a run at the $28,187 support level.
The current spike in US Treasury yields and the Middle East conflict remain headwinds for riskier assets.
The 14-Daily RSI reading of 64.65 indicates a BTC move to the $29,193 resistance level before entering overbought territory.
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