Crypto News: Coinbase, Crypto-Spot ETFs, and Ripple Take Center Stage

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Published: Sep 29, 2023, 03:46 GMT+00:00

Delays in BTC-spot ETF applications hint at a 2024 market introduction, reflecting possible pressures from the looming U.S. government shutdown on SEC's decision-making.

Key Insights:

SEC delays crypto-spot ETF application reviews as US Government shutdown looms.
Ripple Withdraws: Ripple unexpectedly pulls from the Fortress Trust acquisition.
#StandWithCrypto: Coinbase’s creative approach targets US lawmakers via coffee cups.

Ripple Withdraws from Fortress Trust Acquisition

On Thursday, Ripple CEO Brad Garlinghouse announced the planned withdrawal from the Fortress Trust acquisition. Brad Garlinghouse did not elaborate on the reason for pulling out.

Coinbase Targets Regulators and Lawmakers Through Coffee

Washington Post reporter Eli Tan shared the latest Coinbase (COIN) tactic to draw the attention of US lawmakers.

In a big #StandWithCrypto campaign drive in Washington DC, Coinbase used coffee cups to reach out to US lawmakers. Coinbase CEO Brian Armstrong and 40 crypto founders were on Capitol Hill bidding to expedite crypto regulations and align with the rest of the G20.

The coffee cups highlighted the 52 million Americans holding crypto, calling on the crypto community and lawmakers to “Wake Up.”

SEC Announces Delays More Crypto-Spot ETF Reviews

There has been a flurry of SEC announcements relating to crypto-spot ETF applications.

On Thursday, the SEC announced the delay to the Blackrock (BLK) application for the iShares Bitcoin Trust ETF review. The SEC announced delays to the BTC-spot ETF application reviews of Bitwise, Invesco, and Valkyrie in separate filings.

The announcements followed the news of the SEC also delaying the decision on the VanEck Ethereum ETF and Ark 21Shares Ethereum ETF.

A lack of progress toward averting a US government shutdown may have forced the SEC to announce the delays.

The delays will likely mean that investors must wait until 2024 for the first crypto-spot ETF to hit the market.

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day and 200-day EMAs, sending bearish price signals. A BTC breakout from the 50-day and 200-day EMAs could signal a near-term reversal of the bearish trend.

However, investors will likely need favorable crypto news updates to support a breakout session. Investors will likely remain focused on the SEC cases against Ripple, Coinbase, and Binance. News of the delays to the BTC-spot ETF reviews pressured buyer appetite this morning.

Failure to break out from the 50-day and 200-day EMAs would support a BTC break below the $26,755 support level to target $26,500.

The 14-Daily RSI reading of 55.08 supports a BTC break out from the EMAs and a move to $27,000 before entering overbought territory.

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Ethereum Analysis

ETH sat below the 50-day and 200-day EMAs, sending bearish price signals. An ETH break above the 50-day EMA would support a move to the 200-day EMA and $1,746 resistance level.

SEC activity and ETH-spot ETF and futures ETF-related news will influence buyer appetite.

Failure to break above the 50-day EMA would support an ETH fall through the $1,626 support level.

The 14-Daily RSI reading of 55.33 supports an ETH return to $1,700 before entering overbought territory.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.