Crypto News: Fake XRP ETF Filing and Anticipated Delay to BTC-Spot ETF Approvals

Key Insights:

• BTC declined by 1.71% on Monday, extending its losing streak to three sessions.
• Expectations that the SEC would miss the current window for approving BTC-spot ETFs left BTC in negative territory.
• Fake news of a Blackrock XRP-Spot ETF filing briefly sent XRP to $0.75

BTC-Spot ETF Updates

Bitcoin (BTC) fell by 1.71 on Monday, while ethereum (ETH) gained 0.50%. Investor impatience over the lack of SEC progress toward approving a BTC-spot ETF likely contributed to the loss.

An approval window opened for the SEC to approve 12 BTC-spot ETF applications on November 8. However, the window will only remain open until November 17.

Bloomberg Intelligence ETF analyst James Seyffart responded to a post from ETFStore President Nate Geraci, saying,

“1. If we are indeed going to see Bitcoin ETF approvals for this wave, I think it’s more likely to happen closer to January than this current window.

2. As I’ve been saying & Nate said in his tweet: We *could* see approval under that 19b-4 process and then not see a Bitcoin ETF actually list for days, weeks, or even months after said approval due to the parallel S-1 / S-3 approval process that’s also required.”

Nate Geraci thinks the SEC would prefer to avoid the market deeming the SEC playing kingmaker and approve all the BTC-spot ETFs in one batch. Considering the filing dates, the SEC cannot approve all BTC-spot ETFs in the current window.

As a reminder, the deadlines are as follows:

Fake BlackRock XRP-Spot ETF Filing Briefly Sends XRP to $0.75

On Monday, a fake BlackRock (BLK) spot ETF filing for an iShares XRP Trust hit the news wires.

XRP briefly surged to a high of $0.7501 before retreating to sub-$0.70. The Pump and Dump lasted less than an hour.

After receiving a BlackRock confirmation, Bloomberg Intelligence Analysts James Seyffart and Eric Balchunas announced the fake filing. However, Seyffart viewed the filing as faking, saying,

“Didn’t see this one coming. It’s definitely on the site. Similar filing info to the Ethereum Trust filing. This XRP trust would be a sign of BlackRock truly going after the SEC if this is really from BlackRock. I tend to lean that this is a hoax/fake but waiting for confirmation.”

The fake news overshadowed updates from the ongoing SEC v Ripple case. On Monday, a court scheduling order set the timelines for remedy-related discovery and response briefs. The first date to consider will be February 12, 2024, by when the SEC and Ripple must complete remedies-related discovery.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, the EMAs sending bullish price signals.

A BTC break above the $36,400 resistance level would support a move to the $37,600 resistance level and the November 9 high of $38,020.

BTC-spot ETF-related news will continue to influence buyer demand.

Failure to break above the $36,400 resistance level would bring the $35,265 support level into play.

The 14-Daily RSI reading of 70.44 shows BTC in overbought territory. Selling pressure will remain at the $36,400 resistance level.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, the EMAs sending bullish price signals.

An ETH returning to $2,100 would give the bulls a run at the $2,143 resistance level.

BTC-spot ETH and ETH-spot ETF news will continue to dictate near-term trends.

However, a break below the $2,021 support level would support a fall to the $1,926 support level.

The 14-period Daily RSI at 70.97 shows ETH in overbought territory. Selling pressure may intensify at the $2,100.