Crypto News: FLOKI Jumped 27% on New Staking Program While BTC Hit Pause

Key Insights:

• BTC ended a seven-day winning streak on Thursday, falling by 1.03%.
• FLOKI led the top 100 on Thursday, with a new FLOKI staking program launch fueling a breakout session.
• On Friday, US lawmaker scrutiny and progress toward the SEC approving BTC-spot ETFs are focal points.

BTC-Spot ETFs Remain Tailwind Despite Thursday Pause

Following a flurry of activity in the BTC-spot ETF space, JPMorgan strategist Nicolas Panigirtzoglou discussed the likelihood of the SEC approving BTC-spot ETFs by a January 10 deadline, saying any rejection could lead to a wave of legal action against the SEC.

The comments follow the Grayscale win against the SEC on appeal and the recent slew of amendment BTC-spot ETF filings.

Bloomberg Intelligence ETF Analyst James Seyffart responded to an SEC Chair Gary Gensler interview, saying,

“He said these exact numbers last week when interviewing with Kailey Leinz too. Someone should let him know that there are 11 filings. And if you include GBTC, that’s 12.”

On Wednesday, Gensler spoke at the Securities Enforcement Forum, targeting the crypto asset space, saying,

“As I’ve previously said, without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws. Further, it follows that most crypto intermediaries—transacting in these crypto asset securities—are subject to the securities laws as well.”

While showcasing high-profile cases against individuals, including the former McDonald’s (MCD) CEO, Gensler added,

“And don’t even get me started on crypto. I won’t even name all the individuals we’ve charged in this highly noncompliant field.”

The SEC Chair spoke out despite the recent decision to drop the charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. Notably, the SEC is also battling a Coinbase motion to dismiss (MTD) that could raise questions about the SEC and crypto regulation.

While BTC and the broader crypto market took a breather, several cryptos enjoyed breakout Thursday sessions.

FLOKI Led the Crypto Top 100 Ahead of FLOKI Staking Launch

On Thursday, FLOKI (FLOKI) announced the launch of the FLOKI staking program, starting on October 27.

According to the announcement,

“To ensure a sustainable staking program, we will also be launching a sister token that Floki stakers will earn as rewards. This token is a utility token that targets an industry with trillion dollar potential, and the main way to earn it will be by staking FLOKI.”

On Thursday, FLOKI surged 26.9% vs. a 1.03% loss for BTC.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $35,265 resistance level would support a move to the $36,400 resistance level. Progress toward the SEC approving BTC-spot ETFs remains a tailwind. Reports of the SEC planning to reject any ETF applications would test buyer appetite.

A BTC fall through $33,500 would give the bears a run at the $32,436 support level.

The 14-Daily RSI reading of 82.89 shows BTC is in overbought territory.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, reaffirming bullish price signals. An ETH breakout from the $1,805 resistance level would support a move to the trend line.

US lawmaker scrutiny, ETH-spot ETF-related news, and ongoing SEC cases against Binance, Coinbase, and Ripple remain focal points.

However, an ETH fall through the $1,741 support level would bring the 200-day EMA into play.

ETH is in overbought territory with a 14-Daily RSI reading of 71.38.