Crypto News Today: BTC-Spot ETF Approval Window Opens Today

Key Insights:

• BTC gained 2.87% on Thursday, ending the session at $44,265.
• BTC-spot ETF-related news drove buyer demand for BTC and the broader crypto market.
• On Friday, the focus will be on the SEC and BTC-spot ETF-related updates.

Bitcoin-Spot ETF Approval Window Opens

Bitcoin (BTC) gained 2.87% on Thursday. Partially reversing a 4.42% slide from Wednesday, BTC ended the session at $44,265.

The crypto market moved on from the speculation about the SEC planning to reject or delay the BTC-spot ETF applications. Bloomberg Intelligence ETF analyst James Seyffart addressed the Matrixport report on X (formerly Twitter) and in an interview with Sin City Crypto.

On Thursday, Seyffart continued to provide updates throughout the session. One post drew interest as the approval window opens on Friday.

Craig Salm, the Chief Legal Officer of Grayscale, posted an update on X, saying,

“Just filling out some forms.”

The post had 1.9 million views and 6,900 likes, highlighting the hype surrounding the BTC-spot ETF market.

Bloomberg Intelligence ETF Analyst Eric Balchunas gave an overnight update, saying,

“SEC is giving final comments as we speak, then issuers will submit final 19b-4s and S-1s soon after. So I mean this is def as close to “done” as we’ve been but no official approval as far as I know.”

Amidst the hype, uncertainty lingers following the Matrixport Report. Seyffart shared a post from Bitwise that stated less than 50% of all advisors anticipate a spot BTC ETF in 2024. The Bitwise post noted the contrasting views between advisors and Bloomberg ETF analysts.

Seyffart responded to the post, saying,

“Not gonna lie. This is very surprising to me. Particularly with all the added media coverage. Only 39% of advisors surveyed are expecting a spot BTC ETF in 2024. Probably a case of boy who cried wolf haha.”

The Bloomberg Intelligence ETF analyst wrapped up the day, saying,

“Lot of noise about tomorrow. Sticking to this. I’m not expecting official BTC ETF approval orders tomorrow. Still expecting them January 8th-10th.”

Republican Financial Services Committee Sets January 10 Hearing Date

On Thursday, Chairman of the House Financial Services Committee Patrick McHenry announced a January 10 sub-committee hearing. The Digital Assets, Financial Technology, and Inclusion Subcommittee Hearing is entitled: “Regulatory Whiplash: Examining the Impact of FSOC’s Ever-Changing Designation Framework on Innovation.”

The hearing could return the spotlight to SEC Chair Gary Gensler and the anti-crypto movement. In December, Senator Elizabeth Warren attended a Banking Committee hearing with JPMorgan Chase (JPM) CEO Jamie Dimon and other US Bank CEOs.

Addressing questions from Senator Warren, Dimon said,

“If I was the government, I would close it down.”

The parade of bank CEOs coincided with the Senator Warren drive for senators to support the Digital Asset Anti-Money Laundering Act. Many consider the bill a US crypto killer.

One area of interest will be whether Patrick McHenry targets the Senator Warren bill. In December, Senator Roger Marshall admitted to drafting the bill with Senator Warren and the assistance of the American Bankers Association.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $44,690 resistance level would support a move to the $46,020 resistance level.

On Friday, BTC-spot ETF-related updates warrant investor attention.

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, 53.62, suggests a BTC move to the $46,020 resistance level before entering overbought territory.

Ethereum Analysis

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

An ETH move through the $2,300 resistance level would bring the $2,457 resistance level into play.

However, a break below the 50-day EMA would support a fall to the $2,143 support level.

The 14-period Daily RSI at 48.41 suggests an ETH fall through the $2,143 support level before entering oversold territory.