Crypto News Today: BTC-Spot ETFs and Structures Remain Hotly Debated

Key Insights:

• BTC extended its winning streak to three sessions on Thursday, gaining 0.20%.
• Crypto-spot ETF-related news influenced market trends.
• US regulatory chatter and BTC-spot ETF updates are focal points for the Friday session.

Bitcoin Retakes the $43,000 Handle

Bitcoin (BTC) gained 0.20% on Thursday. Following a 3.47% rally on Wednesday, BTC ended the session at $43,038. However, it was a choppy session, with BTC sliding to a low of $41,631 before retaking the $43,000 handle.

Investors reacted to better-than-expected US economic indicators that questioned the dovish FOMC projections. However, the downside was short-lived, with BTC tracking the Nasdaq Composite Index into positive territory.

However, BTC was down 0.27% to $42,923 on Friday.

Crypto Spot ETF Chatter Garnered Investor Interest

On Thursday, BTC-spot ETF applications and the issues surrounding In-Kind Creates remained a topic of discussion.

Recently, the SEC called on issuers to amend their applications to Cash Creates. Blackrock (BLK), Fidelity, and others met with the SEC to negotiate for In-Kind Creates. However, the SEC appears fixed on Cash Creates.

Bloomberg Intelligence ETF Analyst James Seyffart discussed the disadvantages of Cash Creates, saying,

“It’s less tax efficient in the sense that holders could receive capital gains distributions even just for holding the fund (this is how *all* Mutual Funds work because mutual funds operate on cash create and redeem).”

Seyffart went on to say,

“Should be more of an inconvenience than anything for most people. And particularly matters for GBTC because its been around for so many years already. So, while I wouldn’t say its meaningless — it’s also not massively detrimental or horrible as some people on twitter seem to be saying.”

Other News

KuCoin must pay a $5.3 million penalty for failing to register as a securities and commodities broker-dealer. Other charges included falsely representing itself as a crypto exchange. The New York State Attorney General Office issued a press release on Tuesday, December 12.

In addition to the $5.3 million penalty, KuCoin must also refund more than 150,000 New York users over $16.7 million. KuCoin can no longer offer services to New Yorkers.

Technical Analysis

Bitcoin Analysis

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

A BTC move through the Wednesday high of $43,554 would give the bulls a run at the December high of $44,747.

The focal points include BTC-spot ETF-related news and the issue of In-Kind and Cash Creates.

However, a break below the $42,900 support level would give the bears a run at the $41,585 support level.

The 14-Daily RSI reading, 63.05, suggests BTC return to $44,000 before entering overbought territory.

Ethereum Analysis

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

An ETH move through the $2,300 resistance level would support a move to the December high of $2,403.

However, a drop below the $2,250 handle would give the bears a run at the $2,143 support level.

The 14-period Daily RSI at 59.84 indicates an ETH move to the $2,403 high before entering overbought territory.