Crypto News Today: More Amendments Needed On Eve of BTC-ETF Spot Decision

Key Insights:

• BTC rallied 6.73% on Monday, ending the session at $47,019.
• Progress toward a BTC-spot ETF market and fee details drove buyer demand for BTC.
• On Tuesday, the markets will focus on BTC-spot ETF-related updates.

Bitcoin-Spot ETFs: S-1s and Fee Structures

Bitcoin (BTC) rallied 6.73% on Monday, ending the session at $47,019. Significantly, BTC held onto the $47,000 handle for the first time since April 2022.

BTC-spot ETF-related updates supported a rebound from a session low of $43,272.

Bloomberg Intelligence ETF analyst James Seyffart shared an updated BTC-spot ETF status table highlighting fees. Significantly, BlackRock (BLK) will waive fees for the first 12 months. However, Bitwise and Vaneck will have the lowest long-term fees at 0.24% and 0.25%, respectively. In contrast, Grayscale left the fee at 1.5% before the planned conversion.

However, the SEC reportedly made additional comments after the S-1 filings. Seyffart responded to the news and the threat of a delay, saying,

“1. This is true, comments came back on those S-1 documents with the fees that we all went crazy over this morning (this isn’t out of ordinary).

2. Expect to see more amendments tomorrow because of this.

3. That said — I don’t think this is necessarily a delay signal.”

Seyffart also gave a positive spin on the SEC comments, noting that the SEC would not deliver same-day comments if it planned to delay.

Issuers must submit amended documents today for the SEC to vote on Wednesday. Seyffart and Bloomberg Intelligence ETF analyst Eric Balchunas remained confident the SEC will approve the first batch within the January 8-10 Window.

Notably, there were no posts from Senator Elizabeth Warren about the prospects of a BTC-spot ETF market. However, Senator Cynthia Lummis called for greater crypto clarity.

Senator Cynthia Lummis Calls for Crypto Legislation

On Monday, Senator Cynthia Lummis responded to a Chamber of Digital Commerce post about crypto tax, saying,

“Nobody should find out they are a felon because of regulatory uncertainty, but sadly the rules surrounding crypto assets in America are as clear as mud right now. This snapshot shows exactly why we need the regulatory clarity provided in Lummis-Gillibrand.”

Senators Cynthia Lummis and Kirsten Gillibrand reintroduced the Lummis-Gillibrand Responsible Financial Innovation Act in July 2023. The markets consider the Lummis-Gillibrand bill crypto market-friendly. Senators Lummis and Gillibrand proposed the bill in 2022.

The bill contrasts with Senator Warren’s Digital Asset Anti-Money Laundering Act.

On one hand, a BTC-spot ETF market could be a boon for the crypto space. On the other hand, US legislation could materially impact the US digital asset space.

However, progress toward a BTC-spot ETF market will be the focal point on Tuesday.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the Monday high of $47,355 would support a move to the $48,178 resistance level.

On Tuesday, BTC-spot ETF-related updates will continue to impact the buyer demand for BTC.

However, a fall through the $46,020 support level would give the bears a run at the $44,690 support level.

The 14-Daily RSI reading, 64.02, suggests a BTC move through the $48,178 resistance level 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 Monday high of $2,362 would give the bulls a run at the $2,457 resistance level.

However, a break below the $2,300 support level would bring the 50-day EMA into play.

The 14-period Daily RSI at 54.24 suggests an ETH move to the $2,457 resistance level before entering overbought territory.