Crypto News Today: Uncertainty About BTC-Spot ETF Approvals Lingers

Key Insights:

• BTC declined by 0.31% on Saturday, ending the session at $44,125.
• Jitters about the approval of BTC-spot ETFs left BTC in negative territory.
• On Sunday, investor focus remains on BTC-spot ETF-related chatter and US lawmaker scrutiny.

Bitcoin-Spot ETF: Approval Uncertainty Drives Crypto Community Debates

Bitcoin (BTC) declined by 0.31% on Saturday, ending the session at $44,125. BTC-spot ETF chatter continued to test buyer demand for BTC.

Better Markets surprised the crypto community on Friday with an eleventh-hour comment letter. The media and the crypto community quickly linked Better Markets to SEC Chair Gary Gensler and Senator Elizabeth Warren. The linkages fueled fear the SEC could reject the BTC-spot ETF applications.

Bloomberg Intelligence ETF Analyst Eric Balchunas shared the latest on BTC-spot ETFs, saying,

“Yeah it’s basically done. Latest I’m hearing (from multiple sources) that final S-1s are due 8am on Monday as SEC is trying to line everyone up for Jan 11th launch. That said, I still want to hear it from the SEC to call it official.”

Bloomberg Intelligence ETF Analyst James Seyffart shared a post from commercial litigator Joe Carlasare. Carlasare stated,

“Folks are posting the Better Markets comment filed today as if it’s new or some last minute effort to stop the ETF. In reality, they have been filing substantially similar comments at every step of the process going back months. Very little is new in the filing today.”

Seyffart acknowledged Carlasare’s post, saying,

“I’ve read them before! It actually goes back more than months. It goes back years. I thought it was insane that they dropped another one on literally the last day of comments just as a sort of spite to the news that it’s getting close to done.”

The comments provided some reassurance, allowing BTC to hold onto the $44,000 handle. However, uncertainty about the SEC approving the BTC-spot ETFs could linger. The links between Better Markets, SEC Chair Gary Gensler, and Senator Warren may contribute to the uncertainty.

Senator Warren and the Anti-Crypto Movement

There were no posts from Senator Warren or SEC Chair Gary Gensler about the Better Markets comment letter. However, the timing of the comment letter coincides with a Senator Warren onslaught on the US crypto space. Senator Warren is pushing the Digital Asset Anti-Money Laundering Act. The bill would impose banking-style regulations on the US crypto market.

Senator Warren recently paraded CEOs of the largest US banks at a Banking Committee hearing on Capitol Hill. JPMorgan CEO Jamie Dimon famously delivered an anti-crypto tirade, with the CEOs advocating banking-style regulations for the crypto market.

Technical Analysis

Bitcoin Analysis

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

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

On Sunday, the market focus will remain on BTC-spot ETF-related updates.

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, 56.62, 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 above the $2,300 resistance level would pave the way for a test of the $2,457 resistance level.

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

The 14-period Daily RSI at 48.92 suggests an ETH fall to the $2,143 support level before entering oversold territory.