Movements Around SEC BTC ETF Approvals Support Price


Bitcoin Price Fluctuation Continues as It Trades just above the $28,500 mark, with a modest 24-hour increase of less than 0.30%, this Wednesday morning. Several significant events punctuate the landscape of cryptocurrencies and spot ETFs today.

Fidelity, which does not want to exit the race, has revamped its bid in BTC ETF registration in light of recent SEC criticism, placing itself alongside giants like Ark Invest and Invesco. During this time, El Salvador, a country that recently adopted Bitcoin as legal tender, is showing a form of “renaissance”, according to its vice-president Felix Ulloa who attributes this revival to the adoption of cryptocurrency. However, not all news is positive in the crypto space. Indeed, the American subsidiary of the global giant, Binance has suspended direct withdrawals in dollars, adding a little more worry among traders and investors.

Fidelity responds to SEC, upgrades application for BTC ETF

The society Fidelity Funds Management LLCin collaboration with Ark Invest and Invesco, has updated its filing for a spot Bitcoin exchange-traded fund (ETF) after engaging with the United States Securities and Exchange Commission (SEC). This progress suggests continued dialogue between institutional entities and the SEC, fueling hope for future approval.

Notably, Ark Invest resubmitted its filing on October 12, followed by Invesco Galaxy shortly thereafter, highlighting the SEC’s common concerns. These include addressing hard forks, complying with GAAP valuations and pricing, disclosing regulatory uncertainties, considering the energy intensity of mining, and assessing the geographic implications therein. linked. These revisions highlight the SEC’s priorities as a slew of applications for spot Bitcoin ETFs is expected in the first quarter of 2024.

A recent misunderstanding regarding the approval of BlackRock’s iShares Spot BTC ETF influenced market sentiment, leading to a brief price decline. However, in light of these events, Considerable latent demand for BTC ETFs should support BTC prices.

Renaissance of El Salvador: Vice-President Felix Ulloa attributes it to the adoption of Bitcoin

THE Salvadoran Vice President Felix Ulloa assigns the “rebirth” of its nation to its historic decision to adopt Bitcoin as legal tender. He highlighted its decisive role in attracting investors and tourists. In 2021, El Salvador etched its name in history by becoming the first country to welcome Bitcoin as an official currencya decision that sparked skepticism from influential organizations like the International Monetary Fund.

Still, for Ulloa, this progress is commendable, highlighting the influx of investors intrigued by the country’s booming digital economy. Furthermore, Vice President draws attention to symbiotic relationship between Bitcoin and El Salvador’s rejuvenated tourism sector. With the acceptance of Bitcoin, tourists find transactions streamlined, bypassing the usual obstacles of foreign exchange. From Ulloa’s perspective, the synergy of Bitcoin and tourism has been instrumental in El Salvador’s resurgence, echoing sentiments previously expressed by President Bukele.

Binance US subsidiary stops direct dollar withdrawals

The American subsidiary of Binance, Binance.US, announced on Monday a change in its withdrawal policy, no longer allowing direct withdrawals in dollars for its users. This decision comes after Binance.US had previously suspended dollar deposits in early Junein response to pressure from the United States Securities and Exchange Commission (SEC) for an asset freeze.

According to the updated conditions, users wishing to withdraw in US dollars must now first convert their funds to stablecoins or other digital assets. Reuters, seeking comment on this development, has not yet received a response from Binance.US. The background to this situation dates back to June, when the SEC filed a lawsuit against Binance, its CEO Changpeng Zhao, and Binance.US.

The regulator made allegations of deceptive practices, exaggerated trading volumes and mismanagement of customer funds, with a total of 13 accusations. This situation could influence Bitcoin (BTC) pricespotentially strengthening the appeal of stablecoins and other digital assets as alternatives direct withdrawals in dollars on the platform.

Bitcoin Price Prediction

On the 4-hour chart, Bitcoin currently trading at $28,550, experiencing minor fluctuations over the past 24 hours. The main price levels to watch are a pivot point at $28,141THE resistance levels at $28,634, $29,258 and $29,911, and the support levels at $27,712, $27,144 and $26,576.

Diving into technical indicators, the RSI stands at 71indicating that the asset is in the overbought zone, which could portend a potential price consolidation or slight pullback in the short term. The MACD, for its part, displays bearish sentiment, as the main MACD line is currently below the signal line. This suggests that investors should remain cautious of possible trend reversals.

Bitcoin Price Chart – Source: Tradingview

Nevertheless, the Bitcoin price is currently above the 50-day exponential average at $27,611, indicating near-term bullish momentum. In conclusion, the global trend of the price of the BTC/USD pair looks bullish, especially if the price goes above the $28,600 mark. Short-term forecasts suggest thate Bitcoin could thus attempt to cross the immediate resistance level of $28,634 during the next sessions and possibly approaching $29,000.

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