U.S. spot bitcoin exchange-traded funds (ETFs) performed well on Wednesday, completing a three-day streak of inflows and accumulating 3 million in gains on May 15. Data indicates Blackrock’s IBIT inflows have been minimal, recording zero inflows over the past few trading sessions. In contrast, Grayscale’s Bitcoin Trust (GBTC) saw inflows of approximately million during […]
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SEC Expected to Approve ‘a Handful’ of Spot Bitcoin ETFs on Wednesday, Report
The U.S. Securities and Exchange Commission (SEC) is expected to green-light “a handful” of spot bitcoin exchange-traded funds (ETFs) on Wednesday, potentially unleashing a wave of trading this week. On Monday, 10 applicants submitted their final amendments, including Blackrock, which also filed to register its Ishares Bitcoin Trust as a security.
SEC Expected to Green-Light Spot Bitcoin ETFs on Wednesday
Monday was filled with anticipation in the spot bitcoin exchange-traded fund (ETF) race as 10 applicants filed final amendments with the U.S. Securities and Exchange Commission (SEC), meeting the regulator’s 8 a.m. deadline. Market expectations of potential approvals sent BTC soaring past ,000.
As investors eagerly await the SEC decision on spot bitcoin ETFs, CNBC reported Monday that the securities regulator could unlock the gates for several applicants on Wednesday. Reporter Kate Rooney detailed:
Bitcoin ETF is now widely expected to get the green light this week. Two sources close to the process are now telling me it’s looking like Wednesday … The SEC is expected to approve a handful of applications at once.
She noted that Wednesday is also the deadline for the proposed spot bitcoin ETF from Cathie Wood’s Ark Invest and 21shares. If approval does happen, “I’m told potential trading would happen Thursday or Friday,” she added.
The Wednesday prediction aligns with Blackrock’s own expectations. The world’s largest asset manager expects the SEC to approve its Ishares Bitcoin Trust on Wednesday. Notably, Blackrock also filed Form 8-A on Monday afternoon, officially registering the Trust as a security with the SEC. The asset manager has reportedly lined up more than billion for the launch of its spot bitcoin ETF.
Many people believe that the SEC will approve spot bitcoin ETFs, including former SEC Chairman Jay Clayton. He said on CNBC Monday: “I think approval is inevitable, and I think there is nothing left to decide.”
The amendments filed on Monday revealed a fee war among spot bitcoin ETF issuers. Crypto asset manager Grayscale Investments has set the highest fee of 1.5% while Bitwise offers the lowest fee of 0.24% with a fee waiver for 6 months on the first billion of trust assets. The firms acting as authorized participants named in the filings are Jane Street, Virtu, JPMorgan, ABN AMRO, Macquarie, Cantor Fitzgerald, and Marex Capital.
Do you think the SEC will approve multiple spot bitcoin ETFs on Wednesday? Let us know in the comments section below.
Blackrock Expects SEC to Approve Spot Bitcoin ETF This Wednesday
Blackrock, the world’s largest asset manager, reportedly expects its spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust, to be approved by the U.S. Securities and Exchange Commission (SEC) this coming Wednesday. According to reports, the asset manager has lined up over billion in capital for its spot bitcoin ETF launch.
Ishares Bitcoin Trust’s Approval Expected Wednesday
Anticipation for the U.S. Securities and Exchange Commission (SEC)’s upcoming decision on spot bitcoin exchange-traded funds (ETFs) has reached a fever pitch, with analysts predicting that the regulator may approve multiple applications at once early next week. Jan. 10 is the deadline for the SEC to make a decision on the joint spot bitcoin ETF proposal by Cathie Wood’s Ark Invest and 21shares.
While some believe that a decision could come as soon as Monday, Blackrock, the world’s largest asset manager, expects the SEC to approve its spot bitcoin ETF, the Ishares Bitcoin Trust, on Wednesday, according to Fox Business.
Currently, 11 spot bitcoin ETFs are vying for approval. Proposals to list and trade all of them were submitted to the securities regulator on Friday. Once the SEC green-lights these proposals, and the issuers sign off on their S-1 (prospectus) filings, the approved spot bitcoin ETFs can begin trading.
Besides Blackrock’s Ishares Bitcoin Trust, the 10 other applicants are Grayscale Bitcoin Trust, Ark 21shares Bitcoin ETF, Bitwise Bitcoin Trust, Vaneck Bitcoin Trust, Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Fidelity Wise Origin Bitcoin Trust, Valkyrie Bitcoin Fund, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF.
Blackrock has reportedly lined up over billion for the launch of its Ishares Bitcoin Trust. The world’s largest asset manager has named Jane Street and JPMorgan as the fund’s authorized participants.
Last-minute efforts, such as a letter from Better Markets warning of financial carnage and massive investor harm, aim to compel the SEC to reject spot bitcoin ETFs. However, many have dismissed these concerns and remain confident in the SEC’s approval. Vaneck’s digital assets director noted last week that investors often overlook the long-term impact of spot bitcoin ETFs.
Do you think the SEC will approve Blackrock’s spot bitcoin ETF on Wednesday? Let us know in the comments section below.
SEC Could Approve Spot Bitcoin ETFs by Tuesday or Wednesday, Sources Say
The U.S. Securities and Exchange Commission (SEC) could make a decision regarding the approval of spot bitcoin exchange-traded funds (ETFs) on Tuesday or Wednesday, according to a report. Anticipation for the first-ever U.S. spot bitcoin ETFs intensified last week as prominent asset managers updated their filings with the SEC.
Green Light Imminent? SEC Could Make a Decision by Tuesday/Wednesday
Market participants are buzzing with anticipation as major asset management firms scramble to secure regulatory approval for the first-ever spot bitcoin exchange-traded funds (ETFs) in the U.S.
Applicants, including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the Ark Invest/21shares joint venture all submitted revised filings with the U.S. Securities and Exchange Commission (SEC) on Friday. The first deadline is Jan. 10 for the proposed spot bitcoin ETF by Ark Invest/21shares. Many people are expecting the securities regulator to approve multiple spot bitcoin ETFs by that date.
Citing people familiar with the filing process who spoke on background, Reuters reported last week:
The SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week.
Fee structures are also taking shape, with Valkyrie announcing a 0.80% management fee, echoing Ark/21shares’ proposed rate. Fidelity, however, aims to undercut the competition with a remarkably low 0.39% fee for its Wise Origin Bitcoin Fund. Invesco, meanwhile, offers a 0.59% fee with a six-month waiver for the first billion in assets.
Bitwise said in its filing on Friday that it plans to seed its spot bitcoin ETF with 0 million while Blackrock recently revealed a plan to seed its ETF with million on Jan. 3. The world’s largest asset manager has named JPMorgan as a lead authorized participant despite the negative stance consistently displayed by JPMorgan CEO Jamie Dimon.
Do you think the SEC will approve spot bitcoin ETFs ahead of the Jan. 10 deadline? Let us know in the comments section below.
Crypto Markets Surge Wednesday, ADA, DOGE Up Over 10%; Bitcointalk Forum to Censor Mixer Discussions — Daily Price Update
#Crypto Markets Surge Wednesday, #ADA, #DOGE Up Over 10%, #BTC at K; Bitcoin Talk Forum to Censor #Mixer Discussions — Daily #Price Update pic.twitter.com/X9gvCvmO67
— Bitcoin.com News (@BTCTN) December 6, 2023
ADA and DOGE are top gainers on Wednesday, Dec. 6, surging over 10% in the last 24 hours as BTC holds above the K level. Top crypto assets by market capitalization are in the green. In case you missed it, the historically significant Bitcointalk forum will begin to censor certain crypto mixer-related posts starting next year.
What are your thoughts on today’s prices and news? Be sure to let us know in the comments section below.
Biggest Movers: DOGE Higher on Wednesday, After Falling to Recent 7-Week Low
Dogecoin was marginally higher on Wednesday, after moving back above a recent support point during today’s session. The meme coin fell to a seven-week low on Monday, however bulls have moved to buy the dip. Toncoin was another token to rise, reentering the .00 region in the process.
Dogecoin (DOGE)
Dogecoin (DOGE) climbed back above a key support level in today’s session, after traders opted to buy a recent dip in price.
After slipping to a low of .05866 on Tuesday, DOGE/USD rose to an intraday peak at .05945 earlier in the session.
As a result, DOGE continued to move away from a price floor at .05840, which was broken on Monday, sending price to its lowest point since mid-August.
Today’s rebound comes after the 14-day relative strength index (RSI) bounced away from its own support at 32.00.
At the time of writing, the index is tracking at a reading of 33.72, which is still close to the oversold region.
The next visible point of resistance now stands at 37.00, and if broken, there is a good chance that DOGE rises past .06000.
Toncoin (TON)
Toncoin (TON) was another big gainer on Wednesday, as the token jumped away from a support point of its own.
TON/USD peaked at .03 earlier in the day, which came hours after hitting a low at the .98 mark.
Wednesday’s surge occurred as traders chose to maintain a floor at the .95 level, with a ceiling at .10 now a possible target.
In order to get there, price strength, which is now sitting at 46.42, will need to break a ceiling at 48.00.
There will be some difficulty in achieving this however, as the medium-term momentum in TON remains bearish, following last week’s downward crossover of moving averages.
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What else could be behind today’s rebound in toncoin? Let us know your thoughts in the comments.
Bitcoin, Ethereum Technical Analysis: BTC Rebounds From Key Price Floor on Wednesday
Bitcoin marginally rebounded on Wednesday, after the cryptocurrency collided with a key support point in yesterday’s session. Markets have consolidated Tuesday’s losses, with the global crypto market cap up 0.7% as of writing this. Ethereum remained under the ,700 level.
Bitcoin
Bitcoin (BTC) climbed marginally higher on Wednesday after the price bounced off a recent support point.
Following a low of ,216.00 on Tuesday, BTC/USD surged to a peak of ,632.90 earlier in the day.
The move pushed bitcoin further away from a recent floor of ,200, and closer to a ceiling at ,800.
From the chart, it appears that the rebound comes as the 14-day relative strength index (RSI), bounced from a support level of its own at 58.00.
At the time of writing this, price strength is now tracking at 60.52, with the next visible point of resistance at 67.00.
Should this upcoming ceiling be broken, then there is a good chance that BTC will re-enter the ,000 zone.
Ethereum
Ethereum (ETH) was largely lower in today’s session, despite moving away from a price floor of its own.
ETH/USD has fallen from an earlier peak of ,662.45, and as of writing this is now trading at ,648.07.
Although the cryptocurrency has moved away from its earlier peak, the price is trading above a floor of ,620.
This comes as bulls rejected a breakout of the 50.00 level on the RSI indicator, with the index now tracking at 50.63.
In the event that momentum begins to pick up in the upcoming days, ethereum could be soon back over ,700.
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Are markets consolidating ahead of the weekend? Leave your thoughts in the comments below.
Biggest Movers: BCH, LINK Move to 6-Week Highs on Wednesday
Bitcoin cash was once again a big mover, as the cryptocurrency rose by nearly 10% during today’s session. The move saw price climb to its highest level since mid-August, and came as U.S. dollar strength pushed the S&P 500 to a three-month low. Chainlink also rallied strongly on Wednesday.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) continued to climb higher for a third straight session on Wednesday, as prices surged by nearly 10% in today’s session.
BCH/USD peaked at 4.94 earlier in the day, which comes a day after falling to a low of 1.95.
This is the strongest point that the token has hit since August 10, when price was trading above 0.00.
Looking at the chart, the move came following a breakout of a point of resistance at the 5.00 level.
Additionally, the relative strength index (RSI) also broke out of a ceiling at 60.00, and is now tracking at 65.52.
The next target now seems to be at the 0.00 mark, which could be hit if current momentum extends for the remainder of the week.
Chainlink (LINK)
In addition to BCH, chainlink (LINK) was also in the green on Wednesday, rising to a multi-week high of its own.
After falling to a low of .26 on Tuesday, LINK/USD surged to an intraday high of .82 during today’s session.
Like with bitcoin cash above, today’s peak pushed the cryptocurrency to its highest level since August 9.
Overall, the rise occurred as price strength moved past a resistance level of 67.00, with a current reading of 67.22.
LINK bulls are now likely looking to hit a ceiling of .00, as the 10-day (red) moving average maintains a recent uptrend.
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Could LINK reach .00 this week? Let us know your thoughts in the comments.
Biggest Movers: XRP, MATIC Move to Multi-Week Highs on Wednesday
XRP was a big mover on Wednesday, despite cryptocurrency markets mostly consolidating in today’s session. Traders have moved to secure recent gains, ahead of September’s Federal Reserve interest rate decision. Polygon was also in the green, hitting a two-week high in the process.
XRP
XRP, formerly ripple, was a notable gainer in today’s session, as the token raced to a multi-week high.
Following a low of .5092 on Tuesday, XRP/USD raced to an intraday peak at .5233 earlier in the day.
As a result of the surge in price, XRP climbed to its highest point since August 31, when price peaked at .5285.
Looking at the chart, the move came as the relative strength index (RSI) broke free of a ceiling at 48.00.
At the time of writing, the index is tracking at 50.66, with bulls possibly targeting a ceiling at 58.00.
In the event traders reach this target, there is a strong chance XRP will move above .5500.
Polygon (MATIC)
In addition to XRP, polygon (MATIC) also surged to a multi-week high on Wednesday, despite market uncertainty ahead of the Fed announcement.
MATIC/USD peaked at .5486 earlier in today’s session, after rebounding from a low of .536 the day before.
The move pushed polygon to its strongest level since September 8, when the token reached a high of .5586.
Earlier gains have since faded, and this appears to be due to the RSI failing to break out of its ceiling at the 49.00 mark.
Currently, price strength sits at 47.34, however momentum remains largely bullish, ahead of a potential moving average crossover.
The 10-day (red) and 25-day (blue) trend lines are on the cusp of an upwards cross, which could trigger a fresh price surge.
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Could polygon hit .6000 before the end of the month? Let us know your thoughts in the comments.
Biggest Movers: SHIB 10% Higher on Wednesday, SOL Records 10-Day High
Shiba inu rose by as much as 10% during today’s session, as bullish sentiment returned to cryptocurrency markets. The meme coin climbed to its highest point this week, with the global crypto market cap up nearly 2% as of writing. Solana was another big gainer, hitting a ten-day high on Wednesday.
Shiba Inu (SHIB)
Shiba inu (SHIB) was one of Wednesday’s notable movers, as the meme coin rose by over 10% during the day.
Following a low of .000009027 on Tuesday, SHIB/USD rallied to an intraday peak at .00001002 earlier in today’s session.
This is the second straight price rise for SHIB, and it has pushed the coin to its highest level since Sunday.
As a result of the surge in momentum, the 14–day relative strength index (RSI) has now collided with a ceiling at 66.00.
At the time of writing, the index is tracking at 65.67, with shiba inu also falling from its previous high.
SHIB/USD is now trading at .000009749.
Solana (SOL)
Solana (SOL) remained in the green for a third consecutive session, as it continued its push towards .00.
SOL/USD jumped to a high of .91 on Wednesday, a day after falling to a bottom at the .21 level.
Overall, this saw the cryptocurrency climb to a ten-day high, and close in on a collision with the .00 ceiling.
This comes as the price strength nears its own resistance point at 60.00. It is currently reading at 58.27.
In the event it hits the 60.00 zone, there is a strong possibility solana will be trading above .00.
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Will this recent bull spell last for the rest of the week? Let us know your thoughts in the comments.