Optimism crypto price12/30/2023 The 14-Daily RSI reading of 65.94 suggests a BTC move to the $39,600 resistance level before entering overbought territory. The market focus remains on BTC-spot ETF-related news and regulatory activity.Ī drop below the $38,000 handle would give the bears a run at the $37,600 support level. Technical Analysis Bitcoin AnalysisīTC held above the 50-day and 200-day EMAs, affirming bullish price signals.Ī BTC move through the Friday high of $39,011 would support a break above the $39,600 resistance level to target $40,000. XRP gained 1.07% on Friday, ending the session at $0.6129. The parties are working toward a final penalty for XRP sales to institutional investors. The SEC v Ripple case entered its final stage in November. On the conclusion of discovery (February 12, 2024), the SEC must file its remedies-related brief by March 13, 2024. Ripple and the SEC are currently engaged in remedies-related discovery. The increasing number of adverse comments from the courts bodes well for Ripple. – Court orders SEC to show cause why it should not be sanctioned for making false and misleading representations to the Court. – Court finds that the SEC’s “inconsistent treatment of similar products is arbitrary and capricious.” Grayscale v SEC, 8/29/23 – Court agrees that the SEC defaulted on its duty to respond in good faith to Coinbase’s petition for crypto rulemaking. – Court finds the SEC demonstrated “hypocrisy” by making inconsistent arguments to the Court and not acting out of a “faithful allegiance to the law.” SEC v Ripple, 7/12/22 After highlighting a Wall Street Journal article on Thursday, it was the US courts on Friday. On Friday, Ripple Chief Legal Officer Stuart Alderoty sent another swipe at the SEC. Ripple Chief Legal Officer Stuart Alderoty Targets the SEC While the markets are hopeful of the SEC approving the BTC-spot ETFs, the courts retargeted the SEC. ![]() Notably, there were no further updates relating to in-kind and cash-created subscriptions/redemptions. Johnsson highlighted a January 5, 2024, deadline for rebuttal submissions relating to the Franklin and Hashdex applications. Seyffart responded to a Scott Johnsson post on X (previously Twitter). Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. “Window is officially Jan 5th to Jan 10th. On Friday, Seyffart reiterated the upcoming window opening for the SEC to approve a first batch of BTC-spot ETFs. The increased activity raised investor expectations of a New Year batch approval of BTC-spot ETF applications. Bloomberg Intelligence ETF Analyst James Seyffart shared the latest BTC-spot ETF updates.
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