Daily News | The SEC May Soon Approve Spot Bitcoin ETFs, BTC Exceeds $36K

2023-11-09, 06:32

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## Crypto Daily Digest: SEC may soon approve spot Bitcoin ETFs, BTC exceeding $36,000

According to CoinDesk, citing sources familiar with the matter, the SEC has begun negotiations with Grayscale on the details of the company's application to convert GBTC into <a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs, which may have a significant impact on the crypto industry. Insiders have stated that since winning the lawsuit, Grayscale has contacted the SEC's trading markets department and the company's finance department. Both departments will play a role in approving Grayscale's Bitcoin spot ETF application.

Craig Salm, Chief Legal Officer of Grayscale, said, “Currently, we are only focusing on constructive re-engagement with the trading market department, and there are still some things that need to be addressed.” However, he did not elaborate on the details of the interaction between the two parties. Salm also pointed out that other Bitcoin spot ETF issuers, including BlackRock and Fidelity, appear to have progressed in registration negotiations with the SEC. He said, "Overall, this is a good encounter. The approval of Bitcoin spot ETFs is only a matter of time, not whether it has occurred.”

Bloomberg analysts James Seyfart and Eric Balchunas tweeted that the SEC will open a brief window on November 9th, possibly approving all 12 Bitcoin spot ETFs, including Grayscale's GBTC. The window period will be open for at least eight days and will end on November 17th.

But theoretically, from now until January 10, 2024, the SEC can make a decision on 9 of these ETFs at any time. However, even if it is not approved this month, it still believes that the probability of Bitcoin spot ETFs being approved on January 10 next year is 90%.

In response, US financial lawyer Scott Johnsson tweeted that even if Bitcoin spot ETFs are approved, it may still take at least a month (or possibly several months) to launch. Bloomberg analyst James Seyfart explained that launching ETFs requires completing two paths. Even if 19b-4 (change in trading rules) is approved, S-1 (registration statement) still requires approval from the SEC's financial department, and there is currently no sign of completion. It may take weeks or even months between approval and initiation.

According to CNBC, SEC Chairman Gary Gensler stated during the financial technology cycle in Washington D.C. that if the new leadership of FTX has a clear understanding of the law, it is possible to restart FTX. Gensler refers to reports that Tom Farley, former president of the New York Stock Exchange, is one of the three bidders for FTX's remaining assets.

Gensler said, “If Tom or anyone else wants to get involved in this field, I would say, ‘Act within the law,’ establish investor trust in what you do, and ensure appropriate disclosures are made, and do not confuse client funds with funds used for your own purposes. For example, we will never have the New York Stock Exchange also operate hedge funds, trading with their members or clients in the market.”

As of the deadline for publication, the FTT price is currently at $1.69, with a 24-hour increase of over 40%.

According to Ledger Insights, Deutsche Bahn, one of Europe's largest stock exchange groups, plans to launch a regulated crypto exchange in 2024. In addition, it also plans to deploy stablecoins. In addition to cryptocurrencies, Deutsche Bahn is also active in the fields of tokenized securities, funds, and alternative assets.

Markus Thielen, the research director of Matrixport, pointed out in a report this week that with the recent wave of Altcoins revitalizing online activity, <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> has emerged from a downward trend and may rise to $3,000.

According to Token Terminal data, Ethereum's weekly revenue (i.e. revenue from online trading fees, also known as gas) has risen to over $30 million for the past two consecutive weeks, above the annual low of $12 million hit in early October.

Markus Thielen said, “The revenue of the Ethereum ecosystem is bottoming out from a low level; this may indicate a tradable bottom for Ethereum, as long as Ethereum's weekly fees remain above $30 million, tactical bullish trading may be valuable.” Markus Thielen set a price target of $3,000 based on the technical chart pattern.

According to data from Glassnode, a top blockchain data and information provider, the circulation supply of the cryptocurrency has tightened to a historic low as long-term holders (LTH) accumulate a record-high amount of Bitcoin.

According to Glassnode's data, by one measure, the number of <a href="/uk/price/multiversx-egld" target="_blank" class="blog_inner_link">MultiversX</a> held in wallets with the least selling history reached a record high of over 15.4 million. The net position of LTH also shows a similar trend, with the level of capital inflows steadily increasing.

The <a href="/uk/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> of investors has also been boosted by multiple factors recently, including the possibility of regulatory approval for spot Bitcoin ETFs, and the halving of Bitcoin once every four years scheduled for April next year. Halving is about halving the Bitcoin mining reward, which is part of the mechanism to limit the total supply of Bitcoin to 21 million pieces. After halving three times in the past, Bitcoin has hit new highs every time.

The bullish call for Bitcoin is also increasing, and investment company Bernstein recently predicted that the cryptocurrency will reach $150,000 per coin by mid-2025.

Glassnode stated that the current price level of Bitcoin is worth paying attention to, as since it broke through $30,000 per coin, most short-term buyers have already made profits from Bitcoin holdings. This may push new buyers to take over, especially if the price drops from the current level of $35,000. Before the release on Thursday, Bitcoin had exceeded $36,000 per piece, marking the first time since May 2022.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1699511704BTC.png)
Yesterday, BTC once again returned to the upward trend moving averages, with a second break above the $36,000 USD level in the short term. The recommendation for spot trading is to continue holding above the short-term white moving average line. A conservative long position breakout level is at $36,000 USD, with a target of $37,755 USD. However, please be cautious as the short term may be reaching a saturation point, and a potential pullback may occur.

### ETH
![](https://gimg2.gateimg.com/image/article/1699511725ETH.png)
The short-term consolidation phase may end, with the hourly chart showing a retest of the upper range and a cup and handle bottom pattern. The short-term bullish trend is forming, and the target price is $1,951 USD and $2,037 USD. There may be a rally, and the altcoin sector is expected to reach new yearly highs.

### FTT
![](https://gimg2.gateimg.com/image/article/1699511742FTT.png)
Following a boost in news sentiment, the mid-term target levels of $1.5624 USD, $1.7515 USD, and $1.9088 USD have been achieved. Short-term traders can take profits, while long-term holders can continue to hold and target $2.5050 USD and $3.67 USD. For pullbacks, it is advisable to wait for support to stabilize at $1.5624 USD.

## Macro: Gold has fallen, Powell's speech has been taken lightly, the market still believes that interest rates have peaked

On Wednesday, the US dollar index rose first, then fell, and finally closed at 105.53. The 10-year US bond auction showed strong overseas demand, with the 10-year US bond yield breaking 4.5% and closing at 4.497%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed slightly higher at 4.936%.

Spot gold fell for the third consecutive trading day to a three week low, deepening the decline in the US market, breaking below the $1950 level, and ultimately closing down 0.97% at $1949.93 per ounce, the lowest point in nearly three weeks; Spot silver closed 0.37% lower at $22.54 per ounce.

International oil prices continue to be affected by demand concerns and have further declined below their three-month low. WTI crude oil closed 1.99% lower at $75.55 per barrel; Brent crude fell by $80 per barrel, closing 2.1% lower at $79.69 per barrel.

The monthly wholesale sales rate in the United States recorded 2.2% in September, the largest increase since January 2022, surpassing expectations of 0.8%, with a previous value of 1.80%. The three major US stock indices fluctuated slightly throughout the day, with the Dow closing 0.12% lower, the Nasdaq closing 0.08% higher, and the S&P 500 index closing 0.1% higher. Oracle (ORCL. N) and Lilly (LY. N) both rose more than 3%, while Microsoft rose 0.7%, setting the longest consecutive rise record since 2019.

The Cleveland Federal Reserve is starting to look for the next chairman, and the current chairman's term will end on June 30th next year.

Federal Reserve Chairman Powell urged Fed economists to be flexible in their forecasting methods, and he did not comment on monetary policy or economic prospects in his speech.

New York Fed Chairman Williams stated that mistakes in inflation forecasts should not be attributed to the Fed's economic model.

Federal Reserve Governor Cook stated that overseas geopolitical tensions may change the outlook for the US economy.

Officials will gather again from December 12th to 13th and see the latest reports on retail sales, employment, and inflation before the meeting. There is almost no possibility of pricing interest rate hikes in the futures market, and it is predicted that the current level of the Federal Reserve's benchmark interest rate (5.25% to 5.5%) will mark the peak of the tightening cycle.

As early as Tuesday, six hawkish Fed spokespersons had already taken the same stance: data-driven, work not yet completed, inflation still too high, interest rates will remain high for the long term, and there is no interest rate reduction plan.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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