Bitazza Crypto Weekly: U.S. SEC Postpones Decision on Pioneering Bitcoin-Ethereum ETFs -

U.S. SEC Postpones Decision on Pioneering Bitcoin-Ethereum ETFs

The U.S. Securities and Exchange Commission (SEC) has announced delays in making decisions on the approval of all Bitcoin ETF applications. The ARK 21Shares Spot Bitcoin ETF faces its final deadline on January 10, 2024. At the same time, the SEC has postponed the review of Spot Ethereum ETFs from ARK 21Shares and VanEck to December 25 and 26, 2023, respectively.

Moreover, decisions on Bitcoin ETFs submitted by Blackrock, Invesco, Bitwise, and Valkyrie have all been postponed to January 2024. This will be followed by delayed considerations for three other applicants: VanEck, WisdomTree, and Fidelity.

Invesco and Galaxy Digital have submitted an application to set up a Spot Ethereum ETF with the U.S. SEC. They are the second group following ARK 21Shares and VanEck. The regulatory agency intends to conduct comprehensive studies including various data and risks before making a decision.

Bitwise is prepared to list an Ethereum Futures ETF this week after receiving approval from the U.S. SEC. Valkyrie Investment and VanEck will also list Ethereum Futures ETFs around the same time.

PayPal has disclosed patent rights for buying, selling, and transferring NFTs, as well as creating tokens. The platform explains how transactions with NFTs can occur both on and off the blockchain and specifies Ethereum as one of the supported chains.

MoneyGram is readying the launch of its non-custodial crypto wallet, built on the Stellar network. All transactions will be in stablecoin format, and the company plans to enter the market in the first quarter of 2024.

Circle, a leading issuer of stablecoins, has launched EURC, a Euro-backed coin supported 100% by the currency. This new stablecoin will exist on Stellar’s blockchain, adding to its previous creations on Ethereum and Avalanche.

Weekly Technical Analysis: 3-9 October 2023

Bitcoin (BTC)

BTC is strong and could set new highs in the next three months by staying above $27,000. This is a good sign; if it breaks the $28,500 level, it might rise to $30,000.

Support: 27,000 USD, Resistance: 28,500 USD

Ethereum (ETH)

ETH is following BTC, standing above the 200-day moving average, indicating a continuous recovery trend. Short-term support is at $1,650.

Support: 1,650 USD, Resistance: 1,800 USD

Support: 61,500 THB, Resistance: 65,000 THB

Thorchain (RUNE)

RUNE has increased 30.5% in the past week, showing a continued recovery trend.

Support: 75.50 THB, Resistance: 90 THB

Solana (SOL)

SOL has increased by 25.4% in the past week. Prices are standing above the 100-day and 200-day moving averages.

Support: 820 THB, Resistance: 940 THB

Trading and Investment Considerations For The Week

Bitcoin’s returns in September were around 3.9%, which is better than historical statistics. In the past, Bitcoin usually produced negative returns in September. However, for October, historical data indicates that it is the best month for Bitcoin, ending with positive numbers in 9 out of the last 11 years. This has led to the term “Uptober,” implying that Bitcoin usually generates positive returns in October.

This aligns with traditional financial markets where stock markets yield good returns in October. This is mainly because institutional investors usually invest in the first month of the last quarter in anticipation of the holiday season.

This week, on Friday, October 6, the Non-Farm Payroll numbers will be announced. The market expects about 163,000 positions, down from 187,000 in the previous month. The unemployment rate is also expected to be at 3.7%, down from 3.8% the previous month.

The announcement to postpone the decision on all submitted Bitcoin ETFs did not disappoint the market much. This reflects the investor viewpoint that Bitcoin ETF approvals are likely to occur in 2024. The overall market trend remains “Sideway Up,” with no negative factors pressing the market.

The coins that have produced remarkable returns in the past week are SOL, RUNE, MKR, and COMP.

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