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Crypto News: Bitcoin-Spot ETF Filings Continue as the SEC Sues Kraken

By:
Bob Mason
Published: Nov 21, 2023, 04:28 UTC

Reports of Binance in settlement talks with the US Department of Justice fueled a binance coin rally as the crypto community responded to the Kraken news.

Crypto News

In this article:

Key Insights:

  • Bitcoin extended its winning streak to three sessions on Monday, gaining 0.30%.
  • BTC-spot ETF activity continued to drive buyer demand, with ARK filing a third amendment.
  • News of the SEC suing Kraken and US DoJ discussions with Binance regarding a settlement also made headlines.

BTC-Spot ETF-Related Activity Continues

Bitcoin (BTC) gained 0.30% on Monday, ending the session at $37,498. Optimism toward a BTC-spot ETF market continued to fuel buyer demand.

On Monday, Ark Invest submitted an amendment to the BTC-spot ETF filing. The filing suggested progress as conversations between applicants and the SEC continue in the background. The amendment focused on improvements to investor protection.

Bloomberg Intelligence ETF Analyst Eric Balchunas shared the news, saying,

“ARK has just updated its S-1 again, amendment #3. Semi-shocker to be honest but in a good way. The more updates to these documents the better, shows them getting this bad boys in shape for SEC approval.”

Balchunas outlined the amendments, which included a fee structure and risk disclosures. Significantly, ARK is sticking to its in-kind creations/redemptions despite calls from the SEC to change to cash creations/redemptions.

The final deadline for the ARK 21Shares Bitcoin ETF is January 10, 2024.

BTC-spot ETF Deadlines.
BTC Spot ETF Deadlines

SEC Sues Kraken for Securities Law Breeches and Comingling

On Monday, the SEC sued Kaken for allegedly operating as a broker, dealer, exchange, and clearing agency for crypto asset securities. Additionally, the SEC alleged Kraken comingled customer cash and crypto assets with its own.

Kraken CEO Dave Ripley responded to the charges, saying that Kraken does not list securities and will vigorously defend its position.

In February 2023, Kraken came under the scrutiny of the SEC. In response, Kraken agreed to end offering or selling securities on its crypto asset staking programs.

Binance Close to Settlement with the US Department of Justice

On Monday, news hit the wires of Binance getting close to a settlement with the US Department of Justice (DoJ). According to people familiar with the matter, Binance could pay more than $4 billion in a settlement.

Binance coin (BNB) gained 2.68% on Monday, ending the session at $253.20. Significantly, BNB struck a session high of $268.40 before easing back. This morning, BNB was up 3.79% to $262.80.

BNB rallies on DoJ Settlement rumors.
BNBUSD 211123 Daily Chart

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, reaffirming bullish price signals.

A BTC move through the $37,600 resistance level would support a break above the November 9 high of $38,029 to target the $39,000 resistance level.

BTC-spot ETF-related updates and SEC activity remain the focal points for the crypto market.

A fall below the $37,000 handle would give the bears a run at the $36,400 support level.

The 14-Daily RSI reading of 65.30 suggests a BTC return to the November high of $38,029 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 211123 Daily Chart

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, reaffirming bullish price signals.

An ETH move through the $2,021 resistance level would give the bulls a run at the $2,143 resistance level.

However, a fall below the $2,000 handle would give the bears a run at the $1,926 support level.

The 14-period Daily RSI at 60.51 indicates an ETH return to $2,100 before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 211123 Daily Chart

 

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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