Crypto News: BTC-Spot ETFs and Coinbase Take Center Stage

Key Insights:

• BTC extended its winning streak to six sessions on Tuesday, with the bulls eying another breakout session.
• Market enthusiasm about the prospect of a crypto-spot ETF market and an inflow of sticky money drove demand for BTC and the broader market.
• While ETF-related news will remain center stage, SEC v Coinbase case-related news warrants consideration.

Bitcoin Winning Streak Extends to Six Sessions on BTC-Spot ETF Enthusiasm

BTC hit a fresh October high of $35,265 on Tuesday, as investors jumped on the BTC-spot ETF bandwagon.

Optimism toward the SEC approving the BTC-spot ETF applications has fueled a flurry of crypto market activity. However, BlackRock fell on the wrong side of the law as it awaits a decision on the iShares Bitcoin Trust ETF application.

The SEC issued a press release announcing the charges and a $2.5 million penalty. While it was a win for the SEC, the charges were unrelated to the digital asset space. The $2.5 million fine did not deter BlackRock from relisting the iShares BTC Trust ETF on the DTCC.

Bloomberg Analyst Eric Balchunas shared the news. The iShares BTC Trust briefly disappeared from the DTCC website before reappearing.

Earlier in the day, Balchunas shared the latest ARK filing, saying,

“ARK just filed amendment #4 to their 19b-4, looks like it is to incorporate changes made to their S1 (which again were to address SEC qs). I guess just want to make both docs be in tune (first issuer to do so). I don’t see anything else to read into here but cc SG Johnsson.”

Market reaction to the hype surrounding the SEC approval of BTC-spot ETFs was broad-based.

Coinbase (COIN) rallied 6.29% on Tuesday, with MicroStrategy (MSTR) surging by 12.55%.

Coinbase was in the news for other reasons on Tuesday, with the SEC v Coinbase case in the spotlight.

SEC v Coinbase: Investors Await Coinbase Motion to Dismiss Ruling

On Tuesday, Coinbase filed its reply brief to the SEC’s opposition to the Coinbase motion to dismiss (MTD).

Crypto advocates believe a Coinbase victory in the SEC v Coinbase case would be pivotal for the US digital asset space. Significantly, crypto advocates expect another SEC loss to end the regulation by enforcement era that has forced crypto players beyond US borders.

Technical Analysis

Bitcoin Analysis

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

A BTC break above the $35,265 resistance level would support a move toward $36,000. BTC-spot ETF news remains the focal point, with investors now expecting SEC approvals.

However, a fall to $33,500 would give the bears a run at the $32,436 support level.

The 14-Daily RSI reading of 87.11 shows BTC sitting deep in overbought territory.

Ethereum Analysis

ETH remained above the 50-day and 200-day EMAs, affirming bullish price signals. An ETH break above the $1,805 resistance level would give the bulls a run at the trend line.

Investors anticipate that the SEC will approve the ETH-spot ETFs after the current batch of BTC-spot ETFs.

However, an ETH fall through the $1,741 support level would support a move to the 200-day EMA.

ETH is in overbought territory with a 14-Daily RSI reading of 73.72.