Crypto News SEC Continued to Grab the Headlines Despite Dissent in the Ranks

Key Insights:

• Binance.US grapples with upheaval as CEO Brian Shroder makes a surprising exit.
• SEC’s Peirce and Uyeda voice concerns over the lack of clear guidelines for NFT creators and artists.
• Amid the rising tide of ETFs, Hashdex and Nasdaq propose a hybrid ETH ETF with futures and spot exposure.

Wednesday Crypto Market Overview:

Binance.US in Crisis: On Wednesday, Bloomberg reported that Binance CEO Brian Shroder left Binance.US. Chief Legal Officer Norman Reed will reportedly temporarily fill the position. The SEC case on Binance.US is beginning to take its toll. The US embattled company is also laying off one-third of its employees.

The Nasdaq and Hashdex Apply for ETH ETF: Hashdex Nasdaq Ethereum ETF joins a growing list of ETF applications pending SEC review. In contrast to crypto-spot ETFs, the proposed hybrid ETH ETF will have exposure to futures and spot. In August, Hashdex filed for a hybrid BTC ETF.

Commissioner Hester Peirce and Mark Uyeda Dissent: On Wednesday, SEC Commissioners Peirce and Uyeda dissented the Commission’s second NFT settlement. The statement raised a fundamental issue with the US digital asset space, stating,

“Rather than arbitrarily bringing enforcement action against NFT projects, we ought to lay out some clear guidelines for artists and other creators who want to experiment with NFTs as a way to support their creative efforts and build their fan communities.”

US Congressmen Tom Emmer Targets CBDCs: House Majority Whip Tom Emmer was in the news again. On Wednesday, Emmer spoke out about central bank digital currencies (CBDCs) saying,

“If not open, permissionless, and private – like cash – a CBDC is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life. We’re not going to let that happen – not on House Republicans’ watch.”

Over the weekend, Emmer targeted SEC Chair Gary Gensler and the SEC’s use of taxpayers’ money to target the digital asset space.

Technical Analysis

Bitcoin Analysis

BTC held above the trend line. However, BTC remained below the 50-day and 200-day EMA, sending bearish price signals.

Favorable comments from the SEC on the pending BTC-Spot ETFs would support a break above the $26,755 resistance level.

However, adverse news from the ongoing SEC v Ripple and Coinbase cases would see BTC move toward the trend line. A break below the trend line would give the bears a run at the $25,506 support level.

The 14-Daily RSI reading of 48.18 indicates BTC can test the $25,506 support level before entering oversold territory.

Ethereum Analysis

ETH remained below the $1,626 resistance level. The $1,626 resistance level rejected an ETH move toward $1,650. A break above the $1,626 resistance level would bring the 50-day EMA and the $1,746 resistance level into play. However, ETH would need favorable crypto news to support a move toward $1,700.

Failure to break above the $1,626 resistance level would leave the $1,502 support level in view.

The 14-Daily RSI reading of 43.52 indicates ETH can fall to sub-$1,600 before entering oversold territory.