Crypto News: The Middle East, Crypto-Spot ETFs, and the SEC in Focus

Bob Mason
Published: Oct 17, 2023, 03:38 GMT+00:00

The crypto market showed its hand on Monday, responding to fake news of a BTC-spot ETF approval. It remains to be seen whether the SEC makes comment.

Crypto News

In this article:

Key Insights:

  • Fake news of the SEC approving the Blackrock BTC-spot ETF sent BTC to a Monday high of $30,128.
  • An SEC response to the events on Monday could test the buyer appetite for cryptos.
  • BTC-spot ETF news will remain the focal point as investors await clues on when the SEC will decide on the pending applications.

Fake News Sent BTC to a Monday Session High of $30,128

On Monday, news hit the wires of the SEC approving the Blackrock BTC-spot ETF application. A crypto news portal posted news of the Blackrock BTC-spot ETF approval on X (formerly Twitter).

Blackrock (BLK) denied the report, confirming that the iShares Bitcoin ETP application was still under review.

The ramifications are significant. BTC longs experienced a breakout session and had a dress rehearsal for the likely market reaction to an SEC approval. However, the fake news led to the liquidation of millions of short positions.

More significantly, the SEC may consider the events on Monday when reviewing the spot ETF applications. The SEC could raise concerns over the influence of unverified news on the crypto market.

Over the weekend, Bloomberg Intelligence ETF Analyst James Seyffart put the probability of the SEC approving the Ark BTC-spot ETF application at 90%.

Binance Hits Pause on UK Plans After FCA Scrutiny

Binance announced it would stop accepting new UK customers. Last week, the UK Financial Conduct Authority intervened in a new partnership between Binance and

Binance forged the new partnership to allow to handle its UK promotional materials and communications. The FCA intervention took place a matter of days after Binance announced the new partnership, highlighting the intense scrutiny amidst the ongoing SEC v Binance lawsuit.

The SEC filed thirteen charges against Binance CEO CZ, Binance US, and Binance in June 2023. Notably, the SEC filed charges against Coinbase (COIN) just days after.

Technical Analysis

Bitcoin Analysis

BTC held above the 50-day and 200-day EMAs, affirming bullish price signals. Significantly, the 50-day EMA pulled away from the 200-day EMA avoiding a bearish cross.

A BTC return to $28,500 would support a move toward the $29,193 resistance level. Investors will remain sensitive to BTC-spot ETF chatter throughout the day and news updates on the Middle East conflict.

However, a fall through the $28,187 support level would bring the $26,755 support level into view. Risk aversion stemming from the Middle East or an SEC response to the Monday events could test buyer appetite.

The 14-Daily RSI reading of 63.10 supports a BTC return to $29,000 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 171023 Daily Chart

Ethereum Analysis

ETH remained below the 50-day and 200-day EMAs, affirming bearish price signals.

An ETH break above the $1,626 resistance level and the 50-day EMA would support a move toward the 200-day EMA. ETH-spot ETF-related news and regulatory chatter will remain the focal points.

However, a fall below $1,550 would bring the $1,502 support level into play.

The 14-Daily RSI reading of 48.05 supports an ETH move to the $1,502 support level before entering oversold territory.

ETH Daily Chart sends bearish price signals.
ETHUSD 171023 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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