Crypto News Today: BTC-Spot ETF Activity and Binance Grab the Headlines

Key Insights:

• BTC rallied 3.09% on Monday, ending the session at $42,639.
• On Monday, BTC-spot-ETF-related updates drove buyer demand for BTC and the broader market.
• BTC-spot ETF-related news, the SEC, and US lawmakers remain the market focal points.

Bitcoin Rallies 3.09% as Investor Focus Returns to Spot-ETF News

Bitcoin (BTC) rallied 3.09% on Monday. After a 2.01% slide on Sunday, BTC ended the day at $42,639. Significantly, BTC fell short of the $43,000 handle for the third consecutive session.

BTC-spot ETF-related updates drove buyer demand for BTC and the broader market. Several spot ETF-related updates warranted investor attention after meetings between issuers and the SEC on In-kind/Cash creations/redemptions.

BlackRock (BLK) submitted an S-1 amendment for the iShares Bitcoin Trust. Significantly, BlackRock excluded In-kind creation and redemptions. BlackRock and Fidelity were among the issuers meeting with the SEC to discuss In-kind Creations. Last week, Invesco filed an updated S-1, committing to Cash Creates.

With the January 5-10 approval window approaching, other issuers also filed updated S-1 forms.

Bloomberg Intelligence ETF Analyst James Seyffart shared the updates. Wisdom Tree filed an updated S-1 for the Wisdom Tree Bitcoin Fund. ArkInvest and 21Shares also filed an updated S-1 for the ARK 21Shares Bitcoin ETF, switching to Cash Creations.

There was even a new ETF filing for a 7RCC Spot Bitcoin & Carbon Credit Futures ETF. The Fund will hold 80% BTC and 20% carbon credit futures. Considering the continued focus on Bitcoin mining and the environment, more ESG (Environment, Social, and Governance) filings are likely.

Binance Settles with the CFTC

On Monday, the CFTC announced the court formalized the Binance US, Binance, and CZ settlement with the CTFC. Former Binance CEO CZ must pay $150 million, with Binance paying $2.7 billion. Binance will pay $1.35 billion to the CFTC, with a further $1.35 billion as penalty for ill-gotten transaction fees.

Significantly, Binance’s former Chief Compliance Officer Samuel Lim must pay a $1.5 million penalty “for aiding and abetting Binance’s violations and engaging in activities outside of the US to willfully evade or attempt to evade US law.”

In November, Binance agreed to a $4.3 billion settlement with the US Department of Justice.

The SEC is next in line after filing charges against Binance US, Binance, and CZ in the summer. Significantly, the SEC plans to pursue legal proceedings despite the $4.3 billion payout to the DoJ.

Technical Analysis

Bitcoin Analysis

BTC sat above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC break above the $42,900 resistance level would give the bulls a run at the 2023 high of $44,747. A move through the December 8 high would bring the $46,400 resistance level into view.

Focal points include BTC-spot ETF-related news and SEC activity.

However, a drop below the $42,000 handle would give the bears a run at the $41,585 support level and sub-$41,000.

The 14-Daily RSI reading, 59.47, suggests a BTC break above the $42,900 resistance level before entering overbought territory.

Ethereum Analysis

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

An ETH move to the $2,250 handle would bring the $2,300 resistance level into play.

However, a fall through the $2,150 handle would support a break below the $2,143 support level. A drop below the $2,143 support level would bring the 50-day EMA into play.

The 14-period Daily RSI at 53.96 indicates an ETH move to the $2,300 resistance level before entering overbought territory.