Advertisement
Advertisement

Crypto News Today: Dogecoin and Elon Musk Made the News as BTC Hit $44,747

By:
Bob Mason
Published: Dec 9, 2023, 06:20 GMT+00:00

The crypto market enjoyed a positive Friday session despite the current anti-crypto rhetoric on Capitol Hill, with BTC striking a new 2023 high.

Crypto News Today

In this article:

Key Insights:

  • On Friday, BTC struck a 2023 high of $44,747 as investors responded to spot ETF-related news.
  • News of Fidelity meeting with the SEC to discuss the BTC-spot ETF fueled buyer demand for cryptos.
  • Dogecoin (DOGE) held onto the $0.10 handle for the first time since 2022.

Bitcoin Strikes a 2023 High of $44,747

On Friday, bitcoin (BTC) gained 2.11%. After a 1.07% loss on Thursday, BTC ended the Friday session at $44,238.

BTC-spot ETF-related news fueled buyer demand for BTC and the broader crypto market. The total crypto market cap increased by 2.23% ($36.31 billion) to $1,603 billion.

On Friday, news of Fidelity meeting with the SEC to discuss the Fidelity Wise Origin Bitcoin Fund structure drew investor interest.

Bloomberg Intelligence Analyst Eric Balchunas shared the latest updates, saying,

“Fidelity also met with SEC Trading and Markets just yesterday, making their case and showing their design for in-kind creations.”

The files show Fidelity making their case for In-Kind Create over Cash Creations for ETF Shares. Previously, the SEC requested that all applicants incorporate Cash Creation. In-kind Create means payments are in BTC rather than US dollars or other fiat currencies. Fidelity also filed a second amendment S-1 form.

Notably, the January 5-10 approval window is rapidly approaching.

BTC-spot ETF Deadlines
BTC Spot ETF Deadlines

SEC Issues Investor Alert on Cryptos

On Friday, the SEC issued an investor alert via the Office of Investor Education and Advocacy. The post on X (formerly Twitter) said,

“Investments in crypto asset securities can be exceptionally risky and are often volatile. Learn more in our Investor Alert: https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/crypto-asset-securities

The Alert, dated March 23, 2023, warns,

“Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors.”

The Alert stated that firms offering crypto asset investments or services could be in breach of US federal securities laws.

Dogecoin Holds Onto $0.10

Dogecoin (DOGE) rallied 6.24% on Friday. Following a 1.16% gain on Thursday, DOGE ended the session at $0.1021. Notably, DOGE held onto the $0.10 handle for the first time since December 2022.

Elon Musk made headlines on Friday by responding ‘True’ to a post on X (formerly Twitter) about Senator Elizabeth Warren and her latest anti-crypto campaign. The post said,

“Elizabeth Warren loves banks, loves multi-millionaires (as she is filthy rich now), hates the people. Younger Elizabeth Warren would have declared the enemy of the people to be current Elizabeth Warren.”

Elon Musk’s support for cryptos and the response on Twitter likely contributed to the positive session.

DOGE holds onto the $0.10 handle.
DOGEUSD 091223 Daily Chart

Technical Analysis

Bitcoin Analysis

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

A BTC break above the Friday high of $44,747 would give the bulls a run at the $46,400 resistance level.

BTC-spot ETF-related news and crypto news wires will impact investor sentiment.

However, a break below the $42,900 support level would bring the $41,585 support level into play.

The 14-Daily RSI reading, 78.06, shows BTC in overbought territory. Selling pressure may intensify at the Friday high of $44,747.

BTC Daily Chart EMAs send bullish signals.
BTCUSD 091223 Daily Chart

Ethereum Analysis

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

An ETH move through the Friday high of $2,388 would give the bulls a run at the $2,457 resistance level.

However, a break below the $2,300 support level would bring the $2,143 support level into view.

The 14-period Daily RSI at 73.18 shows ETH in overbought territory. Selling pressure will likely intensify at the Friday high of $2,388.

ETH Daily Chart EMAs send bullish price signals.
ETHUSD 091223 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.

Advertisement