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Crypto News Today: Elon Musk, DOGE, and Payments on X
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Bitcoin briefly revisited the $44,000 handle as investors reacted to the latest spot-ETF updates. Coinbase also drew interest, receiving a nod from France.
In this article:
Key Insights:
- BTC gained 0.47% on Thursday, ending the session at $43,895.
- On Thursday, BTC-spot ETF-related news drove buyer demand for BTC and the broader market.
- US inflation, BTC-spot ETF-related updates, and US regulatory activity will influence buyer demand on Friday.
Bitcoin Revisit the $44,000 Handle for the Second Session
Bitcoin (BTC) gained 0.47% on Thursday. Following a 3.35% rally on Wednesday, BTC ended the Thursday session at $43,895. Significantly, BTC revisited the $44,000 handle for the second consecutive session.
On Thursday, the SEC became more active in the latest push toward a BTC-spot ETF market. The SEC is pushing issuers to amend their fund structures from In-Kind to Cash Creations.
Bloomberg Intelligence Analyst Eric Balchunas gave updates about SEC activity, saying,
“We hearing it wasn’t one giant conf call b/t SEC and every issuer but rather many calls to exchanges/issuers to reiterate that its Cash Creates or You Will Wait, which we knew already via chatter and the updated S-1s this week. Still, interesting & good sign for Jan tho.”
Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas affirmed their bet on a January approval. The ETF duo gave an optimistic 90% chance of the SEC approving a batch of BTC-spot ETFs by January 10.
Elon Musk Talks Payment Services for X (Formerly Twitter)
Cathie Wood and Elon Musk discussed the future on X Spaces. Significantly, Elon Musk expects approvals for X money transfer licenses by mid-2024. Money transfer licenses could make X a significant threat to other platforms, including PayPal (PYPL). Dogecoin (DOGE) gained 3.84% on Thursday, ending the session at $0.0947. Investors expect X to include DOGE in its plans to facilitate payments.
On Friday, DOGE was down 0.95% to $0.0938.
“We’ve received approval in France as a registered VASP. This is an important market for us and represents another chapter in our Go Deep, Go Broad international strategy.”
The registration allows Coinbase to offer its full suite of retail, institutional, and ecosystem products and services to users in France. Coinbase is in global expansion mode while embroiled in a legal case with the SEC.
Coinbase shares rallied 3.81% to $168.03 on Thursday. Significantly, COIN visited the $170 handle for the first time since April 2022.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.
A BTC move to the $44,000 handle would give the bulls a run at the $44,690 resistance level and the December 8 high of $44,747.
On Friday, BTC-spot ETF-related updates will drive buyer demand for BTC. However, US regulatory activity could also impact price trends.
A slide through the $42,968 support level would bring the $39,861 support level into view.
The 14-Daily RSI reading, 63.58, indicates a BTC break above the $44,690 resistance level before entering overbought territory.
Ethereum Analysis
ETH sat above the 50-day and 200-day EMAs, affirming bullish price signals.
An ETH break above the $2,250 handle would support a move to the $2,300 resistance level.
However, a drop below the $2,143 support level would bring the 50-day EMA into play.
The 14-period Daily RSI at 55.09 suggests an ETH move to the $2,300 resistance level before entering overbought territory.
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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