Crypto News: Valkyrie Files Amendment Prospectus as SEC Prepares for Closed-Door Meeting

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Published: Oct 31, 2023, 02:57 GMT+00:00

BTC continued its sideways move on Monday, with the lack of a SEC approval leaving investors in a holding pattern. A November 2 meeting could be pivotal.

Key Insights:

BTC moves sideways as investors await the SEC approval of a BTC-spot ETF.
Valkyrie Funds is the latest to file an amendment prospectus, with discussions ongoing.
The SEC will convene a closed-door meeting on November 2, with litigation also on the agenda.

Valkyrie Funds Files Amendment Prospectus

On Monday, progress toward a BTC-spot ETF market continued. Bloomberg Intelligence Analyst James Seyffart shared the latest BTC-spot ETF activity, saying,

“UPDATE: Valkyrie Funds joins the prospectus amendment train for their spot Bitcoin ETF. Things are still moving behind the scenes.”

Investors are waiting for the SEC to approve the first batch of crypto-spot ETFs. These amendments are likely a result of ongoing discussions and requests from the SEC.

SEC Sends Closed Door Meeting Agenda

On Monday, attorney Scott Johnsson shared the latest from the SEC, saying,

“November 2 – I believe this is the first closed meeting of the Commissioners since Grayscale appeal deadline expired and the mandate was delivered. Agenda includes resolving litigation claims and admin proceedings. There were leaks out of the closed meeting ahead of the BITCO launch.”

The closed-door meeting is scheduled to occur one week before the Court’s deadline for the SEC and Ripple to jointly propose a briefing schedule regarding remedies for the remaining charges against Ripple.

The SEC v Ripple case might be a hotly debated topic at the November 2 SEC meeting.

Ripple holds the trump card in the form of the Hinman speech-related documents. The SEC may need to decide whether to agree to settlement terms that could prevent them from appealing the Programmatic Sales ruling.

Beyond the SEC v Ripple case, the SEC might also discuss the ongoing SEC v Coinbase (COIN) case and the current review process of BTC-spot ETFs.

Technical Analysis

Bitcoin Analysis

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

A BTC move through the $35,265 resistance level would give the bulls a run at the $36,400 resistance level. BTC-spot ETF application-related news will remain the focal point.

However, a BTC return to sub-$34,000 would support a move toward the $32,436 support level.

The 14-Daily RSI reading of 81.44 shows BTC sitting in overbought territory.

BTC Daily Chart sends bullish price signals.

BTCUSD 311023 Daily Chart

Ethereum Analysis

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

An ETH return to $1,850 would give the bulls a run at the trend line and the $1,926 resistance level.

SEC activity and ETH-spot ETF news will also be focal points on Tuesday.

An ETH fall through the $1,805 support level would bring the $1,741 support level and the 200-day EMA into play.

ETH sits in overbought territory with a 14-Daily RSI reading of 71.73. Seller pressure could intensify, barring a favorable crypto event.

ETH Daily Chart sends bullish price signals.

ETHUSD 311023 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.