Category: Cryptocurrency News

Coinbase CEO Brian Armstrong has been actively pursuing the exchange’s expansion ambitions in the United Kingdom amid mounting legal issues in the U.S..

Lawmakers in the United States have finally put their foot down and demanded that the US SEC Chairman approve Grayscale’s spot Bitcoin ETF proposal “immediately.” US Congress Imposes Spot Bitcoin ETF Immediate Approval A group of four members of the United States Congress sent a letter to the United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler on Tuesday, September 26 demanding the prompt endorsement of spot Bitcoin ETFs.  Related Reading: Early Rejection Of 21Shares Spot Bitcoin ETF Sparks Concerns The letter described major flaws in the US SEC’s rejection of Grayscale’s spot Bitcoin ETF proposal, stating that if the SEC is unable to provide an appropriate explanation for its different regulatory treatment of spot Bitcoin ETFs and Bitcoin Futures, then its rejection would be seen as an “unlawful” discrimination.  The letter was signed by prominent US lawmakers including Mike Flood, Ritchie Torres, Tom Emmer, and Wiley Nickel. The lawmakers stated that Congress is tasked to ensure the US SEC meets all investment product requirements created by Congress.  The members of Congress have also shown support for the initiation of Spot Bitcoin ETFs and stated that spot Bitcoin ETFs would ensure investors are properly safeguarded from investment risks since there would be better clarity on Bitcoin cryptocurrency.  “A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent,” the US lawmakers stated.  A hearing between the US SEC Chairman and the Congress is scheduled for Wednesday, September 27 and Gensler may be subjected to intense scrutiny and questions on his rejection of spot Bitcoin ETFs. US SEC Delay ETF Approval Yet Again The US SEC has continued to delay its approval for Grayscale’s spot Bitcoin ETF  application since August 2023, requesting more time to deliberate on evaluating its actions concerning the proposal.  Grayscale, a crypto asset management company applied to convert its Bitcoin trust to an ETF in October 2021. However, the US SEC denied the request, stating that the crypto asset investment firm’s proposal did not meet anti-fraud and investor protection standards. Grayscale responded by filing a court appeal in the District of Columbia requesting the court to review the US SEC’s rejection of Grayscale’s Bitcoin ETF application.  The digital asset management company scored an unprecedented victory against the US SEC after Judge Naomi Rao from the federal court of appeals ruled against the US SEC, stating that the commission’s rejection of Grayscale’s proposal was “arbitrary and capricious” because the regulator failed to explain its denial of spot Bitcoin ETFs after approving similar products like Bitcoin Futures in June 2023.  Related Reading: BULLISH: Bloomberg Analyst Points Out Two Key Bitcoin Metrics Demonstrating Historic Strength In light of the court’s ruling, the crypto community and other prominent financial institutions like JP Morgan believe that the approval of spot Bitcoin ETFs is inevitable.  Presently the US SEC has delayed spot Bitcoin ETFs from several prominent crypto firms including Bitwise, BlackRock, WisdomTree, Invesco, Ark Invest, Galaxy, VanEck, and Fidelity.  The commission is yet to respond to the demands of Congress and the crypto community awaits more detailed information in the hearing on September 27.  BTC continues to surge toward $27,000 | Source: BTCUSD on Tradingview.com Featured image from Coinfomania, chart from Tradingview.com

Curve Finance founder Michael Egorov still has a debt of $42.7 million across four protocols, including Silo, Fraxlend, Inverse and Cream.

The CIA says it is creating its own ChatGPT AI tool to conduct open-source investigations by analyzing public information.

Solana (SOL) has found itself in the midst of a price battle, with neither bulls nor bears able to establish dominance. The daily charts have revealed a story of indecisiveness, characterized by the formation of neutral doji candles. This hesitation in price movement follows a previous sharp decline, indicating that the bearish momentum is losing steam. Despite the cautious optimism among bulls, the recent price action has been far from encouraging. The $21 resistance level proved to be a formidable barrier that buyers struggled to breach. This resistance level has been a key focal point for traders, as it represents a crucial milestone for SOL’s bullish aspirations. As of now, SOL is trading at $19.05 according to CoinGecko, reflecting a 1.6% decline in the past 24 hours and a 5.2% dip over the last seven days. While these figures may seem discouraging, there is still a glimmer of hope for those betting on a bullish reversal. Related Reading: Cardano $0.24 Support Test: Can ADA Price Reverse Its Downward Trend? Solana Watch: Key Metrics To Watch Amidst the market’s uncertainty, technical analysts have identified an intriguing pattern on the daily time frame chart—a potential inverted head and shoulders pattern. This pattern is often regarded as a bullish reversal indicator, and its completion could be a sign of better days ahead for SOL. The pattern consists of three main parts: a left shoulder, a head, and a right shoulder. The recent pullback in SOL’s price is seen as the completion of the right shoulder, setting the stage for a potential rally. The key support level to watch is $19 which, if held, could pave the way for SOL to retest the neckline resistance at $20.80. SOL registers a market cap of nearly $8 billion today. Chart: TradingView.com Indicators Signal Caution  While the inverted head and shoulders pattern offers a glimmer of hope, traders must remain cautious. The Relative Strength Index (RSI) has been lingering below the neutral 50 level in recent days, suggesting that bearish sentiment still holds sway. Additionally, the On-Balance Volume (OBV) has struggled to break through local resistance despite multiple attempts in September, indicating that sellers may still have the upper hand. SOL seven-day price movement. Source: Coingecko To flip the market structure bearishly, a price report notes SOL would need to breach the $18.58 level convincingly. Until then, the possibility of SOL forming a short-term consolidation range before making a potential upward move remains on the table. However, the current evidence suggests that sellers are not ready to relinquish control just yet. Related Reading: Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again? The emergence of an inverted head and shoulders pattern provides a glimmer of hope for bullish traders, but caution is advised as key indicators signal ongoing uncertainty in the market. The coming days will likely determine whether SOL can break free from its current range and embark on a path toward higher prices. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Shutterstock

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The local subsidiary of the world’s largest crypto exchange has suggested customers should convert all their fiat currency held on the exchange to crypto.