Fidelity Responds to SEC: Upgrades BTC ETF Registration, Aligning with Ark Invest and Invesco
Fidelity Funds Management LLC, in collaboration with Ark Invest and Invesco, has made updates to its filings for a spot Bitcoin Exchange-Traded Fund (ETF) after engaging with the US Securities and Exchange Commission (SEC). This progress indicates ongoing discussions between institutional entities and the SEC, raising hopes for future approval. Notably, Ark Invest and Invesco have also resubmitted their filings, expressing similar concerns to the SEC. These include addressing hard forks, complying with GAAP valuations and pricing, disclosing regulatory uncertainties, considering the energy intensity of mining, and assessing geographical implications. These revisions shed light on the SEC’s priorities as numerous applications are expected in Q1 2024. As a result, SEC Chair Gary Gensler is facing mounting pressure for an imminent Spot BTC ETF endorsement. A recent miscommunication regarding the approval of BlackRock’s iShares Spot BTC ETF affected market sentiment briefly but the significant latent demand for a BTC ETF is projected to boost BTC prices.
El Salvador’s ‘Rebirth’: Vice President Felix Ulloa Credits Bitcoin Adoption
Vice President Felix Ulloa of El Salvador attributes the nation’s “rebirth” to its historic decision to adopt Bitcoin as legal tender. He highlights its role in attracting both investors and tourists. El Salvador made history in 2021 by becoming the first country to embrace Bitcoin as an official currency, a move that faced skepticism from influential bodies such as the International Monetary Fund. However, Ulloa sees this as commendable, pointing out the influx of investors interested in the nation’s growing digital economy. He also emphasizes the symbiotic relationship between Bitcoin and El Salvador’s revitalized tourism sector. With Bitcoin’s acceptance, tourists find transactions streamlined without the need for currency exchange. Ulloa believes that the synergy between Bitcoin and tourism has played a crucial role in El Salvador’s resurgence, echoing sentiments expressed by President Bukele.
Binance US Subsidiary Halts Direct Dollar Withdrawals
Binance’s US subsidiary, Binance.US, has announced a change in its withdrawal policy, no longer allowing direct dollar withdrawals for users. This decision comes after Binance.US suspended dollar deposits earlier this year in response to the US Securities and Exchange Commission (SEC) pushing for an asset freeze. According to the updated terms, users must now convert their funds into stablecoins or other digital assets before making US dollar withdrawals. Reuters has sought a comment from Binance.US but has not received a response. This situation dates back to June when the SEC filed a lawsuit against Binance, its CEO Changpeng Zhao, and Binance.US, alleging deceptive practices, exaggerated trading volumes, and mismanagement of customer funds. This unfolding situation could impact Bitcoin prices and potentially increase the appeal of stablecoins and other digital assets as alternatives to direct dollar withdrawals from the platform.
Bitcoin Price Prediction
On the 4-hour chart, Bitcoin is currently trading at $28,498.50 with minor fluctuations over the past 24 hours. Key price levels to watch include a pivot point at $28,141, resistance levels at $28,634, $29,258, and $29,911, and support levels at $27,712, $27,144, and $26,576. The RSI indicates that the asset is in the overbought region at 71, suggesting potential price consolidation or a slight pullback in the near term. The MACD shows a bearish sentiment with the main MACD line below the signal line, indicating caution against potential trend reversals. Bitcoin’s price is currently above the 50 EMA at $27,611, indicating short-term bullish momentum. Overall, the trend for BTC/USD appears bullish, especially if the price remains above $28,600. The short-term forecast suggests that Bitcoin may attempt to break the immediate resistance level of $28,634 in upcoming trading sessions.
Hot Take: Bitcoin Continues Its Journey Amidst Regulatory Developments
Bitcoin continues its fluctuating journey as it trades just below the $28,500 mark. Recent developments in the cryptocurrency landscape include Fidelity upgrading its BTC ETF registration in response to SEC critiques and aligning itself with Ark Invest and Invesco. El Salvador’s Vice President credits Bitcoin adoption for the nation’s “rebirth” and its impact on attracting investors and tourists. On the other hand, Binance’s US subsidiary has halted direct dollar withdrawals due to regulatory pressures. These events highlight the ongoing regulatory challenges faced by cryptocurrencies. Despite this, Bitcoin’s price remains resilient, showing signs of renewed confidence. The future approval of a BTC ETF could further boost prices. It is essential for investors to stay informed about these developments and exercise caution in light of potential market fluctuations.
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