SEC Chairman Shows Support for Bitcoin ETFs, increasing BTC Price in Short Term

By Harry Smith

According to CoinDesk, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has reiterated his support for futures-based BTC ETFs. Investors are now more confident that the SEC may approve BTC ETFs in October, making BTC strengthened in the short term. Looking at the on-chain data, the overall market confidence has also changed significantly, with miner sell-offs falling rapidly after yesterday’s steep increase, market attention rising, and bullish sentiment as well as buying power also strengthening. Most sectors in the crypto market rose today, and the platform coin sector overshot and rebounded with relatively strong performance.

Strategy Analysis

The United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler, reiterated his support Wednesday for a narrow class of Bitcoin Exchange-traded Funds (ETFs) . Gensler singled out bitcoin ETFs, which invest in futures contracts that trade on the Chicago Mercantile Exchange and register under the Investments Company Act of 1940. He said the Act“provides significant investor protections,”and he looked forward to staff’s review of such filings. He made a similar statement earlier this August, causing a wave of applications for futures-based Bitcoin ETFs.

Twitter rolled out a BTC-based tipping feature. It announced the launch of a Tipping service to its 300 million active users, allowing anyone to send or receive bitcoins by sharing a wallet address or using the “Strik” app. Facebook launched a $50 million fund to build a metaverse. Microsoft CEO called cryptocurrency a great general-purpose technology. Coinbase will launch a new feature within weeks that will allow U.S. users to deposit their paychecks directly into their Coinbase accounts.

Market Analysis

BTC: This week, BTC is mainly oscillating. Stimulated by good news recently, it surged shortly to break the MA5 pressure line but failed to reach the MA13 resistance. Long positions are gaining momentum. Considering the heavy sell-off pressure on the top, it is expected to fluctuate in the near future. The support level is currently at around $40,000 and the resistance level is near $45,000.

ETH: After dropping below the important support of $3,000 for several days last week, ETH oscillated between $2,700 and $3,100 this week, moving in line with BTC. Suppressed by all average lines, it is hard to break upwards. However, with the booming of decentralized exchanges, ETH as the underlying infrastructure is very likely to usher in a wave of explosive growth. The important support level is around $2700, and the important resistance level is $3200. If it can stand stable at $3000, it may break upwards to $3300.

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