Important Takeaways: The SEC withdraws its lawsuit against Brad Garlinghouse, CEO of Ripple, and Chris Larson, co-founder.
The first US crypto-spot ETF is getting closer thanks to amendments filed to the SEC regarding BTC-spot ETFs.
The news about Ripple and the expectation that the SEC would approve applications for BTC-spot ETFs were well received by BTC and ETH.
Charges Against Co-Founder Chris Larson and CEO Brad Garlinghouse of Ripple Dropped by the SEC. The SEC said on Thursday that it was dismissing its allegations against Chris Larson, a co-founder of Ripple, and its CEO, Brad Garlinghouse.
Ripple vs. SEC: Is a Resolution on the Horizon?,Ripple vs. SEC: Is a Resolution on the Horizon?
The court document indicated the intention to meet with Ripple and talk about the potential for a briefing schedule about the ongoing SEC v. Ripple case, in addition to dismissing the charges.
The request to convert Grayscale Bitcoin Trust into an ETF was supported by a Form S-3 Registration Statement that Grayscale Investments submitted to the SEC on Thursday.
In August, Grayscale prevailed in their appeal against the SEC. The Grayscale application to convert the Grayscale BTC Trust into an ETF was ordered to be reexamined by the SEC by the court.
The competition to introduce the first Bitcoin ETF is intensifying. The revised Fidelity and Grayscale filings point to the development of a US BTC-spot ETF market.
The CEO of Galaxy Digital, a cryptocurrency asset management company, Mike Novogratz, forecast that a BTC-spot ETF will be approved in 2023. According to James Seyffart, an ETF expert at Bloomberg Intelligence, there is a 90% chance that the SEC will approve the Ark BTC-spot ETF application.
The fact that BTC is still above the 200-day and 50-day EMAs confirms positive price indications.
A move towards the $29,193 resistance level would be supported if BTC broke out from its high of $28,937 on Thursday. Positive news about BTC-spot ETFs is expected to stimulate buyer demand.
A decline below $28,500, though, would allow the bears to attack the $28,187 support level.
With ETH below the 200-day and 50-day EMAs, bearish price indications were confirmed.
The bulls would have a run at the 50-day EMA and the $1,626 resistance level if ETH were to rebound to $1,600. At $1,620, there will probably be further selling pressure. The $1,626 resistance level and the 50-day EMA are confluent.
Ripple vs. SEC: Is a Resolution on the Horizon?,Ripple vs. SEC: Is a Resolution on the Horizon?,Ripple vs. SEC: Is a Resolution on the Horizon?, Ripple Coin Crypto news, Ripple Coin News