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Today’s Cryptocurrency Headline
Securities and Exchange Commission Chair Gary Gensler didn’t provide too many new details on Wednesday when asked about the status of multiple applications for spot bitcoin ETFs the agency is reviewing, but he did say staff is continuing its review.”I’m not going to pre-judge,” he said in an interview with Bloomberg TV. “The staff is doing work on those multiple filings. “Gensler declined to comment when asked about the next steps in the regulator’s ongoing case against Grayscale Investments after it decided not to appeal a court ruling last month. He also wouldn’t say if the agency would potentially approve a single fund or wait to approve everything in a group, should such an approval come. The SEC last month instituted additional proceedings to determine whether proposed spot bitcoin ETFs from big-name asset managers including BlackRock, Invesco, Valkyrie, and Fidelity should be approved or disapproved, in apparent additional delays that will add at least another month to the review processes underway.
BingX’s Bitcoin Chart
Bitcoin held steady above $28,000 on Wednesday as the supply of the digital asset on exchanges fell to a multi-year low, according to on-chain analytics. Data showed that over 33,500 BTC has been moved from exchanges to cold storage since last Friday, with bitcoin exchange reserves now at a multi-year low. The substantial outflow reduces liquid supply and suggests long-term holders are betting on bullish price movement in the future. According to analysts, this bullish price movement could come after the possible approval of a spot bitcoin ETF. However, the trend of altcoins is not as strong as BTC, and even the bull market for altcoins will only come after the arrival of BTC ETF. The support level is at $27,700 and the resistance level is at $28,500.
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