Bitcoin Today: SEC has no right to look at Bitcoin
Price
The week started with the lateral movement, showing the strength of the 6800 – 7000 zone. Today the price broke above the weekly downtrend tendency and holds most volumes above the 7000 level. 7150 level should be pierced to consider any bullish figures until then we expect a lateral movement in 6800 – 7150 zone. After 7150 resistance the price will face closely nested resistances as 7300, 7450 and 7600, a movement through these levels will probably form the turnaround pattern. So, the wider bullish perspective for the current week is forming of turnaround pattern that will and by crossing the 100-days EMA, which coincides with 7600 level now. From the bearish view, a movement below 6800 will send BTCUSD to the 6000 support.
Today forecast
Trading in the 6800 – 7150 zone.
Latest news
The week started with the lateral movement, showing the strength of the 6800 – 7000 zone. Today the price broke above the weekly downtrend tendency and holds most volumes above the 7000 level. 7150 level should be pierced to consider any bullish figures until then we expect a lateral movement in 6800 – 7150 zone. After 7150 resistance the price will face closely nested resistances as 7300, 7450 and 7600, a movement through these levels will probably form the turnaround pattern. So, the wider bullish perspective for the current week is forming of turnaround pattern that will and by crossing the 100-days EMA, which coincides with 7600 level now. From the bearish view, a movement below 6800 will send BTCUSD to the 6000 support.
Today forecast
Trading in the 6800 – 7150 zone.
Latest news
- One of SEC Commissioners comments on recent denial: “SEC Has No Jurisdiction to Look at Bitcoin”
Following the SEC’s recent decision to reject the proposed rule change for a bitcoin ETF, SEC Commissioner Hester Peirce voiced her opinion in an interview with Cnbc on Wednesday. She explained that the agency has no jurisdiction to look at the underlying asset when considering whether to approve a proposed rule change for an ETF.
While Peirce voted for the approval, three other commissioners voted against. She explained that her colleagues cited “a number of reasons for that decision, and specifically what I think they did is they looked through to the underlying asset – in this case, that would be bitcoin, and they raised some concerns about the market for that underlying product.” She asserted:
“I think by doing that they went beyond what the statute allows us to do and we should have really focused on the market where the exchange-traded product would trade as opposed to focusing on the underlying bitcoin markets.”
Currently, the SEC is considering whether to approve the proposed rule change filed by Cboe BZX Exchange to list and trade shares of Solidx Bitcoin Shares issued by the Vaneck Solidx Bitcoin Trust. This proposed rule change was published for comment in the Federal Register on July 2.
Peirce explained that the SEC staff have to decide on the rule change within 45 days after the date of the publication in the Federal Register. However, the agency or the exchange can extend the deadline for another 45 days.
Also, SEC may “institute proceedings to determine whether to disapprove a proposal, in which case the Commission is required to take final action to approve or disapprove a proposed rule change no later than 240 days after the proposal is published in the Federal Register,” the agency wrote:
“If the Commission fails to meet any of the deadlines for final action on a proposed rule change, that proposed rule change is, pursuant to the Exchange Act, deemed to have been approved by the Commission.”
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