Bitcoin and Ethereum Gain Following SEC Decision
Bitcoin and Ethereum Gains
In the early week of Monday in Asia, Bitcoin and other crypto tokens were trading with decent gains as the US Securities and Exchange Commission’s (SEC) decision not to appeal a recent court ruling regarding Grayscale Investments had a positive impact on the market.
Bitcoin managed to regain the $27,000-levels, jumping more than a per cent, while Ethereum also saw a half-a-per cent increase, holding above the $1,550-level. Altcoins were also trading with decent gains in the early morning.
SEC Decision Benefits Bitcoin
The SEC’s decision not to challenge a recent court ruling that favored Grayscale Investments saw Bitcoin trading around the $27,000 level. According to Edul Patel, Co-Founder & CEO at Mudrex, the court’s verdict requires the SEC to undertake a review of Grayscale’s ETF application. This decision sparked a slightly positive sentiment among market participants, with the hope for potential approval of Bitcoin’s spot ETF applications by the SEC.
Market Analysis
Barring a few exceptions, the majority of top crypto tokens were trading higher on Monday. Tron and BNB gained 2 per cent each, while Chainlink jumped more than a per cent. Solana and Litecoin were among the other key gainers in the morning. The global cryptocurrency market cap also saw significant gains, jumping to the $1.06 trillion-mark, with a surge in total trading volumes to $19.4 billion.
The positive gains of Bitcoin and Ethereum over the weekend, driven by the news of the SEC’s decision, have sparked the interest of investors. CoinDCX Research Team stated that this news raises the likelihood of a Bitcoin spot ETF approval by the end of the first quarter of 2024. Additionally, the positive development of luxury sports car company Ferrari accepting cryptocurrency as payment for its cars in the US and soon in Europe, has also contributed to the positive sentiment.
Tech View by Giottus Crypto Platform
The analysis by the Giottus Crypto Platform reveals that Solana (SOL) is in an ascending trend, trading above its 50-day simple moving average. The asset is trying to regain momentum after two weeks of negative price action, with its Bollinger Bands currently wide as price volatility increases near the $22 mark. The RSI has started to climb above the neutral zone reflecting the resumption of buying activity.
Major Levels
Support levels for SOL are at $19.7 and $17.5, while resistance levels are at $24.5 and $27.5. The analysts caution that the views and recommendations provided are their own and recommend consulting a financial adviser before taking any positions in the mentioned assets.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
