That key $60k Bitcoin resistance level is so close. This could change everything!
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🎁 Essential Technical Analysis on BTC, ETH and MATIC
🚀 Coinbase’s Latest Regulatory Plans
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In quite the twist of fate, we may be saying “Thank goodness it’s Monday.” next week. It looks like the SEC might finally relent and allow BTC futures ETFs to trade. Bloomberg reported that the Securities and Exchange Commission is likely to approve the first Bitcoin futures exchange-traded funds in the country.
An anonymous source was quoted saying “The regulator isn’t likely to block the products from starting to trade next week.”
Futures are the most likely candidate to receive approval because they are more favourably viewed and governed by the Chicago Mercantile Exchange (CME).
Senior ETF analyst at Bloomberg, Eric Balchunas, believes ProShares Bitcoin Strategy ETF may be the first one launched by the Oct. 18 decision deadline.
If this were to play out, it has obvious bullish implications for Bitcoin and cryptocurrency in general. However, we’re not counting our chickens quite yet.
Things seem to be looking up for crypto in the political realm lately.
Just over two weeks ago, Federal Reserve Chair Jerome Powell indicated the Federal Reserve has no plans to ban stablecoins while Russian President Vladimir Putin told CNBC he “believes that [crypto] has value”, and may be eyeing the digital currency as a means of shifting away from reliance on the U.S. dollar in the crude oil trade in the future.
With prices climbing and BTC trending, it’s easy to let emotion control our actions, but the best investor is a well-informed investor. We must make a conscious effort to identify and combat confirmation bias to make good decisions. It takes discipline and tenacity to master any trade. Ours is no different.
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
Smashing into $60k resistance.
We’ve suspected further upside since we broke the $48k level and this has played out.
If we can close a daily above $60k, we may go on to see New All Time Highs.
We said that above $3.6k, it’s likely that ETH will hit $4k.
We still suspect this will happen.
Remember, there are no certainties. Only assessments and plays based on solid risk management and trading psychology.
MATIC has been exploding. Just hit our most important resistance at $1.63
This is the key structural level. Fireworks thereafter.
Lots of important developments on this project.
Doesn’t look like the best entry at the moment, just had a massive candle into resistance.
That being said, there will likely be more attractive entries in the near future.
Remember, in crypto, it’s very possible to buy high and sell higher.
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🏛️Coinbase Pushes Back
Last month we heard from Coinbase CEO Brian Armstrong, that he had received a cease & desist letter from the SEC regarding Coinbase Lend. Coinbase Lend would have been a high-interest savings account, allowing users to deposit stablecoins and earn a high yield for such deposits.
These types of accounts already exist and are offered by competitors of Coinbase like Gemini, BlockFi, or Nexo, which Armstrong also pointed out. Perhaps it was being singled out for the Lend program, or the SEC refusing to meet with or talk to Coinbase CEO that prompted Coinbase to propose a new regulatory framework for digital assets.
After having met with over 75 legislators, competitors, and crypto innovators alike, Coinbase has released this call for a new regulatory framework for digital assets.
What is Coinbase proposing?
This new regulator would be a dedicated self-regulating organization, meaning one regulator to oversee digital assets. Currently, they could fall under the CFTC as a commodity or as the SEC is claiming, a security under their jurisdiction.
A new registration process established for marketplaces for digital assets or (MDAs).
To instill consumer confidence by providing actual protection with enhanced transparency.
It is a lofty proposal to say the least and one that would take power away from the SEC, something Gary Gensler has been trying to expand since becoming the chair of the agency. However, one regulator to apply equal and consistent treatment to all cryptocurrencies would greatly benefit the entire space. Existing laws for securities or commodities are decades old, with several like the Howie Test dating back to 1934.
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Emile is the founder of recently launched XDEFI Wallet.
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