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Today’s Cryptocurrency Headline
BlockFi, a crypto asset lending platform, filed with the SEC to launch a Bitcoin futures-based ETF, the BlockFi Bitcoin Strategy ETF, which will invest only in Bitcoin futures contracts traded on CME, registered under the Investment Company Act 1940. In August, SEC Chairman Gary Gensler said it was more likely to approve Bitcoin futures ETFs than spot ETFs. In September, Gensler reiterated his support for Bitcoin futures ETFs, not the Bitcoin spot ETF.
Bingbon’s Bitcoin Chart
For now, the impact of regulatory policy on Bitcoin price appears to be waning. Instead of breaking off the support at $53,500, Bitcoin held above $54,000. This is a positive market signal. One cautionary note is that the RSI indicator is currently high on the daily chart. If BTC continues to consolidate around $55,000, then $60,000 looks imminent.