Possibility of US Bitcoin Spot ETFs on the Horizon

Investor sanguinity regarding the SEC approving BTC-spot ETFs has had a positive impact on BTC and the broader cryptocurrency request.  

James Seyffart, an ETF Critic from Bloomberg Intelligence, has lately raised the liability of blessing for a crypto-spot ETF. Seyffart has assigned a 90 probability of the SEC approving the Ark BTC- spot ETF operation, with a decision deadline set for January 10, 2024. 

Seyffart attributes Of Bitcoin

Seyffart attributes this high liability of blessing to recent updates made to the Bitcoin Spot ETF prospectus, which included at least five runners of new content. He believes that this new content indicates a" formative discussion with the SEC," a step generally taken when a fund is on its way to blessing. 

Seyffart also bandied the Grayscale operation, mentioning that a dialogue between Grayscale and the SEC should begin soon. 

UAE Introduces Metaverse Regulation Framework 

The UAE AI Office has published a whitepaper named" Responsible Metaverse Self-Governance Framework." OKX banded with the UAE AI Office to produce this whitepaper. 

According to OKX, the whitepaper emphasizes the significance of transnational cooperation to establish tone-nonsupervisory principles that ensure the transparent, safe, and ethical operation of the metaverse. 

The whitepaper estimates that by mid-2022, over $120 billion will have been invested in the metaverse. The Dubai Metaverse Strategy predicts that the metaverse will contribute $4 billion to the UAE's frugality and support $42,000 jobs by 2030. 

Technical Analysis of Bitcoin and Ethereum

Bitcoin Analysis 

BTC is presently trading above both the 50-day and 200-day Exponential Moving pars( EMAs), indicating bullish signals. Especially since the 50-day EMA has not crossed below the 200-day EMA, avoiding a bearish signal.  

Still, it could potentially reach $28, If BTC returns to $27. Positive sentiment related to SEC blessing of BTC- spot ETF operations would probably increase demand for BTC.  

On the other hand, a break below the 50-day and 200-day EMAs could bring the $26,755 support position into play. Threat aversion stemming from the Middle East conflict and a more hawkish Fed could test buyer sentiment.  

The 14-day Relative Strength indicator (RSI) reading of 51.84 suggests BTC could reach $28,000 before entering the overbought home.  

Ethereum Analysis 

ETH remains below the 50-day and 200-day EMAs, indicating a bearish trend. Still, at 600, it could potentially break above $1 if ETH returns to $1. Investor sentiment will be based on crypto nonsupervisory conversations and updates related to ETH-spot ETFs. 

Still, if ETH falls below the $1,502 support position, it may test the $1,450 position.  

The 14-day RSI reading of 41.00 suggests that ETH could drop to the $1,502 support position before entering the oversold home.

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