Ethereum
Bitcoin (BTC) News Today: BTC-Spot ETF Trends Amid SEC Scrutiny of ETH
Ethereum (ETH) also ended Saturday’s session in negative territory, falling 0.11% to $3,509.
Ethereum developer Consensys pushes SEC for approval of ETH-spot ETFs
On Friday, Consensys sent a comment letter to the SEC regarding ETH-spot ETF applications. The letter highlighted the safeguards built into Ethereum’s design, saying:
“Ethereum’s PoS implementation meets and even exceeds the security of Bitcoin’s Proof of Work (PoW), which underpins Bitcoin-based ETFs already approved for trading by the SEC.”
Consensys, a developer of Ether, has recently become a topic of discussion. The US government watchdog, Empower Oversight, has sent a FOIA letter requesting documents relating to former SEC Chairman Jay Clayton. Strengthen surveillance claims,
“In 2022, Mr. Clayton was appointed as an advisor to Electric Capital, a crypto-focused venture capital firm established in 2018, while Mr. Clayton was Chairman of the SEC. Notably, Electric Capital invested in Consensys, which is an Ether developer.
The records request relates to an ongoing investigation into crypto conflicts of interest within the SEC. Empower Oversight has alleged possible ethical violations and concerns regarding former Chairman Clayton’s ties to crypto-related companies. Clayton reportedly stated that Bitcoin was not a security while confirming a statement by William Hinman that ETH was not a security.
After leaving the SEC, Clayton joined One River Asset Management, a hedge fund focused on BTC and ETH. Empower Oversight also claimed that Clayton became an advisor to Electric Capital in 2022. Electric Capital is a crypto-focused venture capital firm invested in Consensys.
William Hinman is a former SEC director who declared that BTC and ETH are not securities in 2018. Hinman is a focal point for Empower Oversight and remains a central figure in the industry. SEC case against Ripple.
Technical analysis
Bitcoin Analysis
BTC sitting comfortably above 50 days and 200 days EMAconfirming bullish price signals.
A break above Wednesday’s high of $71,819 could support a move towards the March 14 ATH of $73,808.
On Sunday, discussions related to the BTC spot ETF market and SEC activity require investors’ attention.
However, a fall from the $69,000 support level could signal a decline in BTC to the $64,000 support level.
With a 14-day RSI of 58.35, BTC could reach the ATH of $73,808 before entering overbought territory.