Bitcoin
Bitcoin (BTC) News Today: Fed Chatter and SEC Impact US BTC-Spot ETF Flows
Ethereum (ETH) was also the subject of discussion on Tuesday (May 7).
Grayscale withdraws ETH futures ETF application
On Tuesday (May 7), news reached the networks that Grayscale was withdrawing its application for the Ethereum Futures ETF. Bloomberg Intelligence ETF analyst James Seyffart shared the news, saying,
“UPDATE This is interesting. Grayscale has just withdrawn its 19b-4 filing for an Ethereum futures ETF. In my opinion, this was essentially a Trojan horse in order to create the same circumstances that allowed Grayscale to win the $GBTC (approve futures position denial) lawsuit.
Seyffart elaborated, saying,
“I don’t know why they would do that honestly. In my opinion, would it be better to have the SEC write an approval or denial for an ETH futures ETF and go from there? Maybe the SEC talked to Grayscale about this… And what was said convinced Grayscale to withdraw? (This is a complete guess).
ETH fell 1.86% on Tuesday (May 7), ending the session at $3,007.
Technical analysis
Bitcoin Analysis
Bitcoin remained below 50 days EMA while it is above the 200-day EMA, affirming the bearish price signals in the short term but bullish in the long term.
A BTC breakout of the 50-day EMA and the $64,000 resistance level could give bulls a run at the $69,000 resistance level. A break above the $69,000 resistance level would support a move towards the all-time high of $73,808.
On Wednesday (May 8), Fed speakers, SEC-related news, and BTC spot ETF market flow trends need to be considered.
On the other hand, a BTC break below the $60,365 support level could signal a drop below the $60,000 level.
With a 14-day RSI reading of 46.57, BTC could fall to $58,000 before entering oversold territory.