■ Bitcoin price is Dogecoin owner Elon Muskrange bound below $43,000 on Tuesday, despite the fanfare from issuers post the BTC ETF approval.
■ SEC Commissioner notes the regulator initially applied different standards to Bitcoin ETP.
■ BTC ETF approval roused interest due to long wait, may have played role in hack of the regulator’s X account.
Bitcoin ETF approval likely disappointed BTC holders that anticipated a massive rally in the underlying asset. Securities and Exchange Commission’s (SEC) Hester Peirce notes that the regulator took years to approve a Bitcoin Exchange Traded Product, and that likely resulted in the fanfare surrounding ETF approval, in the community.
Bitcoin price action was restricted below $43,000 on Tuesday as the asset failed to breach resistance at $43,418. BTC is likely to remain range bound unless the asset sees a daily candlestick close above $43,400.
Daily Digest Market Movers: Bitcoin ETP generates fanfare, SEC Commissioner comments
US financial regulator, SEC treated Bitcoin Exchange Traded Products (ETPs) differently when compared to others, due to the underlying asset.
SEC Commissioner, Hester Peirce, told Coin Stories Podcast Host, Natalie Brunell, that the regulator’s different treatment of a BTC ETP likely generated fanfare surrounding the approval of the ETFs.
The SEC finally approved ETFs when a DC Court forced the regulator’s hand, asking why a Bitcoin ETP was treated differently because of the underlying asset.
Commissioner Peirce notes that Bitcoin, as it is a new asset, took longer for the agency to approve an ETP since that brings the securities product to a large number of investors.
Commissioner Peirce noted that Chair Gensler was the deciding vote in Bitcoin ETF approvals and commented on the SEC’s hacked “X” account.
The regulator believes that the fanfare surrounding the event may have played a role in the hack and noted that the authorities are currently looking into it.
Bitcoin ETF approvals may have disappointed a large number of market participants as it did not fuel a rally in BTC price, instead, it turned out to be a “sell the news” event.
Technical Analysis: Bitcoin price remains range bound, BTC trades below $43,000
Bitcoin price is $42,868, on Binance, at the time of writing. The asset remained range bound below the $43,000 level on Tuesday. BTC price action has disappointed market participants as the asset remains restricted below key resistance at $43,418, the lower boundary of a bearish imbalance zone, seen in the price chart below.
BTC price faces resistance at the 50% Fibonacci Retracement level at $43,074, of Bitcoin’s decline from November 2021 to November 2022. The second resistance is the lower boundary of the imbalance zone between $43,418 and $45,607. Once the gap is filled, BTC price is likely to resume its downward trajectory.
BTC/USDT 1-day chart, Source: TradingView
