Buy the rumor, sell the news...
Hi Traders, Investors and Speculators of Charts📈📉
Grayscale Investments, the world's largest digital asset manager, sued the U.S. Securities and Exchange Commission (SEC) in July 2022 after the SEC rejected its application to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF).
Grayscale argued that the SEC's decision was arbitrary and capricious, and that it violated the Administrative Procedure Act. The SEC had previously approved bitcoin futures ETFs, which track agreements to buy or sell bitcoin at a pre-agreed price, but had rejected spot bitcoin ETFs, which track the actual price of bitcoin.
On August 29, 2023, the U.S. Court of Appeals for the Second Circuit ruled in favor of Grayscale, saying that the SEC had failed to adequately explain its decision to reject the application. The court said that the SEC had not shown that there was a "material difference" between spot bitcoin ETFs and bitcoin futures ETFs, and that the SEC's concerns about fraud and manipulation were "speculative."
The court's decision is a major victory for Grayscale and the broader cryptocurrency industry. It could pave the way for the approval of the first spot bitcoin ETF in the United States, which would be a major milestone for the industry.
Unsurprisingly, the price of BTC reacted to the news. But when we consider technical analysis, it seems more like a fakeout / bulltrap.
👉 Perfect rejection at 200d Moving Averages
👉 The price was already oversold on the RSI, upside was to be expected regardless
👉 "Event" price action is usually bad price action (remember how the price of XRP jumped after SEC victory ruling just to fall all the way back down again)
For now, the best course of action seems to be observing from the sideline and look for other trading opportunities with better risk/reward setups across the altcoin market.
_______________________
📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍
We thank you for your support !
CryptoCheck
BTCUSD
BTCUSD
BTCUSDT
Hi Traders, Investors and Speculators of Charts📈📉
Grayscale Investments, the world's largest digital asset manager, sued the U.S. Securities and Exchange Commission (SEC) in July 2022 after the SEC rejected its application to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF).
Grayscale argued that the SEC's decision was arbitrary and capricious, and that it violated the Administrative Procedure Act. The SEC had previously approved bitcoin futures ETFs, which track agreements to buy or sell bitcoin at a pre-agreed price, but had rejected spot bitcoin ETFs, which track the actual price of bitcoin.
On August 29, 2023, the U.S. Court of Appeals for the Second Circuit ruled in favor of Grayscale, saying that the SEC had failed to adequately explain its decision to reject the application. The court said that the SEC had not shown that there was a "material difference" between spot bitcoin ETFs and bitcoin futures ETFs, and that the SEC's concerns about fraud and manipulation were "speculative."
The court's decision is a major victory for Grayscale and the broader cryptocurrency industry. It could pave the way for the approval of the first spot bitcoin ETF in the United States, which would be a major milestone for the industry.
Unsurprisingly, the price of BTC reacted to the news. But when we consider technical analysis, it seems more like a fakeout / bulltrap.
👉 Perfect rejection at 200d Moving Averages
👉 The price was already oversold on the RSI, upside was to be expected regardless
👉 "Event" price action is usually bad price action (remember how the price of XRP jumped after SEC victory ruling just to fall all the way back down again)
For now, the best course of action seems to be observing from the sideline and look for other trading opportunities with better risk/reward setups across the altcoin market.
_______________________
📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍
We thank you for your support !
CryptoCheck
BTCUSD
BTCUSD
BTCUSDT
Comment:
And down we go 📉 :
