“I am hopeful that these (ETF) applications will be granted, if only because they should be granted under the law.”
Grewal went on to say:
“I think the companies have put forward strong proposals to make these products and services some of the biggest value players in the financial services industry. So that suggests, I think, that we will see progress in this area in the near term.
Recently, James Seyffart, ETF analyst at Bloomberg Intelligence put the chances of the SEC approving the Ark Invest BTC-spot ETF at 90%.
In the week ending October 22, BTC gained 10.43% on optimism over SEC approval of BTC spot ETF applications.
Charge to be stayed in Sam Bankman-Fried trial
On Thursday, the prosecution plans to close its case against Sam Bankman-Fried (SBF). Prosecution witnesses included Adam Yedida, Caroline Ellison, Gary Wang and Nishad Singh.
Caroline Ellison, Gary Wang and Nishad Singh have signed plea agreements with the Department of Justice. Adam Yedida testified under immunity from prosecution. Each gave damaging testimony, confessing to committing crimes with SBF or being aware of crimes committed by SBF that led to the downfall of Alameda and FTX.
A BTC breakout from Monday’s high $30,636 would support a move towards the $31,143 resistance level.
Progress toward SEC approval of BTC spot ETFs remains a tailwind for BTC and the market as a whole. However, investors should consider the ongoing threat of a US administration crackdown on the US digital assets sector. THE reported The use of crypto to finance terrorism has put the spotlight on the crypto market.
A break below the $30,107 support level would give the bears a run at the $29,193 support level.
The 14-day RSI reading of 75.36 shows BTC in overbought territory.