CFTC Chairman Behnam Calls on Crypto and Election Betting
CFTC Chairman Rostin Behnam called on Congress to take action on crypto regulation and election betting at the SIFMA annual meeting. Behnam said he wants to see legislation on digital assets and blockchain, and he doesn’t expect progress this year due to the holiday season and federal budget concerns, predicting action in 2025. Behnam also stressed that Congress needs to step in on election betting, as the CFTC is in a legal dispute with prediction market Kalshi over election contracts. Despite a court ruling against the CFTC, the agency continues to try to block these contracts.
Bitcoin Options Traders Focus on Prices Above 80K
Bitcoin options traders are focusing on call options expiring in mid-to-late November and above $80,000, expecting a positive outcome after the US presidential election and the Federal Reserve’s interest rate decision. The highest open interest is seen in options expiring around the FOMC meeting on November 8, which expects a 25 basis point rate cut. Despite the positive market environment, some traders are trying to hedge with put options. In addition, the slowdown in inflows into Bitcoin ETFs suggests that momentum is weakening, but analysts remain bullish in the medium term.
Chris Larsen Makes $10 Million Donation to Kamala Harris Again
Ripple co-founder Chris Larsen has made another $10 million donation, following up on his $1 million XRP donation in August to support Kamala Harris’ US presidential campaign. The funds were given to Future Forward, a Democratic PAC that saw record fundraising for Harris. Larsen expressed his belief that Harris will bring a fresh approach to technology innovation, particularly crypto. Ripple CEO Brad Garlinghouse supported Larsen’s donation, emphasizing that Ripple continues to work with both parties to advocate for crypto-friendly policies. Meanwhile, Donald Trump has garnered significant support from the industry by positioning himself as a more crypto-friendly candidate.
SEC Approves Bitcoin ETF Options
The SEC has approved the applications of the Cboe Exchange and NYSE American to trade options for several prominent Bitcoin funds, including Fidelity Wise Origin, ARK 21Shares, Grayscale Bitcoin Trust, and Bitwise Bitcoin ETF. The decision expands the crypto-related investment products available to U.S. investors and follows the previous permission granted to BlackRock’s iShares Bitcoin Trust to trade options. Reflecting a cautious approach to the market, both exchanges will limit positions to 25,000 contracts on the same side for each Bitcoin ETF option. The exchanges emphasized that existing oversight procedures will be applied to the new Bitcoin ETF options, and that they aim to protect retail investors who are unfamiliar with the intricacies of options trading.
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BITCOIN (BTC)
BTC is priced at $67,550 with a 0.25% gain as of the morning hours. Although the price has gained significant upward momentum recently, it is currently positioned above a critical support level. The price, which is pushing the 67,950 resistance, could see a potential move towards 68,500 if it stays above this level. However, there is significant support below the current price action at 67,360. This support level plays a critical role in a possible correction or pullback. If the price falls below this level, a drop to 66,000 could occur. In the short term, staying above 67,950 is a positive sign, while closing below 67,360 could start a possible downtrend.
ETHEREUM (ETH)
ETH is priced at $2644 with a 0.81% loss as of the morning hours. There is a resistance level around 2,675, and if the price breaks this level, we can see a movement towards the levels of 2,700 and 2,775. On the other hand, the level of 2,461.59 stands out as an important support; if this level is broken, there is a risk of falling to the levels of 2,450 and then 2,338.99. At current levels, if the price encounters a certain resistance, it may cause a decrease in trading volume. A break of the 2,675 resistance or a close below the support of 2,461.59 can be expected. If the price breaks 2,675, an upward movement can be expected; otherwise, if it remains below the level of 2,461.59, a downward correction may occur.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $ 0.544 with a 0.05% loss in value. The price has reacted and reversed at this level several times in previous periods. On the chart, the red zone between 0.5900 and 0.6500 stands out as a strong resistance area. A move above this level means that buying pressure may increase. However, the downward movements before the price exceeds 0.59 may require caution. The 0.55 level is an important resistance point in recent price movements. If the price cannot break this level, a decline towards the 0.53 level may be experienced. Below, the 0.51 level stands out as an important support point. If the price falls below this level, a deeper correction movement can be expected. While rising above 0.55 may be a signal for the continuation of upward movements, falling below 0.53 may create potential selling pressure.
AVALANCHE (AVAX)
AVAX is priced at $28.07 with a 1.17% gain as of the morning hours. A clear resistance zone on the chart is between 28.50 and 29.00. The price’s returns and tests at these levels are remarkable. If the price can exceed this level, upward movements may continue. However, if the price currently returns from this area, a decline towards the 27.50 level can be expected. At the same time, the 26.37 level is seen as an important support point on the chart. If the price falls below this level, a decline to the 25.00 level may be experienced. If the downtrend continues, there is a potential for a decline to the 21.88 level. As a result, 28.50 is the resistance level and 26.37 is the support level.
SOLANA (SOL)
SOL is priced at $168 with a 1.1% gain as of the morning hours. If the price exceeds this level, it may continue an upward movement. However, if a reversal occurs at this level, downward movements can be expected. The chart also shows that the 163.70 level is an important support point. If the price falls below this level, a decline to the 150.00 level may occur. The green areas below represent areas where the price can find support; 145.00 and 137.50 levels are also support points to consider. It is noteworthy that the 170.00 resistance must be overcome for upward movements, and the 163.70 support level must be protected for downward movements.
