NYSE Arca Files 19b-4 for Grayscale Spot Solana ETF
NYSE Arca filed a Form 19b-4 with the SEC to list and trade a spot Solana ETF on behalf of Grayscale Investments. Coinbase Custody Trust Company is the custodian and BNY Mellon is the administrator. This adds to the competition for the spot Solana ETF from firms like 21Shares, VanEck and Bitwise. Optimism for approval is growing due to political changes such as Donald Trump’s election as president and the resignation of SEC Chairman Gary Gensler. Grayscale previously won legal victories that allowed the SEC to reconsider previous rejections by launching spot Bitcoin and Ethereum ETFs.
Donald Trump’s SEC Chair Nominees Are Being Announced
Donald Trump is eyeing former SEC Commissioner Paul Atkins as the strongest candidate to head the SEC, but Atkins is reluctant to leave his own consulting firm to fix the overgrown agency left by Gary Gensler. Other candidates include crypto lawyer Teresa Goody Guillén, former Comptroller of the Currency Brian Brooks and former SEC General Counsel Robert Stebbins. While the crypto community supports crypto-friendly candidates like Guillén and Brooks, traditional securities lawyers like Stebbins face opposition due to their past actions against crypto companies. If no chair is confirmed, Republican SEC Commissioner Mark Uyeda could serve as interim chair. The Trump administration is expected to shift regulatory oversight of digital assets to the CFTC, which is perceived as more crypto-friendly.
Celsius Founder Alex Mashinsky to Plead Guilty to Fraud Charges
Celsius founder and former CEO Alex Mashinsky will plead guilty to two federal fraud charges — commodity fraud and manipulating the price of Celsius’ CEL token — related to the collapse of the crypto lending platform. His trial, scheduled to begin in January 2025, comes after allegations of $40 million in fraudulent proceeds and misleading customers about the platform’s security. Celsius filed for bankruptcy in July 2022 after freezing withdrawals amid the Terra crash and broader crypto winter. Celsius, which managed more than $25 billion in assets at its peak, has repaid $2.5 billion to creditors to date. Mashinsky will face charges for his role in misleading customers and selling unregistered securities.
South Korea Declares State of Emergency, Shaking Crypto Markets
South Korean President Yoon Suk Yeol declared emergency “martial law” on Tuesday night. The move, which accused the opposition of undermining the government and showing sympathy for North Korea, has increased political tensions in the country. Crypto markets were rocked after the announcement, with Bitcoin and XRP falling as much as 30% against the Korean won on South Korean exchanges.
South Korea Postpones Crypto Tax Until 2027
South Korea has postponed a law that would have imposed a 20% tax on cryptocurrency earnings until 2027. The postponement was made due to regulatory uncertainty in the sector and instability in global markets. Authorities said time was needed to assess the impact of the regulations on the market and to make more comprehensive preparations. The law, which was first announced in 2021, has been postponed several times before.
BlackRock’s Spot Bitcoin ETF Surpasses 500K BTC Mark
BlackRock’s IBIT spot Bitcoin ETF has been a huge success, reaching 500,380 BTC (about $48 billion) since it first started trading in January 2023. The ETF holds 2.38% of Bitcoin’s total supply. The fund recently reached this milestone with a net inflow of 3,526 BTC, making it the third-strongest ETF in terms of year-over-year flows in the US. Experts say this success shows Bitcoin’s growing popularity among institutional investors.
Pantera Capital Raises $20 Million for TON Blockchain
Pantera Capital, known for its blockchain investments, has raised millions of dollars in a new investment fund for The Open Network (TON) blockchain projects developed by Telegram. The fund aims to support the TON ecosystem and enable further project development. The move reflects Pantera’s confidence in blockchain technologies and the growing potential of TON.
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BITCOIN (BTC)
BTC is priced at 96,695 with a 0.60% gain as of the morning hours. It is observed that the price is trading at 96,450 and is close to the resistance zone in the range of 98,000 – 100,000 above. This region is a supply area where the market has previously faced significant selling pressure. When the price approaches these levels again, it seems likely that the resistance zone will be retested. However, a breakout and permanent movement above this level could pave the way for the price to move towards new highs. In downward movements, the price is seen trying to hold on to the support zone at 94,000. This level may support the price in the short term. Further below, the level of 93,283.72 stands out as a stronger support. If this support level is broken, there may be a pullback to the level of 86,628.74.
ETHEREUM (ETH)
ETH is priced at $3681 with a 1.86% increase in value as of the morning hours. It is seen that the price is currently trading at 3,684.04 and is exhibiting an upward movement. When the striking areas on the chart are examined, the blue box located between 3,440 – 3,360 as support levels stands out as a strong demand area. This area is an area where the price has recovered in previous pullbacks and can serve as an important support in the event of a downward movement in the short term. There is another support area further below around 3,200 levels and a pullback towards this area may indicate the possibility of a deeper correction. When the resistance levels are examined, the orange box located between 3,720 – 3,800 above is an important resistance area. This area draws attention as a supply area where the price has faced selling pressure in the past. If this level is exceeded, the upward trend can be expected to continue.
RIPPLE (XRP)
XRP is priced at $2.5990 with a 3.51% increase in value as of the morning hours. XRP, which saw its all-time high yesterday evening, closed the day with pullbacks exceeding 20% from its peak. XRP, which started the new day with minor recoveries, seems to have maintained its permanence above the $2.4880 support level for now. If the positive trend continues, it can be expected to test the $2.7825 level first and then the peak level of $2.9092. In the event of a possible negative movement, 2.4880 is the critical support position. If this level is broken, 2.2922 and then 2.1409 levels are in the support position. It is important for investors to carefully monitor the determined critical support and resistance levels.
AVALANCHE (AVAX)
AVAX is priced at $52.94 with a 4% increase in value as of the morning hours. With the movement experienced yesterday, although the critical resistance level of 52.45 was broken in AVAX, it could not stay above it. AVAX, which found buyers from the green area support zone seen in the chart, started the new day positively. It is showing movement above the 52.45 level again. However, it will be important for candles to close above this level for the positive movement to continue. From the name, an increase up to $54.69 can be expected. In the event of a possible negative movement, the levels of 50.45, then 48.25 and 45.79 continue to be support. It is important for investors to carefully monitor the determined critical support and resistance levels.
SOLANA (SOL)
SOL is priced at $238.24 with a 1.85% increase in value as of the morning hours. SOL, which closed yesterday positively after a 3-day series of declines, started the new day positively. SOL, which broke the red zone resistance band seen in the chart, seems to have maintained its permanence on this band. If the positive movement continues, the $245.45 level may work as resistance. Then, the 259.94 resistance level is still maintained. In the event of a possible negative movement, the 233.34 – 229.50 critical support zones. If these levels are broken, a decline to $221.68 may occur. Therefore, it is important for investors to carefully monitor the determined critical support and resistance levels.
