SEC Announces Delay on Spot Bitcoin ETF - What Does It Mean? Crypto Breakdown February 2, 2022

Episode Summary:

On Tuesday U.S. SEC announced a delay on the decision on Bitwise spot bitcoin ETF listing. I explain what this means for Bitcoin and crypto trading and how the Biden administration's executive order on crypto regulation ties into it.

Tune In for Bitcoin Technical Analysis and whether its a Bear or Bull market right now.

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Hey everybody happy Wednesday. My name is Joe Dewitt, and this is the crypto breakdown. And today we're going to be taking a look at Bitcoin. Bitcoin has not been doing too great over the last few months. As price has continuing to fall from 69,000, all the way down to about $38,000. Currently now at the end of January, Bitcoin did fall to about.

3000, which was below some crucial support. It had at 36,000. Now, since then, over the last week, Bitcoin has seen an increase in price as it has gone up about 3%, but this is a very pivotal point for the long-term price of Bitcoin. As most people do think we are entering a bear market. Now it may be too soon to tell.

Could be a massive fake out here, although it is looking like it is forming a massive head and shoulders, which would lead to a overall bear market. Now let's go over both the possibilities real quick. If this was a humongous fake-out it still is in the place because the previous low from back in July, which is 30,000 has not been, we've not got below that low.

So we are still accumulating higher lows here. And the macro sense of. So that is still good. I guess we could get back above that 44,000 and work our way up, back towards 50. And that would definitely be a great sign for Bitcoin, but on the alternative it could continue to play out on the structure and bounce down towards that 31,000.

Now, if it gets down to 31,000 and gets rejected, then that is no good. And we are going to be going down for quite a bit. Taking a look over at the RSI, which if you remember from previous episodes is the relative strength index determines if something is becoming overbought or oversold. Now it is quite low at about 30% meaning that Bitcoin has been oversold.

So there is a small bicycle here. Does not mean that price is going to regain back towards where it was, which is concerning me as price may continue to fall now on other news for Bitcoin that the U S secretaries and exchange commission said on Tuesday, that it had not decided on whether to allow the listing of a spot Bitcoin exchange traded fund by.

And they asked the public for comments on aspects of the funds application. Now, the sec has been denying many Bitcoin ETFs. Although in October, they did approve to Bitcoin future based funds, which were the ProShares Bitcoin strategy ETF and the Valkyrie Bitcoin strategy ETF. Which both made their wall street debuts.

Now the sec has been asking many parties about comments and to send in different comments on this ETF. And if it could become a predominant influence on prices for Bitcoin, I think honestly, what they're trying to do here is not overexpose people to Bitcoin, that they think that two ETFs. Enough for the time being.

So I think they're trying to form a strategy for the future of these ETFs. Also, I would not be surprised if they're trying to regulate them slightly further before I'm just approving a dozen Bitcoin ETFs. If they were to just keep approving these ETS, it'd be a lot easier for investors and institutional investors to invest into Bitcoin, which I think.

They might not want at the moment. Now, this also goes with the Biden administration that is preparing to release an executive order on some Bitcoin and cryptocurrency matters of national security. Now, this is really interesting as we might see a bit more regulation on trading cryptos, which would be very interesting, and that's all the time we have for today, guys.

Thank you so much for tuning in. You could follow, subscribe to our podcasts, which will all be inscription. Have a great day