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The US SEC is Delaying a Decision on Grayscale’s Bitcoin ETF Application
Bitcoin lovers in the United States are getting impatient as the Securities and Exchange Commission (SEC) is not making a clear take on Bitcoin ETF. Due to concerns about manipulation, liquidity, and transparency, SEC has delayed deciding on Grayscale’s pending application to convert its Bitcoin Trust into a spot ETF. The SEC’s notice published on Friday didn’t reveal anything new about Grayscale’s pending application, which comes as no surprise. SEC Wants Written Submissions From People According to the 10-page notice, the SEC expressly requests ‘written comments’ from ‘interested people’ in the general public to provide their ‘ideas, statistics, and arguments’ addressing the regulator’s previous concerns about market fraud, manipulation, and overall lack of transparency. According to the notice, the public has 21 days from today, as specified in the Federal Register, to submit written data, views, and arguments on whether Grayscale’s application should be granted or denied, with a 35-day window for rebuttal. According to the notification, individuals interested in submitting comments to the SEC can do so either electronically or on paper. The SEC has a History of Rejecting Spot ETF Applications Grayscale, the world’s largest digital asset management firm, applied in October to convert shares of its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, attempting to reverse previous rejections of BTC spot ETF applications by the regulator. Unfortunately, the SEC announced two months later that it would be delaying its decision on Grayscale’s application, citing major issues such as market fraud, manipulation, and transparency. According to a tweet, Grayscale has $36.5 billion in assets under management as of February 4th, with its GBTC product accounting for nearly 71% of total assets. The SEC also rejected Fidelity’s Wise Origin Bitcoin Trust at the end of January, just seven days after rejecting a spot bitcoin ETF proposal from First Trust and SkyBridge Capital. Surprisingly, in rejecting Fidelity, the SEC went into great detail on surveillance-sharing agreements and the SEC’s responsibility to ensure that exchanges follow the Exchange Act’s requirements. It’s worth noting that the SEC approved ProShares Bitcoin Strategy ETF in October of that year, making it the first Bitcoin futures fund to be allowed in the US, followed by a pair of Strategy ETFs from Valkyrie and VanEck.
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GALA Technical Analysis: Bullish Lightning Helps Overnight Trend Reversal
The GALA coin price shows a bullish breakout of the consolidation range in the daily chart. Will the sudden burst of buying pressure reach the $0.30 mark? Gala Games isn’t just one game, but rather, it is a range of games that put the fun first and blockchain at the back. Users can use Gala Nodes, which are part of the Gala network. In exchange, they can earn rewards such as GALA Limited Edition NFTs, and other opportunities. The Gala Node ecosystem consists of three proof node systems: proof-of-work (PoW) and Proof-of-Stake (PoS) along with proof-of-storage. Let us move ahead to read about Gala technical analysis. Past Performance of GALA The GALA coin price action shows a growth of more than 30% in the past 48 hours, resulting in the consolidation range breakout. The rally breaks and reaches the crucial psychological mark of $0.25. Moreover, the recent jump creates a bullish engulfing candlestick in the price chart as it aims to surpass the 100-day EMA. GALA/USD Daily Chart GALA Technical Analysis The GALA coin price action shows an incredible breakout of the accumulation range between the $0.18 and $0.22 marks. The price jump creates a phenomenal follow-through candle of the morning star pattern made at the bottom of the range. The coin price breaks above the 20-day Exponential Moving Average and rises higher to breach the 100-day average. Moreover, the 50 and 100-day EMAs maintain a bullish alignment in the daily chart. The RSI indicator shows the slope rising above the 14-day SMA and the central line in the daily chart. The jump comes after the bullish divergence seen within the range. Therefore, a bullish continuation is possible. The DMI indicator shows the +DI crossing above the -DI in the daily chart proposing a bullish trend reversal. However, a falling slope in the ADX reflects a weakness in the trend momentum. In conclusion, as per the technical indicators, the bullish breakout of the range will show continuation on the upside. Upcoming Trend The GALA coin price broke the horizontal level of $0.22 with a significant price jump in the past 24 hours. Hence, the rising trend can shortly breach the $0.25 psychological mark and regain the bullish momentum. Traders can expect the uptrend to reach the $0.30 to $0.35 mark if the trend momentum increases. However, a retest of the range breakout to $0.22 is also possible.
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SAND Technical Analysis: Booming Bulls Take Over Trend Control
The SAND coin price continues the uptrend after the successful retest of the falling wedge breakout. Will the uptrend reach the $5 mark? The Sandbox is a distinct platform as it introduces blockchain technology into the gaming world. Gaming is an enormous market that has not been explored with regards to the use of blockchain technology and Pixowl realized this in the year 2011. In creating a world where gamers can build and accumulate blockchain-based assets, the Sandbox hopes to transform the game. It creates an entrance into the gaming industry worldwide. Let us move ahead to read about SAND technical analysis. Past Performance of SAND The SAND coin price action grows after successfully retesting the bullish breakout of the falling wedge pattern, as mentioned in our previous article. The price jumped 18% in the past 48 hours resulting in two huge bullish engulfing candlesticks and a morning star pattern near the trendline. The price rests close to the 50-day EMA and patiently prepares to surpass it. SAND/USD Daily Chart SAND Technical Analysis The SAND coin price action shows a solid bullish continuation after the morning star pattern which retests the bullish breakout. Hence, the buyers align to ride the bullish trend which aims to reach the $5 mark. The crucial Exponential Moving averages show a bullish alignment as the support near the 200-day average pushes it to the 50-day average. Therefore, the EMAs showcase a bullish trend continuation after a sharp correction. The Stochastic RSI indicator shows a bullish crossover in the overbought zone, undermining the previous bearish cross. Hence, the indicator reflects a sudden rise in the underlying bullishness. The DMI indicator shows a bullish crossover in the DI lines as the bulls take over the trend control. However, the ADX slope reflects a fall in the trend momentum. In conclusion, the price action and the technical indicators reflect a jump in the underlying bullishness. Hence, bullish traders can find SAND reaching new heights. Upcoming Trend The SAND coin price retests the falling wedge breakout successfully to continue the uptrend in the daily chart. The price jump increases the bullish attention after the drastic 25% fall in the META shares price.  Buyers can find the trend to reach the $4.75 and $5.50 mark above the 50-day EMA, if the buying pressure sustains. However, on the opposite end, the support levels are at $4 and $3.75.
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