The U.S. Securities and Exchange Commission (SEC) has dropped charges against Ripple's CEO Brad Garlinghouse and co-founder Chris Larson on Friday, a move that has positively impacted Bitcoin (BTC) and Ethereum (ETH) markets. Larson had previously criticized the past administration for stifling innovation and causing job losses.
Simultaneously, the SEC is handling cases against cryptocurrency exchanges Binance and Coinbase (NASDAQ:COIN). The outcome of the SEC's case against Ripple is expected to influence these proceedings.
In the wake of its legal victory against the SEC in August, Grayscale Investments is seeking to convert its Grayscale BTC Trust into an exchange-traded fund (ETF). The company has filed a Form S-3 Registration Statement with the SEC, intensifying the race for the first BTC-spot ETF. Amended filings from both Grayscale and Fidelity signal progress in this direction.
Industry experts Mike Novogratz of Galaxy Digital and James Seyffart of Bloomberg Intelligence predict high chances of approval for such ETFs, including Ark's application.
In the cryptocurrency market trends, BTC could reach $29,193 if it breaks out from $28,937, but bearish trends may emerge below $28,500. Despite bearish signals, ETH could challenge the $1,626 resistance level if it returns to $1,600. These trends are influenced by a range of factors including the impact of the rogue administration on innovation, rising U.S. Treasury yields, and conflicts in the Middle East.
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