SEC Denies Bitcoin ETF Proposal

In a classic plot twist, the United States Securities and Exchange Commission (SEC) has put the brakes on yet another Bitcoin exchange-traded fund (ETF) proposal, this time from Bitwise Asset Management and NYSE Arca. The regulator cited that the application failed to meet standards aimed at preventing fraudulent activities. Investors shrugged this news off, indicating that expectations for an approval were lower than a limbo stick.

Bakkt vs. CME: A Tale of Two Exchanges

While Bakkt seems to be gathering dust in the corner, the Chicago Mercantile Exchange (CME) is bursting with optimism over its upcoming Bitcoin options product. Tim McCourt, CME’s lead on alternative investments, believes that miners might flock to this new offering, using it to hedge their production risk. Meanwhile, Bakkt should really consider investing in some motivational posters.

Bitcoin’s Technical Analysis

Looking at the charts, Bitcoin (BTC) has seen some bullish attempts, nudging above the 20-day EMA but failing to stick the landing. Currently, it’s like a cat trying to jump onto a counter—lots of effort with little reward. The bears are still lurking, waiting to pounce at resistance. If Bitcoin re-enters the descending flag territory, it could set off alarms—watch for a drop through the $7,702.87–$7,337.78 range. But on the bright side, if it rebounds off $8,100, bulls might just rally back toward the 50-day SMA.

Ethereum’s Support Struggles

Ethereum (ETH) mirrors a soap opera worth following, having recently dipped just below the $200 mark. It now sits on a precarious support level that could lead to a dramatic fallout if it slips past the moving averages, possibly down to $163.755. On the flip side, if Ether can rally above $200 again, it might push toward $235.70 like a determined contestant on a game show.

XRP and Its Rollercoaster Ride

XRP has encountered resistance at $0.29227 and, like a reluctant child at the dentist, has slipped back to the moving averages, looking for solace. Successful rebounding could see it tackle $0.34229 again. But beware, if bears drag it below the moving averages, dire consequences may be imminent, with support at $0.22 being the last bastion of hope.

Final Thoughts on Major Coins

From Bitcoin Cash (BCH) unable to rise above the 20-day EMA to Litecoin (LTC) stuck in a financial rut, market sentiment feels like one big caution sign. Despite the downbeat mood, there’s still room for optimism. Should coins like EOS and BNB manage to turn things around, it might just be a matter of time before the crypto market reignites the fireworks. But for now, strap in, keep an eye on support levels, and remember: the market’s a fickle friend.