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Crypto News: BTC Faces Resistance at $35,000 as SBF Prepares to Take the Stand

Market sentiment rises with potential SEC approval of BTC-spot ETFs, BTC approaching $35,000. Sam Bankman-Fried trial resumes; defense strategy crucial.

Key Takeaways

  • BTC extends winning streak to seven sessions, reaching $35,167.
  • BTC-spot ETF amendment filings boost hopes of SEC approvals.
  • Sam Bankman-Fried (SBF) trial resumes with news of SBF taking the stand.
  • Market watches Hashdex’s unique BTC ETF approach.

Market sentiment soared as the crypto world eagerly awaits the SEC’s decision on approving BTC-spot ETFs. BTC marked its seventh consecutive winning session, hitting a session high of $35,167, driven by growing optimism in the market.

BTC Falls For Resistance

In a significant development, Bitwise Investments filed an amendment for the Bitwise Bitcoin ETP Trust in response to SEC requests. This move indicates continued efforts to meet regulatory standards, with the ticker symbol “BITB” ready for action once the SEC grants approval.

Meanwhile, Hashdex made headlines with its innovative BTC (DEFI) ETF filing. Unlike traditional ETF applications, Hashdex proposed a hybrid ETF comprising BTC-spot, BTC Futures contracts, and cash equivalents. This approach aimed to address SEC concerns regarding unregulated exchanges.

With multiple amendment filings in progress, attention now shifts to SEC approval and institutional interest. Market expectations are leaning toward SEC approval of BTC-spot ETFs, but the influx of institutional funds remains uncertain, a crucial factor in determining a sustainable BTC and crypto market bull run.

In other news, the trial of Sam Bankman-Fried (SBF) resumes, shifting focus to the defense’s strategy. SBF faces a challenging situation, with evidence against him proving damaging. All eyes are on SBF as he takes the stand, considered by many as a Hail Mary move in a potentially difficult trial.

The defense team has prepared SBF for his testimony, but he must navigate cross-examination skillfully to bolster his chances of a favorable outcome. Plea agreements and testimonies from witnesses have implicated SBF in the crimes, making his defense crucial.

To Conclude

The crypto market’s rally is bolstered by optimism surrounding BTC-spot ETF approvals. While amendments and innovative ETF approaches show commitment to regulatory compliance, the focus remains on the SEC’s decision and the potential for institutional investments to drive a sustainable bull market. Additionally, the SBF trial continues to capture attention, with the defense’s performance on the stand holding the key to the outcome of this high-profile case.