On July 27, Grayscale presented an argument on the approval of Bitcoin ETFs to the SEC, amid growing pressure for their approval from a growing user base.
Grayscale argued that approving all applications concurrently would ensure a level playing field, without any one fund having an early edge.
Considering this developing macroeconomic situation, what are the best cryptos to buy now?
The proposal, delineated in a letter to the SEC, comes from Craig Salm, Chief Legal Officer at Grayscale.
The thrust of the communication concerns eight Bitcoin ETF filings, inclusive of Grayscale’s own application.
With this move, Salm is challenging the SEC to refrain from designating “winners and losers” but rather to bring about an unbiased and orderly resolution.
The proposition maintains that the SEC could sanction the ETFs based on the precedent set by its approvals for Bitcoin futures ETFs, drawing a strong correlation between the two fund types.
Eagerly awaiting the SEC’s green light on their ETF applications are Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity, and ARK Invest, who have recently included SSAs in collaboration with Coinbase in their amended applications.
Paralleling the tension in the ETF arena, political discourse around stablecoin regulations has also heightened.
Patrick McHenry, a Republican Congressman leading the United States Financial Services Committee, has expressed disappointment with the Biden administration, attributing the delay in the implementation of stablecoin regulations to their reticence.
McHenry’s grievances were aired during a hearing on July 27, where he underscored the absence of consensus between his party and the Democrats, especially with respect to the Clarity for Payment Stablecoins Act.
McHenry has criticized the Democrats for lacking the urgency necessary to arrive at a common ground on stablecoin legislation, asserting that the White House’s reluctance to concede has essentially brought negotiations to a standstill.
On the other side of the aisle, Maxine Waters, a ranking committee member, faults the “precipitation of Republican leadership” for the failure to reach an agreement on the legislation.
While the crypto space watches the drama surrounding the Clarity for Payment Stablecoins Act unfold, other crypto-related bills are making their way through the legislative process.
On July 26, lawmakers endorsed two significant crypto bills by voting for the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.
The approval of these two acts showcases the legislators’ acknowledgment of the potential role of cryptocurrencies and blockchain technology in shaping the future of finance.
However, the controversy surrounding stablecoin regulation and the SEC’s decision on Bitcoin ETFs will undoubtedly have substantial implications for the future direction of the cryptocurrency market.
Thanks to their solid fundamentals and positive technical outlooks, ImmutableX, BTC20, Internet Computer, Chimpzee, and Ethereum Classic are some of the best cryptos to buy now.
Immutable X (IMX) Experiences Short-Lived Spike as Buying Momentum Wanes
Immutable X (IMX) caught the attention of traders today, exhibiting a promising surge from the Fib 0.618 support level, reaching an intraday high of $0.85.
This impressive performance, not seen for several months, represented a decisive break above the 10-day EMA and the crucial Fib 0.786 resistance pegged at $0.7800.
However, as the trading session continued, this elation was short-lived.
The buying momentum that had propelled IMX to its earlier highs began to wane, pulling the cryptocurrency back to a slightly more modest level of $0.7546.
This represents a modest 3.54% appreciation so far today but also means IMX re-enters the familiar Fib 0.5 to 0.786 trading range that dominated its price action over the preceding 35 days.
When gauging the long-term sentiment of IMX, the EMA provides some key insights.
The 20-day and 50-day EMAs, both hovering around $0.7320, serve as immediate support, potentially reinforcing the strength of the Fib 0.618 level.
Intriguingly, the convergence of these two EMAs could be indicative of a strong support zone.
Traders should keep an eye on the 100-day EMA, currently at $0.7700, as it represents the immediate overhead resistance.
The Relative Strength Index (RSI) has shown a slight bullish uptick, moving from 50.48 to 55.60. While not in the overbought territory, this suggests a modest increase in buying pressure.
Additionally, the MACD histogram’s movement from -0.0028 to -0.0007 signals a potential bullish crossover in the near future, further reinforcing the positive momentum…
Read More: Best Crypto to Buy Now 28 July – ImmutableX, Internet Computer, Ethereum Classic