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Crypto market news highlights today
The U.S. Securities and Exchange Commission (SEC) has delayed its decision to approve or disapprove a proposal for a Bitcoin Spot and Futures product that incorporates carbon credits. The SEC said it is delaying its decision to November 21 for the 7RCC Bitcoin Spot and Carbon Credit Futures ETF, according to a filing on Tuesday. “The Commission finds it necessary to designate a longer period of time for issuing an order approving or disapproving the proposed rule change so that the Commission has sufficient time to consider the proposed rule change and the comments the Commission has received regarding the proposed rule change,” the SEC said.
Crypto asset management firm 7RCC’s proposed fund plans to invest 80% of its assets in Bitcoin and 20% in “financial instruments, including swap agreements, that provide exposure to Carbon Credit Futures Contract represented by an index,” according to a filing in March. 7RCC also said it plans to appoint Gemini as the fund’s Bitcoin custodian.
An S-1 registration statement was previously filed for a carbon credit and bitcoin spot futures ETF in December 2023, about a month before the SEC approved the 11 Bitcoin Spot ETFs. The proposed ETF received a comment from James D. Milas, a Loyola University Chicago student, class of 2026. Milas’ comment focused on carbon credits and called on the SEC to “promote continued efforts to mitigate the negative impacts of carbon credit companies.”
Bitcoin BingX Chart
Bitcoin 1D Chart 09/05/2024 | Source: TradingView & BingX
A growing number of short-term Bitcoin traders are holding positions at small losses, but data suggests a healthy market compared to previous bull cycles. Bitcoin is trading at $57,450, down 22% from All-Time-High of $73,835, reached on March 14. Despite the recent bearish price action, analysts say the Medium Bitcoin investor remains “relatively profitable.” According to market intelligence firm Glassnode, Bitcoin investor profit data shows that this is still a relatively shallow pullback compared to historical bull cycles, suggesting that investors overall remain in a relatively solid financial position.
Taking the ratio of total unrealized profits to unrealized losses, Glassnode analysts found that “profits are still 6 times larger than losses.” This ratio has remained above its current value for about 20% of trading days, underscoring the solid financial position of the Medium Bitcoin investor. “On Medium, BTC investors are holding relatively small unrealized losses compared to previous cycles, indicating a relatively favorable position overall.”
Meanwhile, the bull market appears to have paused. Short-term holders who have held BTC for less than 155 days bear the brunt of the current market pressure as prices remain subdued. The STH group has suffered significant unrealized losses “with a steady increase in magnitude over the past few months,” the report notes. However, when analyzing these losses relative to the market, Glassnode analysts found that they have not reached full-blown recession levels. The dates show that STH’s realized market value ratio (MVRV) has dropped below its 1.0 Capital value and is trading at levels similar to August 2023, during the recovery period following the FTX collapse.
BTC 's current support is at $56,000 and resistance is at $59,500.
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