BTC liquidations remained elevated on Sunday, with investors taking a hit on short positions. According to Coinglass, BTC liquidations stood at $36.4
BTC liquidations remained elevated on Sunday, with investors taking a hit on short positions. According to Coinglass, BTC liquidations stood at $36.41 million, of which $32.32 million were short positions. OKX, Binance, and Huobi saw the highest percentages of BTC liquidations.
Investor anticipation of the SEC approving a batch of BTC-spot ETF applications fueled buyer demand.
Financial Services Committee Chairman Announces Digital Assets Hearing
On Friday, Patrick McHenry, Chair of the US House Committee on Financial Services, announced a hearing on digital assets. According to the Committee press release, the hearing is on December 8, 2023. Investors can view the hearing on the committee website or YouTube page.
The subcommittee hearing is entitled Connecting Communities: Building Innovation Ecosystems Across America.
Comments relating to crypto regulations and the SEC regulation by enforcement mantra would draw investor interest. Lawmakers have yet to introduce a regulatory framework to drive innovation while protecting retail investors. One waiting to progress is the Lummis-Gillibrand Responsible Financial Innovation Act.
In November, Republican Senator Cynthia Lummis responded to recent SEC moves against the US crypto space, saying,
“The SEC cannot continue ruling by enforcement. Crypto asset companies have repeatedly tried to get guidance from the SEC only to be hit with enforcement actions, causing unnecessary harm to consumers. It is time for Congress to pass a regulatory framework to provide clear rules to the SEC on what is a security and what is a commodity. The Lummis-Gillibrand Responsible Financial Innovation Act will rein in the SEC and allow financial innovation to thrive in the United States.”
Senators Cynthia Lummis and Kirsten Gillibrand filed the bipartisan bill in June 2022.
A regulatory framework that drives financial innovation and curbs the powers of the SEC would be a boon for the crypto market.
Technical Analysis
Bitcoin Analysis
BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.
A BTC break above the $39,600 resistance level would support a run at the $40,000 psychological resistance level.
BTC-spot ETF-related news and SEC activity remain focal points for crypto investors.
A fall below the $39,000 handle would bring the $37,600 support level into play.
The 14-Daily RSI reading of 67.87 indicates a BTC break above the $39,600 resistance level before entering overbought territory.
Ethereum Analysis
ETH sat above the 50-day and 200-day EMAs, affirming bullish price signals.
An ETH return to $2,200 would support a move to the $2,300 resistance level.
However, a fall through the $2,143 support level would bring sub-$2,100 into play.
The 14-period Daily RSI at 65.45 indicates an ETH return to $2,200 before entering overbought territory.
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