Bitcoin
Bitcoin (BTC) News Today: Trump Crypto Plug Eye 52 Million as Spot ETF Inflows Decline
“If you like crypto in any form… and it comes in many forms… if you are for crypto, you better vote for Trump.”
The US crypto community could be a significant voter group for Trump. In 2023, Coinbase started O StandWithCrypto campaign in Washington to raise awareness about encryption on Capitol Hill. According to campaign highlights, 52 million Americans own crypto.
Trump’s crypto plug highlighted the likely impact of the US presidential election on the crypto market. A Republican Party victory could end the SEC’s reign of regulation through enforcement.
The SEC may also have to reconsider its ongoing cases against crypto companies, including Coinbase (COIN), Kraken and Robinhood (HOOD). A Trump victory could also end the SEC’s plans to appeal programmatic sales of XRP decision.
A crypto market-friendly Whitehouse could boost prospects for an ETH spot ETF market and even an XRP spot ETF market.
Despite likely delays in the launch of an ETH spot ETF, Grayscale remained optimistic about the SEC’s approval of spot ETFs by the SEC.
Grayscale believes the SEC will do the right thing with ETH-Spot ETFs
On Tuesday (May 7), SEC Chairman Gary Gensler contoured a question of whether Ethereum (ETH) is a commodity or a security and whether there will one day be an ETH spot ETF.
However, on Wednesday (May 8), ETF Institute co-founder Nate Geraci cited an interview about ETH spot ETFs with Grayscale CEO Michael Sonnenshein, which reportedly he said,
Optimistic that the SEC will do the right thing by investors.”
ETH fell 1.06% on Wednesday (May 8), ending the session at $2,976.
Technical analysis
Bitcoin Analysis
Bitcoin sat below 50 days EMA remaining comfortably above the 200-day EMA, confirming the short-term but upward long-term price trends.
A BTC break above the 50-day EMA and the $64,000 resistance level would support a move towards the $69,000 resistance level. A break of the $69,000 resistance level would give bulls a run to the all-time high $73,808.
On Thursday (May 9), SEC activity, BTC spot ETF market flow data, and Fed speakers need to be considered.
On the other hand, a BTC drop through the $60,365 support level could bring sub-$58,000 levels into play.
With a 14-day RSI reading of 43.31, BTC could fall below the $58,000 mark before entering oversold territory.