On Tuesday (July 9), Bitcoin regained its position above $56,000, reaching a high of $57,275. Solana, a U.S. blue-chip public chain known as the "Ethereum killer," rebounded and soared nearly 8%. The well-known exchange Cboe BZX submitted a 19B-4 application form for the 21Shares Core Solana ETF and VanEck Solana Trust.
CBOE Submits Two Solana ETF Applications
CBOE’s new application form is an application submitted to the SEC to let the agency know about proposed rule changes as part of the process of obtaining the agency’s approval for a crypto ETF.
The exchange compared the products to the ether and bitcoin spot ETFs the agency approved over the past year. “Much like bitcoin and ether, the exchange believes that SOL is resistant to price manipulation and that other means exist to protect against fraudulent and manipulative acts and practices that justify the elimination of the required surveillance sharing agreement,” the exchange said in both filings.
VanEck filed a registration statement for the Solana ETF in late June, and 21Shares soon followed suit with its own Solana ETF. Few are saying these products will be an instant success, in part because the SEC said SOL is a security.
ETF Store President Nate Geraci said on Twitter that the next steps include the SEC's acceptance of the 19B-4 filings. "Once the SEC accepts these filings, the decision clock starts ticking," Geraci said.
German government transfers 10,000 bitcoins to exchange, rare "return"
The German government transferred more than 10,000 bitcoins to exchanges and market makers on Monday morning, but later in the day, the exchanges returned nearly 3,000 bitcoins. According to Arkham Intelligence data, Germany has received 2,898 bitcoins, about $163 million, mainly from Coinbase, Kraken and Bitstamp.
Steven Zheng, head of research at The Block, said that the exchange most likely sent the Bitcoin back to Germany because it could not sell it within the target price range. He explained: "Considering that some Bitcoins have been sent back to the German government from Coinbase, one can assume that they are unsold Bitcoins that were part of a sales agreement between the cryptocurrency exchange and the country."
Arkham data showed that major cryptocurrency transfers in Germany on Monday included 5,200 bitcoins sent to market maker Flow Traders, 4,200 bitcoins sent to B2C2 Group, 2,350 bitcoins sent to Bitstamp, 2,050 bitcoins sent to Coinbase, and 1,250 bitcoins sent to cryptocurrency exchange Kraken.
Arkham also said that the German government holds more than $2 billion worth of Bitcoin.
Republicans promise to stop cryptocurrency crackdown
Trump’s Republican Party has formally adopted a platform seeking to support cryptocurrency innovation, according to a document released by the Republican National Committee on Monday. The platform is intended to outline the priorities of Trump and Republican congressional candidates heading into the November election and reflects the party’s growing interest in digital assets.
“Republicans will end the Democrats’ illegal and un-American crackdown on cryptocurrency and oppose the creation of a central bank digital currency,” the document states. “We will defend the right to mine Bitcoin and ensure every American has the right to custody their own digital assets and transact without government surveillance and control.”
In recent months, Trump's skepticism about cryptocurrencies has turned into firm support. He also has some personal experience with digital assets, launching several sets of his own branded non-fungible tokens (NFTs). In addition, Trump's campaign team and affiliated political action committees also accept cryptocurrency donations.
The commission’s announcement of its new platform lists 20 of its most important policy “commitments,” but cryptocurrency projects are not among them, though digital assets appear in the economic section under innovation initiatives.
Opposition to central bank digital currencies (CBDCs) has been a hot topic for Trump and other Republicans on the 2024 campaign trail, and while other jurisdictions including China and Europe are pursuing government-backed digital tokens, the United States has yet to move beyond the research stage.
Republicans accuse Democrats of pushing for a CBDC, which would allow for tighter financial surveillance of U.S. citizens. However, Federal Reserve Chairman Jerome Powell and other government officials insist that this theoretical digital dollar would be managed by the banking system rather than the government. Fed officials have said that such a currency would not be adopted without the approval of Congress and the White House.
Bitcoin Technical Analysis
CMTrade said that Bitcoin RSI is above its neutral zone of 50, and MACD is positive and above its signal line, which is a positive configuration.
Moreover, the price is above its 20 and 50-period moving averages at $56,563 and $56,463 respectively.
“Our pivot is at $56,290 and our preference is that as long as $56,290 holds as support, the up move will continue.”
“The alternative is below $56,290, with $55,480 and $55,000 expected to be tested.”
