SEC Approves Spot Ether ETFs
The U.S. Securities and Exchange Commission (SEC) has granted approval for multiple spot Ether ETFs, ushering in a significant advancement for prominent firms such as VanEck, BlackRock, and Fidelity. This decision may suggest a regulatory shift, possibly categorizing Ether not as a security but more favorably in terms of investment potential. It opens up new avenues for institutional investors seeking exposure to cryptocurrency without the direct risks associated with traditional crypto trading platforms.
US House Passes FIT21 Crypto Bill
The Financial Innovation and Technology for the 21st Century Act (FIT21) was approved by the U.S. House of Representatives on May 22 and is now pending in the Senate, where it faces uncertainty due to opposition from Senator Elizabeth Warren. The bill aims to assign the Commodity Futures Trading Commission (CFTC) as the primary regulator for cryptocurrencies, considered more favorable than the Securities and Exchange Commission (SEC). The SEC would still oversee cryptocurrencies that are not fully decentralized, while FIT21 also introduces a framework for certain cryptocurrencies classified as securities to be traded as commodities. The Biden administration and SEC Chair Gary Gensler have expressed their opposition to the proposed regulations.
Ex-FTX CEO SBF Held in Oklahoma Prison
Former FTX CEO Sam “SBF” Bankman-Fried is no longer held in New York or California, where his family resides. Prison records indicate that as of May 23, he is detained at the Federal Transfer Center in Oklahoma City. This facility is used for short-term confinement of inmates during transfers within the prison system. His transfer to Oklahoma occurred despite Judge Lewis Kaplan's recommendation that he remain at the Metropolitan Detention Center in Brooklyn.
Can Bitcoin reach $200,000 $BTC

Based on a comprehensive technical analysis of Bitcoin's historical price movements and trend indicators, the prospect of Bitcoin (BTC) reaching $200,000 appears plausible. The chart demonstrates a consistent upward trend within well-defined channels, with BTC historically setting higher lows, indicating a bullish trajectory over the long term. Key moving averages, specifically the 50-month (1M MA50) and 100-month (1M MA100), have acted as strong support levels during corrections and consolidation periods, suggesting that the current price level is well-supported. Additionally, momentum indicators, such as the Relative Strength Index (RSI), show neutral positioning, indicating that BTC is neither overbought nor oversold, further supporting the potential for upward movement.
Extrapolating from historical cycles, BTC has experienced significant bull runs approximately every three to four years, typically following periods of consolidation and correction. Given the current price position within the trend channel and the support from moving averages, BTC could potentially reach the $200,000 mark within the next major bullish phase, possibly within the next one to two years. However, it is crucial to consider external factors such as market sentiment, macroeconomic conditions, and regulatory developments, which could impact this projection. While the technical outlook is optimistic, these additional factors must remain favorable for BTC to achieve this milestone.
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