#Fed Cuts Rates By 25 Bps#   

Highlights of the last 24 hours in cryptocurrencies

The cryptocurrency market rose after the FED cut interest rates by 25 basis points, as expected. While the total value of the cryptocurrency market increased to 4.18 trillion dollars, the leading cryptocurrency Bitcoin remained stable compared to the general market and is priced at $ 117,090. While Ethereum is priced at $4,564, XRP is priced at 3.06 and Solana is priced at $243.83. Yesterday, Bitcoin ETFs recorded a total outflow of $ 51.28 million, while Ethereum ETFs recorded an outflow of $ 1.89 million.

SEC approves expedited listing standards for crypto ETFs

The U.S. Securities and Exchange Commission (SEC) has “expedited” listing standards that will pave the way for crypto exchange-traded funds (ETFs) to go public. In its statement, the institution announced that it saw this step as a "good reason" and approved the process without completing the 30-day waiting period.

The approved regulation covers the rule change that allows the automatic listing of commodity-based investment funds, which was brought to the agenda with the applications of Nasdaq, NYSE Arca and Cboe BZX. Thus, the listing process of funds based on crypto assets on stock exchanges will be shortened. “This approval supports innovation while increasing investor options and strengthening access to digital asset products by streamlining the process,” said SEC Chairman Paul Atkins.

With the new regulation, eligible products will be listed within 75 days, instead of the previously mandatory 19b-4 application and review process of up to 240 days for crypto ETFs. This change is expected to speed up the approval process of dozens of ETFs based on different cryptocurrencies such as SOL, XRP and DOGE.

SEC approves Grayscale's multi-cryptoasset fund

Peter Mintzberg announced in his statement on the social media platform that it will be the first multi-crypto ETP on the market. The fund offers investment opportunities in Bitcoin, Ethereum, XRP, Solana and Cardano.

The approval comes on the same day the SEC adopted expedited listing standards for crypto ETFs. SEC Chairman Paul Atkins said that this step will increase investor options and facilitate access to digital asset products. In his post, Eric Balchunas reminded that ETF launches have tripled with the introduction of similar standards in the past, and stated that more than 100 crypto ETFs could be launched in the next 12 months.

Bitcoin (BTC)

Bitcoin is trading at $117,090. In BTC, which has been moving in a narrow band lately, $ 116,000 and $ 113,500 are short-term support. In upward attempts, $118,500 and $122,000 resistance zones are being followed. A persistence above $116,000 could support an upward move towards the $118,500 level. However, closes below 113,500 may raise the risk of a retreat towards the $111,000-109,000 band.

Ethereum (ETH)

Ethereum is priced at $4,564. In ETH, which is trying to hold on to the critical $ 4,500 support, $ 4,400 and 4,200 stand out as support levels and 4,650 and 4,800 resistance levels. Maintaining persistence above $4,400 could push the price back towards the 4,650-4,800 band. However, closings below 4,200 may bring the $ 4,000 level to the agenda. Volatility expectations are high in the short term.

Ripple (XRP)

XRP is at $3.06. 2.95 and 2.80 support and 3.15 and 3.40 resistance levels are observed in XRP, which is trying to stay on the psychological $ 3 support. If it continues to hold above $3, a rise towards the 3.15 resistance may be possible. However, a fall below $2.95 could lead to a retest of the 2.80 support. While the 50-day moving average provides strong support at 2.90, the 100-day average creates an additional line of defense around 2.70.