MARKETS DAILY: Crypto Update | SEC Chair Faces Harsh Questions as Ether Spot ETF Proposals Hit Delays

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4.7 • 698 Ratings

🗓️ 28 September 2023

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Noelle Acheson, author of the Crypto Is Macro Now newsletter, explores the recent House Financial Services Committee hearing where SEC Chair Gary Gensler's struggle to define securities was brought to the forefront, accompanied by committee members highlighting SEC communication inconsistencies and a lack of cooperation, all against the backdrop of ETFs' prominent role. Today's episode is sponsored by Kraken Pro. Today’s Stories: Bitcoin - Monthly Return US small-cap stocks wilt in the heat of higher interest rates | Financial Times https://twitter.com/EricBalchunas/status/1707203091785732272?s=20 SEC Begins Consideration of Franklin, Hashdex Crypto ETFs, Delays Decision on VanEck, ARK Ether ETFs SEC’s Gensler Throws More Crypto Punches in Congressional Hearing - From our sponsors: Meet the all-new Kraken Pro. The powerful, customizable, beautiful way to trade crypto. It’s Kraken's most powerful trading platform ever - packed with trading features like advanced order management and analytics tools — all in a redesigned, modular trading interface. Head to pro.kraken.com and trade like a pro. Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax. - This episode was hosted by Noelle Acheson. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Michele Musso. All original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of Markets Daily is sponsored by Cracken.
0:07.8	It's Thursday, September 28, 2023, and this is Markets Daily from CoinDisc.
0:14.7	My name is Noah Acheson, CoinDisc collaborator and author of the Crypto's Macronown
0:19.2	newsletter on Substack. On today's show,
0:22.1	we're talking about Ether ETFs, SEC Confusion, and more. So you don't miss an episode. Be sure
0:27.9	to follow the podcast on your platform of choice. And just a reminder, CoinDesk is a new source
0:32.9	and does not provide investment advice. Now, a markets roundup.
0:47.7	Well, Bitcoin has been busy over the past 24 hours.
0:52.3	After that nice run-up yesterday that I thought was a sign of strong investor support,
0:54.9	the Bitcoin price rapidly fell back down again.
0:59.7	It has been climbing since, however. At 10 a.m. Eastern time, it was more or less flat,
1:07.3	trading at $26,532. Depending on what happens over the next couple of days, Bitcoin could break the trend of negative performance in September.
1:16.4	The ninth month is typically a weak one for crypto's leading asset, delivering negative returns over the past six September's.
1:19.4	Bitcoin's average performance for the month is almost negative 5%.
1:24.1	As of this morning, however, the asset price is up more than 2% month to date.
1:29.7	That kind of a break in the trend would be welcome news.
1:33.2	In ether, interesting things are happening.
1:35.5	Like Bitcoin, it climbed yesterday and then fell back only to start climbing again,
1:40.2	but with a more consistent slope, suggesting a steadier pickup in demand.
1:45.7	It is currently trading at $1,626 up more than half a percent over the past 24 hours.
1:53.1	Relative to Bitcoin, Ether has notably outperformed over the past week,
1:57.7	climbing two-tenths of a percent versus Bitcoin's drop of 2.3%.
	...

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