Crypto Price Analysis: Bitcoin Soars, SEC Fights Fraud, Franklin Templeton Expands Crypto Offerings

Bitcoin (BTC) is on a roll, climbing above $98,000 as short-term bulls eye the $100,000 level. The flagship cryptocurrency is currently up nearly 1.50%, trading at $98,348. BTC has recovered well from its drop below $94,000 a couple of days ago, steadily recovering to reclaim key levels as it makes a renewed push toward $100,000. The crypto market was buoyed by BTC’s recovery, as prices across the board rose, with most altcoins making significant gains. Ethereum (ETH) is up nearly 1%, trading at $2,755. Solana (SOL) has recovered over the past couple of sessions and is up almost 2% to trade at $175. Cardano (ADA), Chainlink (LINK), Tron (TRX), Litecoin (LTC), and Polkadot (DOT) also registered notable gains. However, Ripple (XRP), Dogecoin (DOGE), Stellar (XLM), Hedera (HBAR), and Uniswap (UNI), registered notable declines. The crypto market cap is up nearly 1% and currently sits at $3.23 trillion.

SEC Unveils New Unit To Combat Crypto Fraud

The United States Securities and Exchange Commission (SEC) has unveiled a dedicated unit to protect crypto investors from fraud and other illicit activities. The new unit is called the Cyber and Emerging Technologies Unit (CETU) and replaces the Crypto Assets and Cyber Unit as the agency’s premier digital asset anti-fraud team. The unit will operate a team of 30 fraud specialists and SEC attorneys from the agency, led by Laura D’Allaird, who will work closely with the SEC’s Crypto Task Force, headed by Hester Peirce. D’Allaird was previously the co-chair of the Crypto Assets and Cyber Unit alongside Mark Sylvester. Mark Uyeda, the acting SEC Chair, stated,

“The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow. It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies.”

The SEC has adopted a crypto-friendly stance since Donald Trump became president for a second time. Former SEC Chair Gary Gensler, a known crypto skeptic, was replaced by Uyeda for his pro-crypto views.

SEC Drops Appeal Case Over Crypto Broker-Dealer Rules

The United States Securities and Exchange Commission (SEC) has dropped its attempts to undo a ruling blocking a controversial broker-dealer rule that would give it jurisdiction over decentralized crypto protocols. The SEC’s filing with the Fifth Circuit Appeals Court said it was moving to voluntarily dismiss the appeal, which went unopposed. The agency had appealed a November ruling from a Texas federal court judge in a lawsuit brought by the Blockchain Association and the Crypto Freedom Alliance of Texas, blocking the agency’s proposed change to the definition of a dealer. The change would have required liquidity providers and market makers holding over $50 million in capital to register with the agency. Members of the crypto community argued such a change would impose several requirements on DeFi protocols, most of which don’t have a centralized authority. Texas District Court Judge Reed O’Connor stated the SEC exceeded its statutory authority by enacting a broad definition of a dealer. Blockchain Association CEO Kristin Smith called the development a complete victory, stating.

“Complete and total victory today in our case against the SEC over the dealer rule. Following the SEC’s voluntary dismissal of its own appeal, the crypto industry can breathe a sigh of relief. The future is bright for our industry. Let’s keep building.”

Franklin Templeton Expands Crypto Offerings With New ETF

Franklin Templeton has expanded its offerings in the crypto investment space by launching the Franklin Crypto Index ETF, EZPZ. The ETF debuted on the Cboe BZX exchange on Thursday, giving investors weighted exposure to Bitcoin (BTC) and Ethereum (ETH). The ETF tracks its performance based on the CF Benchmark’s Institutional Digital Asset Index. The index focuses on digital assets that align with financial regulations and established capital market standards. As of February, the ETF holds 87% Bitcoin and 12% Ethereum. Coinbase will manage custody. Franklin Templeton announced the launch on X, stating,

“Franklin Templeton is excited to launch $EZPZ, our latest exchange-traded product (ETP) that provides exposure to bitcoin and ether without the hassle of buying them directly. This innovative offering plans to add new digital assets as they become eligible for inclusion in the Underlying Index, pending necessary regulatory approvals.”

The ETF is the latest addition to Franklin Templeton’s growing suite of digital asset investment products and offerings. It comes after the successful launch of the Franklin Bitcoin ETF (EZBC) and the Franklin Ethereum ETF (EZET) in July 2024. Roger Bayston, Digital Assets Head at Franklin Templeton, stated,

“With EZPZ, we’re offering a simple, low-cost way to gain exposure to this growing and important asset class.”

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) is preparing for a move past $100,000 as it shed its recent bearishness to initiate a steady climb above $98,000, a key level it needs to surpass. The flagship cryptocurrency is up nearly 2% over the past 24 hours as it continues to gain momentum in what is turning out to be a positive week. BTC has been in consolidation mode since the beginning of February when it dropped below $100,000 and the 20 and 50-day SMAs. It has struggled to build momentum since, briefly passing $100,000 on February 7 before falling back into range. Analysts and market watchers hope BTC’s current rally can push it past the crucial $100,000 level and ignite a move towards $105,000.

BTC has been up nearly 2% over the past week as it has regained key levels and recouped losses. Despite recent sluggishness, BTC’s dominance has remained steady at 60%, indicating that most of the capital pumped into crypto is going to BTC. Spot Bitcoin ETFs have also registered inflows worth a staggering $5.6 billion in net capital inflows. These inflows have helped the flagship cryptocurrency to handle macroeconomic headwinds due to a potential trade war and the Federal Reserve’s hawkish stance. Analysts believe BTC’s consolidation phase could resolve in either direction but favor a bullish outcome. This scenario is supported by the fact that the RSI has crossed above the neutral zone, indicating a bullish tint. Additionally, the MACD flipped to bullish on Thursday, further supporting a bullish breakout.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has steadily increased since Tuesday, with the world’s second-largest cryptocurrency crossing the 20-day SMA during the current session. ETH has registered a respectable 3% increase over the week and is showing signs of strength. It must move past the $2,800 level for bullish sentiment to return and drive ETH beyond the 200-day SMA and $3,000. ETH is trading at the upper limits of its range and could break out if buyers maintain control.

Solana (SOL) Price Analysis

Solana (SOL) plunged to an intraday low of $160 on Tuesday before stabilizing around $170, ending a 5-day bearish streak. However, declining volumes suggest SOL is struggling to attract buyers. The LIBRA fiasco has adversely impacted SOL, with investor appetite dropping after a slew of dodgy meme coin projects on the Solana blockchain. SOL has strong support at around $160 but is struggling to move past $180, with sellers active at this level.

Ripple (XRP) Price Analysis

Ripple (XRP) is facing a potential decline as it struggles to move past the 50-day SMA which is acting as a dynamic resistance level around $2.70. XRP rallied over 14% last week as it surged past key moving averages and resistance levels. The price rose 2.51% on Wednesday and 3.55% on Thursday to settle at $2.56. Bullish sentiment intensified on Friday as XRP rallied nearly 7%, crossing the 20 and 50-day SMAs and settling at $2.73, but not before reaching an intraday high of $2.83. Buyers retained control on Saturday as XRP rose 0.91% and settled at $2.76.

Cardano (ADA) Price Analysis

Cardano (ADA)’s rally last week was abruptly halted on Thursday after it failed to move past the 20-day SMA. As a result, ADA settled at $0.811, registering an increase of 1.38%. With sellers active at this level, ADA dropped 1.48% on Friday, falling below $0.80 and settling at $0.799. Selling pressure intensified over the weekend as ADA dropped 2.25% on Saturday and just over 1% on Sunday to settle at $0.773. ADA rallied on Monday, rising nearly 2% to move past the 20-day SMA and settle at $0.810.

Aptos (APT) Price Analysis

Aptos (APT) fell into bearish territory after registering a substantial increase of 4.54% on Wednesday. Despite Wednesday’s positive price action, APT registered a marginal decline on Thursday and Friday, ultimately settling at $6.10. Sellers retained control on Saturday, as the price dropped 1.37% to $6.01. Bearish sentiment intensified on Sunday, and APT fell over 3%, slipping below $6 and settling at $5.83.

Jupiter (JUP) Price Analysis

Jupiter (JUP) registered a significant rally on Friday as it surged past the 20, 50, and 200-day SMAs and key resistance levels to settle at $0.955, an increase of over 11%. However, the price action turned bearish over the weekend as JUP fell over 2%, went below the 20-day SMA, and settled at $0.931. Sellers retained control on Sunday, and the price dropped over 6%, going below the 50 and 200-day SMAs and settling at $0.875. The current week began with JUP dropping almost 7% to $0.815.