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Bitcoin edges higher as Coinbase asks court to dismiss SEC lawsuit, Commodities pare earlier losses

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Bitcoin continues to hold onto the $30,000 level as crypto traders await any decision with Bitcoin ETFs or with pending SEC lawsuits.  Today, Coinbase Chief Legal Officer said, “Coinbase just doesn’t list securities, period…. We have always looked to add assets that are appropriate for not only our customers, but consistent with our lawful authority.”  Coinbase is hoping to get a dismissal of the SEC lawsuit that it failed to properly register its business.  An immediate decision might be tough to come by, but any deal that could be arrange would be huge.

Bitcoin has rallied after a plethora of financial giants have filed their Bitcoin ETF applications.  Optimism is brewing but if prices can’t rally above the $31,500, a consolidation pattern could form between the $25,000 and $30,000 region.

Oil

Good economic news sometimes gives oil a boost, but not when it comes with dollar strength that could potentially just be starting.  Energy traders are watching Fed rate hike expectations that are steadily rising, which could mean the Fed might join the European central banks in delivering a lot more rate increases that will cripple economic growth.  Oil has been wavering today, holding onto gains as risk appetite tries to remain in control.

Gold

For gold bears, this could be the moment.  The market is starting to believe the Fed’s dot plot forecast might be correct, it actually might even be too conservative.  Gold is on the verge of collapsing below the $1900 level that could trigger significant technical selling.  Gold came close to testing the $1900 price barrier, but buyers emerged.  Gold is not in the clear just yet, but it might consolidate until we see the Fed’s favorite inflation gauge on Friday morning.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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