SEC classifies Bitcoin, Ethereum, Ripple and Solana as commodities: How prices might react

SEC approves new rules: Bitcoin, Ethereum, etc. are recognized as digital commodities

The U.S. Securities and Exchange Commission (SEC) has approved a rule change to officially label Bitcoin, Ethereum, XRP and Solana as "digital commodities." Although the order targets NASDAQ Texas Stock Exchange listing rules rather than new federal laws, it has important implications for the way future funds build cryptocurrency products.

The news came after a turbulent week for markets. A strong August jobs report pushed up Treasury yields, putting pressure on cryptocurrency prices. At the same time, traders are closely watching next week's consumer price index (CPI) data and the Federal Reserve's September meeting.

The following is a specific impact analysis of the order and a technical outlook for the future trend of BTC, ETH, XRP and SOL.

What exactly did the SEC approve?

The order, numbered SEC Order No. 34-106268, accelerates approval of Nasdaq Texas, LLC's amendment to Rule 5711(d). The rule covers commodity-based trust shares traded on exchanges. The update creates an official definition of "digital good" in NASDAQ Texas rules.

In addition, the new rules allow fund managers to adopt more proactive management strategies. Under the new flexibility, up to 15% of the fund's net asset value can include assets that have not fully met all listing requirements at the time of listing. Regulators cited multi-asset trusts that hold Bitcoin, Ethereum, Solana and XRP as examples, pointing out that these four assets currently meet the identification criteria for digital goods.

What does this mean for cryptocurrency investors?

This is not a new commodity law, but an adjustment to the listing structure of a single exchange. Still, this is a continuation of previous steps. As early as March this year, the SEC and the Commodity Futures Trading Commission (CFTC) jointly classified Bitcoin, Ethereum, Solana and XRP as crypto commodities, including Cardano, Avalanche, Dogecoin, Shiba Inu and Chainlink.

The timing also coincides with expected progress on the CLARITY Act, which is expected to be considered by the Senate in late September. The bill aims to establish clearer overall rules for digital assets. For asset managers, this provides more room to build multi-asset cryptocurrency products; for ordinary investors, it could mean more compliant access to the four coins through ETFs and trust funds.

What does the clearing data show?

According to the latest data, asset liquidations in the past 24 hours are as follows:

• Bitcoin (BTC): US$110.6 million
• Ethereum (ETH): US$103.59 million
• Ripple (XRP): US$15.31 million
• Solana (SOL): US$14.6 million
• Total market liquidation: US$401.23 million

Long positions suffered greater losses with a loss of US$274.14 million, while short positions lost US$127.09 million. This kind of long-dominated purge usually removes excessive leverage, laying the foundation for a clearer price trend in the future.

Bitcoin (BTC) Price Forecast

Bitcoin is currently consolidating around US$79,600 after breaking through the decline channel. Resistance is between $80,500 and $82,000, and support is around $78,500 and $79,000.

If Bitcoin remains above $78,500, it may try again to hit $81,000 to $82,800. If we can effectively stand above US$82,800 within two hours, it will open the door for a rise to US$85,000 to US$88,000. If it falls below US$78,500, BTC may fall back to the US$76,000 to US$75,500 range. Please note that this is a technical analysis and does not constitute a commitment.

Ethereum Price Forecast

Ethereum is trapped in the range between support of about $2,360 and resistance of $2,520 to $2,550. The current price is compressing around $2,450, indicating that traders are waiting for a clear signal. If the price closes above US$2,520 to US$2,550 within two hours, it will favor a move towards US$2,600 to US$2,650. If support between $2,400 and $2,360 is lost, the bullish momentum will weaken.

Ripple (XRP) Price Forecast

XRP is currently close to US$1.40. If $1.43 can be recovered, it may open a path to $1.53 or even $1.64. On the downside side, US$1.34 is the first support level that needs to be paid attention to. Once it breaks, the risk will slide towards $1.26 to $1.24, while the more important area is between $1.10 and $1.06, where buyers may re-enter. While reaching $2 is not impossible, it is not guaranteed. This may require a strong turnover above $1.43, coupled with good news from a jobs report, a Federal Reserve meeting or a CLARITY bill vote. If XRP loses its $1.33 to $1.35 support area, the possibility of falling to $1.27 will increase.

Is Solana (SOL) price trend bullish?

Analyst Ali Martinez pointed out that SOL's long-term goal of $150 is related to maintaining the current breakthrough. But this is only the view of individual analysts and is not a guarantee. SOL traded close to $100 after breaking through a long-term downtrend channel. A short-term flag pattern has been formed, and holding $98 to $100 can maintain the bullish pattern. If it breaks through $104 to $105, it may lead to $110 to $112, followed by $118 to $120. If the support of $98 is lost, the risk will point to $94 to $90.

Disclaimer

This document is for information purposes only and does not constitute financial, investment or trading advice. The cryptocurrency market is extremely volatile and carries a significant risk of loss. The prices and key technical levels mentioned in the article are based on available data at the time of writing and may change rapidly. Be sure to research and consult a licensed financial adviser before making an investment decision.