Market
NYSE Seeks To List Grayscale’s $565 Million Crypto ETF Listing
Security Exchange NYSE Arca has formally requested permission from the SEC to list a Grayscale ETF focused on a diversified range of spot cryptocurrencies, as per a filing dated October 29.
The proposed ETF would transform Grayscale’s existing Digital Large Cap Fund into an exchange-traded product.
Grayscale’s Newly Approved ETF Will Allow Investors to Access Altcoins
Established in 2018, this fund comprises various cryptocurrencies, including Bitcoin, Ethereum, Solana, Avalanche, and XRP. At present, the fund manages around $565 million in assets.
Read More: What Is a Bitcoin ETF?
Grayscale submitted its initial request to convert the fund into an ETF on October 16, just days before NYSE Arca’s own filing. Today, the SEC has officially acknowledged Grayscale’s application for this conversion.
“SEC has formally acknowledged filing to convert Grayscale Digital Large Cap Fund (GDLC) into an ETF…GDLC holds approx 77% btc, 17% eth, & remainder in sol, xrp, & avax. SEC now soliciting public comments & decision clock starts ticking,” ETF expert Nate Geraci wrote in an X (formerly Twitter) post.
Recently, Grayscale expanded its scope by adding Jupiter (JUP) to a list of 35 altcoins under evaluation for potential investment. This inclusion has fueled a 17% rally for JUP over the past two weeks.
In addition, Grayscale launched its Decentralized AI Fund to selected investors, previously accessible only through private placement.
This fund provides targeted exposure to AI-driven blockchain projects, featuring altcoins like Near Protocol (NEAR), Bittensor (TAO), Render (RNDR), and Filecoin (FIL).
Grayscale has been frequently exploring avenues to address institutional interest in crypto. In June, the firm announced its intent to establish the first US-based XRP trust, potentially paving the way for an ETF.
Read More: XRP ETF Explained – What It Is and How It Works
Crypto ETFs have shown notable influence on the market this year. Bitcoin ETFs have recorded over $4 billion in net inflows this month. This surge has driven Bitcoin’s price to over $73,000 earlier this week, its highest since March.
Today, the combined net assets of all spot Bitcoin ETFs reached a new peak at $72.55 billion, representing 5.07% of Bitcoin’s overall market value. This milestone marks the first time spot Bitcoin ETFs have captured more than 5% of the token’s total market cap.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitget’s New Token Listing Portal Demands Quality, Not Fees
Bitget, a leading crypto exchange, opened a transparent new listing application portal for project teams. This comes shortly after several other crypto exchanges face allegations of charging huge fees for token listing.
Bitget will not charge project teams to receive a listing, but the exchange demands high standards for all listed tokens.
Bitget’s Token Listing
Crypto exchange Bitget opened a new application portal for token listings, according to a press release shared with BeInCrypto. Bitget promised that the portal would include enhanced due diligence and a rigid review process for token listings and generally aim to provide project teams with transparency. This comes one day after a major token listing controversy from Binance and Coinbase.
Read More: Bitget Review: What You Need To Know in 2024
Specifically, several token developers and community leaders described incidents where these exchanges asked for exorbitant listing fees. These include an alleged demand for 15% of one team’s total token reserve or similar expenses to receive a listing. Major exchange listings can significantly increase token valuation and trade volume, leading some to pay high premiums.
In this controversy, several parties from both sides have advocated for the growing decentralized exchange sector. However, Bitget is a centralized exchange, and it’s using this new listing portal to claim it’s a transparent one.
“[We] at Bitget strive to create a platform where crypto gems can truly shine. Bitget prioritizes projects with strong innovation, network effects, and ecosystem value. Our listing and security team work closely to make sure we bring trustworthy projects on the platform. We aim to… [drive] continuous innovation and prosperity in the crypto industry,” Bitget CEO Gracy Chen stated.
Read More: What Are Decentralized Exchanges and Why Should You Try Them?
Bitget emphasized that it does not charge any fees during the listing application process, whether to begin or as payment for assessment services. The firm also claims to collaborate with project teams in several steps and monitor tokens after the official listing. Underperforming tokens may even face delisting if they fail to meet quality standards continually.
However, the process isn’t easy. Above all, Bitget asks potential clients to report any improper conduct or conflicts of interest from company representatives.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Is a Bigger Rally on The Way?
Ethereum price found support near $2,350 and started a fresh increase. ETH is rising and might aim for a move above the $2,580 resistance.
- Ethereum started a fresh surge above the $2,500 resistance zone.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it settles above $2,580 and $2,620.
Ethereum Price Restarts Increase
Ethereum price found support near $2,350 and started a fresh increase like Bitcoin. ETH was able to climb above the $2,420 and $2,450 resistance levels to move into a positive zone.
It cleared the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Besides, there was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
On the upside, the price seems to be facing hurdles near the $2,580 level. The first major resistance is near the $2,620 level. The main resistance is now forming near $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.
An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.
A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,450
Major Resistance Level – $2,620
Market
What Past US Elections Reveal About Crypto Market Trends
The US Presidential election is anticipated to have a substantial impact on global markets, with the cryptocurrency sector standing as no exception. Traders, analysts, and crypto enthusiasts worldwide closely monitor the US, where shifting attitudes toward digital assets make a difference.
In a recent report, on-chain analytics platform Santiment explored the connection between the most important US political event and crypto market movements. With results expected in days, here’s a look back at the crypto market reactions during the last two US presidential election cycles.
How Did US Elections Impact Crypto During Past Cycles
Analysts expect a close race in the 2024 US presidential election and predict a prolonged counting period. Given the tight competition, multiple days may pass after Election Day on Nov. 5 before the final results are confirmed and the next president is publicly announced.
In past elections, markets have reacted swiftly to presidential outcomes. Officials announced Joe Biden’s victory in 2020 four days after Election Day, triggering positive trends despite ongoing global economic turbulence from COVID-19.
While the election influenced market movements, some argue that a bull run was already on the horizon as the international community focused on economic recovery and pandemic response.
After Donald Trump’s 2016 victory, the crypto market saw a minor five-day retrace, with Bitcoin and altcoins dipping before quickly rebounding from the initial volatility. Cryptocurrency markets are famously volatile, and election cycles tend to amplify this effect.
In 2020, Joe Biden’s win fueled optimism for stimulus-driven policies and potentially more lenient monetary practices, leading to a surge in crypto prices. The brief dip and swift recovery in 2016, contrasted with the post-election rally in 2020, highlight how political shifts can significantly impact market trends.
As a result, the announcement of Joe Biden’s victory in the 2020 election was far more positive for crypto, and markets reacted almost instantly after the news broke.
Read more: How Can Blockchain Be Used for Voting in 2024?
The 2024 election is expected to bring significant price fluctuations in crypto markets, driven by the incoming administration’s stance on regulation and policy. Both major presidential candidates have outlined their views on cryptocurrency, offering a glimpse into the potential direction of US digital asset policy in the years ahead.
Candidate Positions on Cryptocurrency: Trump vs. Harris
Donald Trump
Cryptocurrency enthusiasts widely view Trump’s proposals as more favorable due to his emphasis on industry-friendly policies and his family’s active involvement in digital assets. The crypto community has largely responded positively to his proposals, which many view as encouraging to market growth:
- National Bitcoin Reserve: Trump proposed creating a national bitcoin stockpile at the Bitcoin 2024 conference in July, aimed at establishing the US as a cryptocurrency frontrunner.
- Crypto-Friendly Regulatory Policies: Trump has pledged to create a presidential advisory council on cryptocurrency, aiming to develop clear, favorable regulations.
- SEC Leadership Overhaul: Trump has stated he would replace SEC Chair Gary Gensler, aiming for a regulatory shift he describes as more favorable to digital assets.
- Family Ventures in Crypto: Trump’s sons, Donald Trump Jr. and Eric Trump, recently launched World Liberty Financial, a cryptocurrency exchange, underscoring the family’s involvement in the industry.
Kamala Harris
Harris, though supportive, emphasizes consumer protection, which some in the crypto space interpret as less conducive to industry expansion:
- Support for Innovation in Digital Assets: Harris has voiced support for digital assets and AI, emphasizing the need to foster innovation while protecting consumers.
- Framework for Regulatory Clarity: Harris proposed a regulatory framework for digital assets in October 2024, focusing on investor protections and transparent guidelines.
- Blockchain’s Potential: Harris has acknowledged blockchain technology’s potential, calling for balanced regulations that support innovation without compromising consumer safety.
- Engagement with Industry Leaders: Harris has engaged in dialogue with cryptocurrency leaders throughout 2024, signaling her openness to digital innovations while maintaining regulatory standards.
These differing approaches have resulted in a significantly higher volume of mentions around Trump’s crypto discussions and policies compared to Harris’s, reflecting the community’s heightened interest in his approach.
On Polymarket, prediction rates show higher support for Trump over Harris among the crypto community, though Harris has recently closed the gap, making it a closer race.
Read more: How To Use Polymarket In The United States: Step-by-Step Guide
Regardless of who wins the 2024 election, the cryptocurrency sector anticipates continued growth and evolving regulatory frameworks as the new administration steps in. The crypto community will closely observe how the incoming administration navigates the rise of digital assets, balancing the drive for innovation with regulatory safeguards.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
-
Market19 hours ago
Could It Be Setting Up for Major Reversal?
-
Altcoin18 hours ago
Binance Expands Support For POPCAT & MEW, Will These Solana Meme Coins Rally?
-
Market18 hours ago
a16z Pledges $23 Million for 2026 Pro-Crypto Election Effort
-
Market24 hours ago
Peaq Token, GAIB Partnership, Roam Telecom Layer
-
Market23 hours ago
Solana (SOL) Hints at Bearish Shift: Is Drop on The Horizon?
-
Altcoin22 hours ago
Shiba Inu Team Proposes S.H.I.B. Strategy to Musk and Trump, SHIB Price To Rally?
-
Market22 hours ago
SUI Price’s New ATH Ambitions Stalled by This Major Challenge
-
Market21 hours ago
XRP Price Gears Up: Is a Major Move on the Horizon?