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Grayscale Applies for Solana and Litecoin ETF with the SEC

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Grayscale, one of the largest crypto asset management firms, just filed with the SEC to create a Litecoin and Solana ETF. It also filed for other crypto-related ETF products.

The firm’s “Bitcoin Adopters ETF” and synthetic Ethereum ETF are part of a massive surge in SEC applications since Gary Gensler resigned. It is presently unclear which, if any, of these products will meet regulatory approval.

Grayscale Continues the ETF Race

Compared to other cryptoassets, the race to create a Litecoin ETF has been subdued. The Nashville-based Canary Capital made the first filing in October, but few others have followed suit.

The SEC has been giving more signals that it may approve a Litecoin fund, and Nasdaq filed to list it if approved. Today, Grayscale became the second firm to file for a Litecoin ETF.

Although Litecoin’s price recently soared due to ETF rumors, Grayscale’s application has yet to move the needle much. This price spike quickly subsided after the ETF approval did not go through, and the market may be shy to raise its hopes again.

litecoin price
Litecoin Monthly Price Chart. Source: BeInCrypto

However, there might be other reasons why the Litecoin market lacks any notable movement. For instance, the network has seen very few upgrades and technical advancements compared to the other blockchains.

Meanwhile, Grayscale also filed for several other ETF products, including a Solana ETF. According to a thread compiled by Bloomberg analyst James Seyffart, Grayscale is creating a product based on a synthetic position of its Ethereum Trust and Mini Trust, as well as a novel idea:

“Grayscale filed for a ‘Bitcoin Adopters ETF.’ Here are the strategy details: it will be an equity ETF that holds the stock of companies that hold Bitcoin as a part of their corporate treasury,” Seyffart claimed.

In short, Grayscale prioritized filing for a Litecoin product, but it also applied for three other ETF products in the same afternoon. The firm may have pioneered the race for a Bitcoin ETF, yet its products have been consistently dominated in the market by other ETF issuers.

This synthetic Ethereum ETF and Bitcoin Adopters ETF may be further attempts to scrape the bottom of the barrel. For now, it is unclear which (if any) of these products will pass regulatory scrutiny. Since Gary Gensler resigned, many firms have filed their own applications, including some dubious meme coin ETFs.

If Grayscale is successful in creating this tranche of ETF offerings, it will probably face another highly competitive market.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Sees a Bearish Shift: Key Levels to Watch

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Bitcoin Price Dips But Nears $100K: A Pullback or a Launchpad?

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Bitcoin price struggled near $107,000 and corrected gains. BTC is now approaching $100,000 and might find bids in the near term.

  • Bitcoin started a downside correction from the $107,000 zone.
  • The price is trading below $103,500 and the 100 hourly Simple moving average.
  • There was a break below a connecting bullish trend line with support at $104,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $100,000 support zone.

Bitcoin Price Dips Again

Bitcoin price started a decent upward move above the $105,500 zone. BTC was able to climb above the $106,000 and $106,500 levels.

The bulls even pushed the price above the $107,000 level. However, the bears were active above the $107,000 zone. A high was formed at $107,080 and the price is now correcting gains. There was a move below the $105,000 level.

Besides, there was a break below a connecting bullish trend line with support at $104,800 on the hourly chart of the BTC/USD pair. The pair tested the $100,700 zone. A low is formed at $100,700 and the pair is now consolidating losses.

Bitcoin price is now trading below $103,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,200 level or the 23.6% Fib retracement level of the downward move from the $107,080 swing high to the $100,700 low.

The first key resistance is near the $104,000 level. It is close to the 50% Fib retracement level of the downward move from the $107,080 swing high to the $100,700 low. A clear move above the $104,000 resistance might send the price higher. The next key resistance could be $105,000.

Bitcoin Price

A close above the $105,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,200 resistance level. Any more gains might send the price toward the $107,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $102,200 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.

The next support is now near the $88,500 zone. Any more losses might send the price toward the $86,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $100,500, followed by $100,000.

Major Resistance Levels – $102,200 and $104,000.



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Ethereum Price Fails Key Breach; Investors Sell $1.3 Billion ETH

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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has faced persistent struggles throughout the year.

Despite multiple attempts to reclaim momentum, Ethereum has fallen below $3,000 on occasion, reflecting an inability to sustain recovery. This lack of upward movement has triggered investor caution, leading many to sell their holdings to secure profits.

Ethereum Investors Run Out Of Patience

Investor sentiment surrounding Ethereum has shifted notably, with holders moving to offload their assets amid growing skepticism. Over the past week, more than 410,000 ETH, worth over $1.3 billion, has been sold. This spike in sell-offs is evident in the increased ETH supply on exchanges, a clear signal that investors are capitalizing on recent price action rather than holding for long-term gains.

This rise in selling pressure highlights the waning confidence among market participants, who appear unconvinced of Ethereum’s ability to sustain a meaningful recovery. The absence of strong upward price action has further fueled uncertainty, leading to a shift toward profit-taking behavior.

Ethereum Supply On Exchanges
Ethereum Supply On Exchanges. Source: Santiment

Ethereum’s macro momentum presents a mixed outlook. The Network Value to Transaction (NVT) signal, a key metric for assessing valuation, has dropped to a 25-month low. This suggests that Ethereum is currently undervalued, which historically indicates a potential for recovery and a rally in the medium to long term.

The undervaluation shown by the NVT signal could prevent Ethereum from experiencing sharp corrections, offering some hope for a reversal in sentiment. If this undervalued status attracts renewed interest, ETH may have a chance to stabilize and push beyond its current barriers.

 Ethereum NVT Signal
Ethereum NVT Signal. Source: Glassnode

ETH Price Prediction: Invalidating Barriers

Ethereum’s price is currently holding above the support level at $3,303, following a failed attempt to breach the $3,530 barrier. Last week, the cryptocurrency dipped to $3,131, highlighting its ongoing struggle to maintain bullish momentum.

Given the current conditions, Ethereum is likely to continue consolidating under the $3,530 resistance level. A failure to reclaim this critical barrier could see ETH falling back to $3,131, further weakening market confidence.

Ethereum Price Analysis
Ethereum Price Analysis. Source: TradingView

On the other hand, a successful breach of $3,530 could mark a turning point for Ethereum. Such a move would likely push the price toward $3,711, restoring investor confidence and invalidating the bearish outlook. However, sustained buying pressure and favorable market conditions will be critical for this scenario to unfold.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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