Market

Bitwise’s Bitcoin and Ethereum ETF Gets SEC’s Green Light

Published

3 hours ago

January 31, 2025

Coin2049 Newsletter

The US Securities and Exchange Commission (SEC) has given initial approval for Bitwise’s spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Fund (ETF).

The SEC confirmed that the filing received accelerated approval. This came after the regulator approved similar ETFs last month.

SEC Approves Bitwise’s Bitcoin and Ethereum ETF

On January 30, the SEC approved NYSE Arca’s 19b-4 filing. The filing allows Bitwise’s combined Bitcoin and Ethereum ETF to be listed and traded.

According to the filing, the fund’s asset allocation will closely reflect the relative market capitalizations of Bitcoin and Ethereum. Furthermore, its holdings would be limited to these two cryptocurrencies and cash reserves.

Notably, according to the SEC, the filing received accelerated approval. The agency determined that the filing was substantially similar to other approved spot crypto ETFs, which allowed for an expedited approval process.

“The Commission finds good cause to approve the Proposal prior to the 30th day after the date of publication of notice of Amendment No. 126 in the Federal Register,” the SEC stated.

The development follows the SEC’s approval of the first-ever combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton in December 2024.

“Because hashdex and Franklin were already approved it made sense that this would also be approved in short order,” Bloomberg ETF analyst James Seyffart pointed out on X.

Bloomberg Senior ETF Analyst Eric Balchunas also commented on the decision on social media platform X. He said that the decision was “news but expected.”

“Even Gensler’s SEC would approve these,” Balchunas wrote.

Balchunas also highlighted the speed of the SEC’s decision. He noted that the approval process took only 45 days instead of the standard 240-day review period.

“I really want to interpret this as a sign the new SEC will be faster but no way to know really. Litecoin on deck, know more soon,” he added.

NYSE Arca filed the 19b-4 on November 26, 2024. After a public comment period and a revision to the filing on January 21, 2025, the SEC decided to fast-track its approval. The approval adds to Bitwise’s growing footprint in the crypto ETF space.

The investment manager has also submitted applications for Solana (SOL), XRP (XRP), and Dogecoin (DOGE) ETFs. Nonetheless, given its higher volatility and speculative nature, whether the SEC will approve a meme coin ETF remains to be seen.

Meanwhile, the Bitwise 10 Crypto Index Fund also remains under review. This fund is designed to track the performance of the top cryptocurrencies.

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.

Source link

Related Topics:Bitcoin Bitwises ETF Ethereum green light SECs

Up Next

Cardano (ADA) at Risk: Breakdown Signal Suggests Further Decline

Don't Miss

Ethereum Price Gains Traction: Can It Sustain the Climb?

Click to comment

Market

Arkansas Rejects Crypto Mining Restrictions

Published

40 minutes ago

January 31, 2025

Coin2049 Newsletter

The Arkansas Senate has rejected Senate Bill 60, which would have prohibited crypto mining facilities within a 30-mile radius of any military facility in the state.

The bill required digital asset mining operations within this zone to cease operations unless they had obtained permits before December 31, 2024.

Arkansas Lawmakers Say No to Crypto Mining Restrictions

Senate Bill 60, titled “To Prohibit a Digital Asset Mining Business from Being Located Within a Thirty-Mile Radius of a Military Facility,” was rejected on Thursday in a 6-1 vote, according to the Arkansas Democrat-Gazette.

Senator Ricky Hill and Representative Brian S. Evans introduced the bill. They argued that while digital asset mining—commonly known as crypto mining—presents economic opportunities, it also carries risks.

“Risks posed by digital asset mining include without limitation threats to national security and the security of the State of Arkansas,” the bill read.

The bill added that these crypto mining risks are heightened when such facilities operate within a thirty-mile radius of military bases in Arkansas.

“This act is immediately necessary in order to ensure the health and safety of the State of Arkansas and its citizens,” the bill asserted.

Had it passed, the legislation would have required digital asset mining businesses within the designated radius to shut down. This would have applied unless they had obtained permits from the Oil and Gas Commission before December 31, 2024.

Additionally, ongoing construction of mining facilities within these zones would have been required to cease. The bill also granted the Attorney General the authority to investigate potential violations. This included the power to issue subpoenas and collect sworn statements to enforce compliance.

Despite these provisions, the bill failed to gain sufficient support, leaving digital asset mining businesses free to operate without the proposed restrictions.

This development follows Arkansas’ April 2023 “Right to Mine” law. The law protected Bitcoin mining activities in the state by loosening restrictions on commercial crypto mining. Nonetheless, it faced substantial opposition, with critics citing environmental and energy consumption concerns.

Meanwhile, lawmakers in North Dakota have introduced legislation to safeguard the rights of cryptocurrency users and miners. Representative Nathan Toman has put forward a bill designed to protect fundamental Bitcoin-related rights.

Dennis Porter, CEO of the Satoshi Action Fund, confirmed the bill’s introduction via social media platform X (formerly Twitter).

“This bill will protect the: Right-to-Mine – Right Self-Custody – Right to Peer-2-peer Transactions – Right to Run a Node,” Porter stated.

These developments come as interest in crypto grows at the national level. President Donald Trump, now serving his second term, has voiced strong support for the domestic Bitcoin mining industry. He has publicly advocated for all future Bitcoin mining to take place within the US, reinforcing his administration’s pro-crypto stance.

Disclaimer

Source link

Market

Cardano (ADA) at Risk: Breakdown Signal Suggests Further Decline

Published

2 hours ago

January 31, 2025

Coin2049 Newsletter

Cardano price started a fresh decline from the $1.00 zone. ADA is consolidating and might continue to move down below the $0.9350 support.

ADA price started a fresh decline from the $1.00 zone.
The price is trading below $0.950 and the 100-hourly simple moving average.
There was a break below a key bullish trend line with support at $0.950 on the hourly chart of the ADA/USD pair (data source from Kraken).
The pair could start another decline if it trades below the $0.9350 support zone.

Cardano Price Turns Red

After struggling to stay above the $1.00 level, Cardano started a fresh decline unlike Bitcoin and Ethereum. ADA declined below the $0.9650 and $0.950 support levels.

There was a clear move below the $0.950 support zone. Besides, there was a break below a key bullish trend line with support at $0.950 on the hourly chart of the ADA/USD pair. The pair even traded below the 50% Fib retracement level of the upward move from the $0.9007 swing low to the $0.9881 high.

Cardano price is now trading below $0.950 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.950 zone. The first resistance is near $0.9650.

The next key resistance might be $0.9880. If there is a close above the $0.9880 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.00 region. Any more gains might call for a move toward $1.050 in the near term.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.950 resistance level, it could start another decline. Immediate support on the downside is near the $0.940 level and the 100-hourly simple moving average.

The next major support is near the $0.9350 level or the 61.8% Fib retracement level of the upward move from the $0.9007 swing low to the $0.9881 high. A downside break below the $0.9350 level could open the doors for a test of $0.9040. The next major support is near the $0.8550 level where the bulls might emerge.

Technical Indicators

Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.

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

Major Support Levels – $0.9400 and $0.9350.

Major Resistance Levels – $0.9500 and $0.9880.

Source link

Market

Ethereum Price Gains Traction: Can It Sustain the Climb?

Published

4 hours ago

January 31, 2025

Coin2049 Newsletter

Ethereum price started a fresh increase above $3,220. ETH is now consolidating and might eye more gains above the $3,270 resistance zone.

Ethereum started a fresh increase above the $3,120 zone.
The price is trading above $3,200 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another increase if it stays above the $3,200 level.

Ethereum Price Recovers

Ethereum price started a decent increase from the $3,020 zone, like Bitcoin. ETH was able to surpass the $3,120 and $3,150 resistance levels to move into a positive zone.

There was a break above a key bearish trend line with resistance at $3,200 on the hourly chart of ETH/USD. The pair surpassed the 50% Fib retracement level of the downward move from the $3,427 wing high to the $3,020 swing low.

However, the bears are now active near the $3,270 and $3,280 resistance levels. Ethereum price is now trading above $3,200 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $3,270 level and the 61.8% Fib retracement level of the downward move from the $3,427 wing high to the $3,020 swing low. The first major resistance is near the $3,330 level. The main resistance is now forming near $3,360. A clear move above the $3,360 resistance might send the price toward the $3,450 resistance.

An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,650 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $3,270 resistance, it could start another decline. Initial support on the downside is near the $3,220 level. The first major support sits near the $3,200.

A clear move below the $3,200 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.

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 – $3,200

Major Resistance Level – $3,270

Source link