The ever-growing interest in Bitcoin ETFs has seen Franklin Templeton, a prominent financial services company, filing an application for regulatory approval of a Bitcoin ETF. The proposed ETF would trade on the Cboe BZX Exchange and utilise Coinbase as its Bitcoin custodian. This move comes after a federal appeals court ruled that the Securities and Exchange Commission (SEC) had incorrectly denied Grayscale’s Bitcoin ETF application. The approval of a Bitcoin “spot” ETF is widely seen as a significant development that could pull in sizeable investments from traditionally conservative institutions.
Yet, the SEC has resisted such proposals amidst concerns of potential market manipulation. To placate these fears, companies like BlackRock and Fidelity have partnered with Nasdaq and NYSE respectively to vigilantly monitor Bitcoin markets. Franklin Templeton’s application, however, doesn’t declare plans for a similar surveillance partner. Although Bitcoin prices initially spiked following the ETF application news, they have since declined. Whether a Bitcoin spot ETF will achieve approval remains uncertain.
Diverging from the Bitcoin ETF subject, we explore the promising options within the crypto market. Several cryptos present interesting prospects based on robust fundamentals and/or favourable technical analyses. One such crypto is the promising Kaspa (KAS), showing a bullish trend with a rise in its buying pressure. However, traders should watch for the immediate resistance at the Fib 0.786 level of $0.045105 if Kaspa aims for an upward movement.
Wall Street Memes will launch later this month. The same originators of the WallStreetBets Reddit forum, known for coordinated GameStop stock spikes, also started this project. Its token has already managed to raise over $25 million and attracted retail investors in droves, including names such as Elon Musk.
Moreover, we come across Optimism, depicted with bullish signals despite a bearish trend. Its 4.05% increase so far today indicates the trend may be reversing, useful information for traders.
We’re also keeping our eyes on Bitcoin BSC, which offers Bitcoin for 2011 prices and has already attracted more than $1 million in contributions via a presale. To ensure its operations are eco-friendly, Bitcoin BSC will utilise a proof-of-stake mechanism as opposed to the energy-intensive proof-of-work model Bitcoin currently uses.
Lastly, we have Injective, which faces a crunch situation through a tug of war between the bulls and the bears. Despite an upward movement in its RSI, indicating rising buying pressure, its EMAs indicate potentially bearish tendencies. Both the bulls and the bears will decide who takes over.
As always, crypto is a high-risk asset class. Remain informed, adopt strategic trading decisions, and remember that you could lose all your capital.
Source: Cryptonews
