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Bitcoin (BTC), the foremost and most valuable cryptocurrency globally, has recovered from its recent declines and regained its position above the $59,000 threshold, reaching an intra-day peak of $59,828.
The S-1 application for a crypto index ETF submitted by Franklin Templeton elucidates Bitcoin’s upward trend. This initiative indicates a rising institutional interest, enhancing demand and credibility for Bitcoin.
Bitcoin Price (BTC) Increased by 1.3% While Ether Price (ETH) Rose by 1.7%
check the full article on our website #bullrun #news!#Crypto #Bitcoin #Invest #CryptoEducation #Blockchain #Business #Finance— bullrun.news (@bullruNews) August 16, 2024
Additionally, the increase in BTC was further supported by Goldman Sachs’ $419 million investment in Bitcoin, indicating robust institutional confidence.
Furthermore, Crypto.com’s sponsorship of UEFA enhances the global visibility of cryptocurrency, while Rollblock’s impressive growth and potential for 100x returns underscore rising interest, reinforcing BTC’s upward trajectory in the wider market.
Franklin Templeton’s Crypto ETF Proposal Could Elevate Bitcoin Price
Franklin Templeton has submitted an S-1 registration statement to the SEC for a new exchange-traded fund (ETF) named the “Franklin Crypto Index ETF.”
This ETF is designed to provide investors with exposure to Bitcoin (BTC) and Ethereum (ETH) by tracking the CF Institutional Digital Asset Index.
Initially, the ETF will concentrate on BTC and ETH, with intentions to possibly incorporate additional cryptocurrencies depending on regulatory and market circumstances.
Coinbase Custody Trust Company will oversee the management of the fund’s digital assets, while the Bank of New York Mellon will handle cash holdings and administrative responsibilities. If approved, the ETF will be listed on the Cboe BZX Exchange under the ticker symbol “EZPZ.”
Key Points:
- Focus on Bitcoin and Ethereum, with potential for additional cryptocurrencies
- Managed by Coinbase Custody, with BNY Mellon overseeing cash and administrative functions
Franklin Templeton files for Crypto Index ETF…
Would initially hold btc & eth.
Here we go. pic.twitter.com/K3o8qI2QZq— Nate Geraci (@NateGeraci) August 16, 2024
This proposal signifies increasing institutional interest in crypto ETFs. With competing applications from companies like Grayscale and VanEck, the market for diversified crypto index products is broadening.
If approved, the Franklin Crypto Index ETF could elevate Bitcoin’s price by amplifying institutional demand and facilitating easier access for traditional investors, thus supporting Bitcoin’s upward trend.
Goldman Sachs’ $419M Bitcoin ETF Investment Enhances Crypto Market Confidence
Bitcoin has seen considerable gains following the introduction of Bitcoin ETFs, with institutional investments rising sharply. Goldman Sachs recently disclosed a $419 million investment in Bitcoin ETFs, indicating growing confidence in the cryptocurrency.
This week, Bitcoin’s price surged by 7% from recent lows, reaching $59,800, effectively doubling its value this year.
Simultaneously, Crypto.com (CRO) has bolstered its market presence by securing a multi-year sponsorship agreement with UEFA. Although the specific terms remain undisclosed, the partnership is anticipated to significantly boost Crypto.com’s visibility.
Goldman Sachs reveals $418 million in Bitcoin ETF holdings, signaling increased institutional adoption. This substantial investment underscores the growing confidence in Bitcoin’s long-term potential within the traditional financial sector. pic.twitter.com/5pMmHYVusd
— Decilizer (@decilizer) August 16, 2024
Key Points:
- Bitcoin’s price rebound of 7%, reaching $59,800
- Goldman Sachs invests $419 million in Bitcoin ETFs
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These developments, along with the favorable effects of ETFs, are likely to further propel Bitcoin’s price upward.
Bitcoin Targets $59,300 Pivot in Ascending Triangle Formation
Bitcoin (BTC/USD) is presently trading at $59,132, forming an ascending triangle pattern that provides support near the $58,000 level.
This pattern generally indicates a potential bullish breakout, but the price action is currently constrained by immediate resistance at $59,300.
The 50-day Exponential Moving Average (EMA), positioned at $59,275, serves as a pivot point, which could either reinforce or challenge this resistance level.
Bitcoin Price Chart – Source: Tradingview
A more significant hurdle lies ahead with a triple top pattern near the $61,900 level, which could restrict further upward movement. If Bitcoin succeeds in breaking above $59,300, the next crucial level to monitor will be this triple top resistance.
On the downside, any breach below $58,000 could indicate a bearish reversal, potentially leading to a decline toward lower support levels.
Conclusion: Consider selling below $59,300 if resistance remains. Conversely, a breakout above could pave the way for higher levels, but the triple top at $61,900 may present a substantial barrier.
You might also like Bitcoin Price Prediction 2024 – 2034
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We’ve just hit $9M!
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The post Bitcoin Price Set for Movement? Franklin Templeton Files Crypto Index ETF appeared first on Cryptonews.
