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Arslan Butt
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Arslan Butt
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Bitcoin (BTC), the leading and most valuable cryptocurrency in the world, recovered its recent losses and regained its strength above the $59,000 level, hitting an intra-day high of $59,828.
Franklin Templeton’s S-1 application for a crypto index ETF explains Bitcoin’s bullish rally. This move signals growing institutional interest, boosting demand and credibility for Bitcoin.
Meanwhile, the upticks in BTC were further bolstered by Goldman Sachs’ $419 million Bitcoin investment, signalling strong institutional confidence.
Moreover, Crypto.com’s UEFA sponsorship enhances crypto’s global visibility, while Rollblock’s record growth and potential 100x returns highlight increasing interest, supporting BTC’s upward momentum in the broader market.
Franklin Templeton’s Crypto ETF Proposal Could Boost Bitcoin Price
Franklin Templeton has filed an S-1 registration statement with the SEC for a new exchange-traded fund (ETF) called the “Franklin Crypto Index ETF.”
This ETF aims to provide investors exposure to Bitcoin (BTC) and Ethereum (ETH) by tracking the CF Institutional Digital Asset Index.
Initially, the ETF will focus on BTC and ETH, with plans to potentially include other cryptocurrencies based on regulatory and market conditions.
Coinbase Custody Trust Company will manage the fund’s digital assets, while Bank of New York Mellon will oversee cash holdings and administrative duties. 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 more cryptocurrencies
- Managed by Coinbase Custody, with BNY Mellon handling cash and admin functions
This proposal reflects growing institutional interest in crypto ETFs. With competing filings from firms like Grayscale and VanEck, the market for diversified crypto index products is expanding.
If approved, the Franklin Crypto Index ETF could boost Bitcoin’s price by increasing institutional demand and providing easier access for traditional investors, thereby supporting Bitcoin’s upward momentum.
Bitcoin has experienced significant gains following the launch of Bitcoin ETFs, with institutional investments increasing sharply. Goldman Sachs recently revealed a $419 million investment in Bitcoin ETFs, signalling growing confidence in the cryptocurrency.
This week, Bitcoin’s price rebounded by 7% from recent lows, reaching $59,800, doubling its value this year.
At the same time, Crypto.com (CRO) has strengthened its market presence by securing a multi-year sponsorship deal with UEFA. Although the exact terms remain undisclosed, the partnership is expected to significantly enhance Crypto.com’s visibility.
Key Points:
- Bitcoin’s price rebound of 7%, reaching $59,800
- Goldman Sachs invests $419 million in Bitcoin ETFs
These developments, along with the positive impact of ETFs, are likely to further drive Bitcoin’s price upward.
Bitcoin Eyes $59,300 Pivot in Ascending Triangle Battle
Bitcoin (BTC/USD) is currently trading at $59,132, forming an ascending triangle pattern that is providing support near the $58,000 level.
This pattern typically suggests a potential bullish breakout, but the price action is currently capped by immediate resistance at $59,300.
The 50-day Exponential Moving Average (EMA), sitting at $59,275, is acting as a pivot point, which could either reinforce or challenge this resistance level.
A more formidable obstacle lies ahead with a triple top pattern near the $61,900 mark, which could limit further upside movement. If Bitcoin manages to break above $59,300, the next critical level to watch will be this triple top resistance.
On the downside, any break below $58,000 could signal a bearish reversal, potentially leading to a decline toward the lower support levels.
Conclusion: Consider selling below $59,300 if resistance holds. Conversely, a break above could open the door to higher levels, but the triple top at $61,900 may act as a significant barrier.
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