Hashdex Submits Revised Spot Bitcoin ETF Proposal
Crypto asset management company, Hashdex, has made updates to its proposal for a Spot Bitcoin ETF. The firm aims to combine Spot Bitcoin with its Bitcoin Futures ETF and change the ticker to a Hashdex Bitcoin ETF. Hashdex has initiated a partnership between Teucrium Trading LLC and Tidal Commodities Trust to sponsor the ETF. The merger will result in organizational and administrative changes, including a shift in the trust entity responsible for issuing the ETF. Hashdex intends to maintain its investment strategies and objectives while not negatively impacting investors or burdening competitors.
BTC Price Surges Towards $39,000
The price of Bitcoin has been steadily increasing as investor sentiment grows and the US SEC’s approval of Spot Bitcoin ETFs approaches. Recently, BTC experienced an unexpected surge to $39,000, reaching levels last seen in May 2022. This sudden price spike is attributed to a speech by Jerome H. Powell, Chair of the Federal Reserve United States. Powell raised hopes of more stable Fed rate hikes, stating that the FOMC is committed to bringing inflation down to 2 percent over time. Data from TradingView shows that the price of Bitcoin reached $39,000 on Bitstamp but is currently trading at $38,765.
Hot Take: Positive Momentum for Spot Bitcoin ETFs
The revised proposal by Hashdex for a Spot Bitcoin ETF indicates positive momentum for the approval of such products by the US SEC. The partnership between Hashdex, Teucrium Trading LLC, and Tidal Commodities Trust demonstrates a commitment to providing investors with access to regulated Bitcoin investment opportunities. Additionally, the surge in BTC price towards $39,000 further highlights the growing interest in cryptocurrencies and the potential impact of approved Spot Bitcoin ETFs on market sentiment. As the January 2024 decision approaches, the crypto community eagerly awaits the SEC’s verdict on these ETF applications and their potential implications for the broader crypto industry.
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