Bitcoin Price Recovers as Cboe Refiles ETF Application
Bitcoin’s price has started to recover after several days of support at $30,200. This recovery was likely influenced by Cboe’s move to refile its amended spot Bitcoin ETF application, following in BlackRock’s footsteps. Cboe also finalized a surveillance-sharing agreement with Coinbase.
Main Breakdowns:
- Cboe originally filed for a spot Bitcoin ETF, but the SEC returned the filings, citing a lack of surveillance-sharing agreement.
- Cboe entered into a surveillance deal with Coinbase and refiled the application.
- Bitcoin’s price experienced a minor rally, reaching $30.75k before facing resistance.
- The coin traded sideways for 12 hours before breaking the resistance and reaching $30.8k.
- ARK offloaded $12 million worth of Coinbase shares as the price grew.
Hot Take: The refiled ETF application and the partnership between Cboe and Coinbase have positively impacted Bitcoin’s price. However, the coin still faces resistance and volatility. The recent offloading of Coinbase shares by ARK adds uncertainty to the market.
Grayscale CEO Calls BlackRock’s ETF Filing a Validation for BTC
The CEO of Grayscale Investments, Michael Sonnenshein, considers BlackRock’s ETF filing a moment of validation for Bitcoin. He sees it as a sign of the asset class’s staying power and believes an ETF would simplify trading for investors.
Main Breakdowns:
- Grayscale is interested in a Bitcoin ETF as it would provide a simpler trading method.
- Investors currently use the Grayscale Bitcoin Trust to trade shares in BTC.
What’s Next for Bitcoin?
While Bitcoin’s recent events have contributed to its price recovery, the future remains uncertain. Analysts speculate on a breakout, but the coin has been relatively stable between $30k and $31k. It lacks a clear direction due to a balance of positive and negative events.
Wall Street Memes Raises $14 Million in Presale
A new meme coin called Wall Street Memes has raised $14 million in its presale. Inspired by the subreddit WallStreetBets, the token aims to capture the enthusiasm of amateur investors. The project just entered its next phase and offers various payment options for interested buyers.
Main Breakdowns:
- Wall Street Memes was inspired by the WallStreetBets subreddit.
- The token aims to capitalize on the enthusiasm of amateur investors.
- The presale has raised $14.24 million, with a price of $0.0316 per WSM.
Hot Take: Wall Street Memes is leveraging the popularity of meme coins and the excitement of amateur investors. While Bitcoin’s price remains uncertain, other projects are attracting attention in the crypto space.
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