VanEck Resubmits Bitcoin Trust ETF Proposal to SEC
New York-based company VanEck has made a move in the ETF market by resubmitting its Bitcoin Trust ETF proposal to the U.S. SEC. The unique aspect of VanEck’s plan is that it aims to use Bitcoin itself for fund seeding, which differs from the cash-based method used in other ETF proposals. The VanEck Bitcoin Trust seeks to reflect the performance of Bitcoin and trade on the Cboe BZX Exchange. With the SEC’s previous rejections of VanEck’s proposal, the crypto community eagerly awaits their response to this and other spot Bitcoin ETF proposals.
Dogecoin’s Potential Breakthrough or Breakdown
Dogecoin has been riding the wave of the overall market and closely following Bitcoin’s journey as it awaits approval for a BTC spot ETF. Currently trading between $0.0671 and $0.0737, breaking through the resistance at $0.0737 could propel Dogecoin to higher levels, particularly towards $0.0751. However, investors should consider the 3-10 Day MACD Oscillator, which shows signs of hesitation around $0.07285. A decisive move beyond this point could signal further upward movement, while slipping below the support at $0.0671 could lead to a downward spiral.
Shiba Inu’s Groundbreaking Blockchain Identity
Developers of Shiba Inu have announced an upcoming groundbreaking SHIB identity on the blockchain, generating excitement within the crypto community. While details are limited, this development is seen as revolutionary and has contributed to a more than 2% increase in Shiba Inu’s price amidst a broader market rally. Currently trading between $0.0000075 and $0.0000082, Shiba Inu’s bullish momentum is supported by staying above the 40-day moving average at $0.0000076. However, the 3-10 day MACD Oscillator shows signs of stalling at $0.0000081, suggesting a potential loss in momentum and the possibility of testing lower support levels.
Floki Inu’s Recent Surge and What’s Next
Floki Inu has gained attention with a significant 44% jump following the announcement of a new staking program and the launch of a sister token, TokenFI. Currently trading between $0.0000339264 and $0.0000433929, Floki Inu’s positive momentum could lead to a breakthrough above $0.0000433929 and further gains. However, the short-term price action may be influenced by the 20% buy/sell transaction tax imposed during TokenFI’s launch. If excitement wanes or the high tax deters buyers, Floki Inu could face downward pressure and test support levels.
Hot Take: VanEck’s ETF Move Sparks Excitement Amidst Market Gains
VanEck’s resubmission of its Bitcoin Trust ETF proposal has created buzz in the crypto sphere. While awaiting the SEC’s response, Dogecoin, Shiba Inu, and Floki Inu have experienced notable gains and technical shifts. However, as always in the unpredictable world of crypto, caution must accompany optimism for traders and investors.
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