Bitcoin (BTC), the world’s leading cryptocurrency, has bounced back from recent losses, surpassing the $59,000 mark and reaching an intra-day high of $59,828.
Franklin Templeton’s Crypto ETF Proposal
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 aims to offer investors exposure to Bitcoin (BTC) and Ethereum (ETH) by tracking the CF Institutional Digital Asset Index. The ETF will initially focus on Bitcoin and Ethereum, with potential expansion to other cryptocurrencies based on market and regulatory conditions. Coinbase Custody Trust Company will manage the digital assets, and Bank of New York Mellon will handle cash and administrative duties. If approved, the ETF will trade 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 and Bank of New York Mellon.
- Reflects growing institutional interest in crypto ETFs.
Goldman Sachs’ $419M Bitcoin ETF Investment
Goldman Sachs has announced a $419 million investment in Bitcoin ETFs, indicating strong institutional confidence in the cryptocurrency. This investment follows Bitcoin’s 7% price increase, pushing its value to $59,800. Additionally, Crypto.com has secured a multi-year sponsorship deal with UEFA, enhancing its global visibility. Goldman Sachs’ significant investment underscores growing institutional support for Bitcoin, potentially driving its price higher.
Key Points:
- Bitcoin’s price increased by 7% to $59,800.
- Goldman Sachs invests $419 million in Bitcoin ETFs.
- Positive impacts from ETFs and sponsorship deals are likely to boost Bitcoin’s price.
Bitcoin’s Technical Outlook
Currently trading at $59,132, Bitcoin is forming an ascending triangle pattern, with support near $58,000. This pattern suggests a possible bullish breakout, although resistance is at $59,300. The 50-day Exponential Moving Average (EMA) at $59,275 is a key pivot point. A break above $59,300 could lead to higher levels, but resistance at $61,900 may limit gains. Conversely, a drop below $58,000 could signal a bearish reversal.
Key Points:
- Bitcoin faces resistance at $59,300.
- A breakout above this level could lead to higher prices.
- A drop below $58,000 might indicate a bearish trend.
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Key Points:
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- Current presale price is $0.0091265.
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The post Bitcoin Price Set for Movement? Franklin Templeton Files Crypto Index ETF appeared first on Cryptonews.
