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Today’s Cryptocurrency Headline
Grayscale Investments, the crypto asset manager, filed for a new exchange-traded fund that tracks ether futures on Tuesday, according to a Wall Street Journal report. The news comes just a few weeks after Grayscale scored a win over the U.S. Securities and Exchange Commission in its ongoing application for a spot bitcoin ETF, with a judge ruling that the regulator must re-review the proposal. The company’s latest filing with the SEC comes under the Securities Act of 1933, the framework governing commodities and spot bitcoin ETFs, according to the WSJ. Grayscale had previously filed for a separate ether futures ETF under the Investment Company Act of 1940, the regulation under which most securities-based ETFs are registered. The WSJ noted that the distinction is notable in that the SEC has approved bitcoin futures ETFs registered under both acts before. Indeed, the agency approved two leveraged bitcoin ETFs proposed by BITX as recently as June.
BingX’s Bitcoin Chart
Bitcoin weathers the Fed’s decision to keep rates at their previous levels, while Chair Jerome Powell reveals the potential for another hike to come this year. But it is important to note that ETH/BTC has reached a new low this year. It is worth knowing that ETH has always been a leading indicator for most altcoins, and as ETH/BTC continues to decline, it also increases the risk of altcoins falling. The decline in ETH/BTC is also related to the lack of new narratives for ETH, as the industry’s development has hit a bottleneck. The support level is at $26,700 and the resistance level is at $27,400.
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