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Anticipation over the imminent approval of the first bitcoin spot ETFs in the US is driving a surge in the price of btc as it surpasses the $37,000 mark. The cryptocurrency market witnessed a week of ups and downs, starting with uncertainties related to Binance regulations.
Despite initial turbulence, recent positive trends indicate the market’s ability to recover. Some observers see the resolution of the Binance situation as a factor that could potentially pave the way for the approval of a bitcoin ETF by the SEC.
crypto Markets Rebound Despite Binance Turmoil
Unconfirmed reports about a possible settlement between Binance and US prosecutors caused increased volatility across the cryptocurrency market on Monday, November 20.
This uncertainty added to market turbulence, which was further amplified on Tuesday when Binance founder and CEO Changpeng Zhao confirmed the settlement, which amounts to a fine of $4.3 billion. Additionally, Zhao announced his resignation from his leadership position.
This announcement triggered fluctuations, causing a temporary drop in bitcoin prices, falling below $36,000. However, the market has shown resilience, with bitcoin recovering to a value of approximately $37,800, reflecting a 1.32% increase in the last 24 hours.
The broader cryptocurrency market has also shown a positive trend, gaining over 0.94% in the last 24 hours. Several experts have suggested that the resolution of the Binance case could potentially accelerate the approval of a bitcoin spot ETF by the US Securities and Exchange Commission (SEC).
SEC expected to approve bitcoin spot ETF in early 2024
According to a post by CryptoSavingExpert on Spot bitcoin.
#Grayscale is in talks with #SECOND about your bitcoin ETF pic.twitter.com/h40ejGnbRm
— CryptoSavingExpert ® (@CryptoSavingExp) November 22, 2023
This meeting follows a court order directing the SEC to formally review Grayscale’s proposal, as a court determined that the regulator lacked a reasonable basis to reject the ETF. Now that Grayscale is allowed to use a more simplified presentation, the outlook appears optimistic.
While the SEC recently allowed another btc ETF deadline to pass, analysts speculate that the regulator could approve one of these funds as early as 2024. The entry of major players like Grayscale and BlackRock into the competition adds substantial pressure on the SEC to reconsider its position. , which could lead to increased demand for bitcoin.
Deflationary bitcoin ETF Token Capitalizes on ETF Enthusiasm
Amid heightened expectations about a potential btc spot ETF, a recently emerged token called bitcoin ETF Token (BTCETF) has successfully raised over $1.5 million in its pre-sale, attracting interest from investors eager to participate in the emotion.
bitcoin ETF Token, with its unique tokenomics and strategic market positioning, seeks to establish itself as the primary avenue for traders looking to engage in speculation related to the ETF approval process.
This deflationary cryptocurrency introduces a novel approach by implementing five token burning events, each of which is triggered by reaching specific milestones tied to the launch of the first bitcoin Spot ETF.
Notable milestones include the official announcement of the first bitcoin spot ETF, the actual launch of the ETF, $BTCETF surpassing a $100 million market cap, and bitcoin reaching the $100,000 mark. Following the achievement of each milestone, bitcoin ETF Token will initiate a burn of 5% of its 2.1 billion token supply.
With a total of five milestones in place, a quarter of the token supply is destined to be burned gradually. bitcoin ETF Token incorporates a 5% trading tax, which will be reduced by 1% after each milestone is met.
Strategically positioned in the midst of the accelerated ETF approval process, driven by uncontrollable market conditions, $BTCETF is poised to take advantage of and contribute to the growing hype. Take a look at our bitcoin ETF token price prediction here.
Watch the full update on the bitcoin ETF token pre-sale in the video above and subscribe to their Youtube channel for more cryptocurrency related content. Jacob crypto Bury also runs a Discord channel with 17,000 members, where users can get trading tips and find out about upcoming cryptocurrency pre-sales.
Successful pre-sale of bitcoin ETF token
In the ongoing $BTCETF crypto pre-sale, bitcoin ETF Token has allocated 40% of its total token supply, equivalent to 525 million tokens. This pre-sale is structured in ten rounds, each releasing 84 million tokens, with the price increasing from $0.005 to $0.0068 in these rounds.
Currently valued at $0.0058, early pre-sale participants have the opportunity to stake $BTCETF, enjoying substantial annual staking returns of over 161%, as evidenced by the over 165 million $BTCETF already staked at the time of write this article.
Utilizing the “Buy and Bet” option on the pre-sale platform allows investors to stake their holdings seamlessly, contributing to the potential achievement of the pre-sale strict capitalization target of $4.96 million. Interested investors can visit our guide on how to buy $BTCETF tokens here.
#BitcoinETF Stage 5 is now available! pic.twitter.com/bz0twyXA77
– BTCETF_Token (@BTCETF_Token) November 24, 2023
Once the pre-sale is concluded, $BTCETF will move towards listing on major exchanges, improving liquidity and accessibility for investors. It should be noted that the smart contracts that govern this process have been subjected to a meticulous audit by Coinsult, confirming the absence of problems or vulnerabilities.
As the crypto community eagerly awaits regulatory approval, bitcoin ETF Token is positioned as a promising investment ready to benefit from this widespread enthusiasm. To participate in the pre-sale of the $BTCETF token, visit btcetftoken.com.
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