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The price of BTC is surging above $37,000 due to expectations of imminent approval of the first Bitcoin spot ETF in the United States. The cryptocurrency market has fluctuated for a week, starting with uncertainty related to Binance regulations.
Despite the initial turmoil, recent positive trends indicate the market’s ability to bounce back. Some observers see the resolution of the Binance situation as a factor that could potentially pave the way for the SEC’s approval of a Bitcoin ETF.
Cryptocurrency Market Rebounds Despite Binance Chaos
Unconfirmed reports of a potential settlement between Binance and U.S. prosecutors caused a surge in volatility across cryptocurrency markets on Monday, November 20th.
This uncertainty has heightened market turmoil, which was further amplified on Tuesday when Binance founder and CEO Changpeng Zhao confirmed a settlement amounting to a $4.3 billion fine. Zhao also announced his resignation from his leadership position.
The announcement triggered volatility, causing the price of Bitcoin to temporarily fall below $36,000. However, Bitcoin has shown market resilience, recovering to a value of approximately $37,800, up 1.32% over the past 24 hours.
The broader cryptocurrency market has also seen a positive trend, rising over 0.94% over the past 24 hours. Several experts have suggested that the resolution of the Binance case could potentially accelerate the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
SEC Expects Spot Bitcoin ETF Approval in Early 2024
According to a CryptoSavingExpert post by
#grayscale I’m having a conversation with #secretary About Bitcoin ETF 🤝 pic.twitter.com/h40ejGnbRm
— CryptoSavingExpert ® (@CryptoSavingExp) November 22, 2023
The meeting follows a court order directing the SEC to formally review Grayscale’s proposal. The court found that the regulator lacked reasonable grounds to reject the ETF. Now that grayscale has more streamlined filing available, the outlook looks optimistic.
While the SEC recently allowed another spot BTC ETF to pass its deadline, analysts speculate that the regulator will approve one of these funds in early 2024. The entry of major players like Grayscale and BlackRock into the fray puts significant pressure on the SEC to reconsider its position. , which could potentially lead to increased demand for Bitcoin.
Deflationary Bitcoin ETF Token Capitalizes on ETF Hype
Amid growing anticipation for a potential spot BTC ETF, the recently emerged Bitcoin ETF Token (BTCETF) successfully raised over $1.5 million in pre-sale, attracting the attention of investors eager to participate in the excitement.
With its unique token economics and strategic market positioning, the Bitcoin ETF token seeks to establish itself as a primary vehicle for traders seeking to engage in speculation related to the ETF approval process.
This deflationary cryptocurrency introduces a new approach by implementing five token burn events. Each event occurs when a specific milestone is reached related to the launch of the first Bitcoin spot ETF.
Notable milestones include the official announcement of the first Bitcoin spot ETF, the physical launch of the ETF, $BTCETF surpassing $100 million in market capitalization, and Bitcoin reaching $100,000. After each milestone is achieved, the Bitcoin ETF token will begin burning 5% of the 2.1 billion token supply.
Once a total of 5 milestones are set, a quarter of the token supply will be gradually burned. Bitcoin ETF tokens are subject to a 5% transaction tax, which is reduced by 1% after each milestone is achieved.
Strategically positioned amid an accelerated ETF approval process due to uncontrollable market conditions, $BTCETF is ready to capitalize on and contribute to the mounting hype. Take a look at our Bitcoin ETF token price prediction here.
Watch the video above for full updates on the Bitcoin ETF token presale and subscribe to his YouTube channel for more cryptocurrency-related content. Jacob Crypto Bury also maintains a Discord channel with 17,000 members. In this channel, users can get trading tips and learn about upcoming cryptocurrency pre-sales.
Bitcoin ETF token successful pre-sale
In the ongoing $BTCETF cryptocurrency presale, the Bitcoin ETF token has been allocated an allocation of 40% of the total token supply, or 525 million tokens. This pre-sale consists of 10 rounds, with 84 million tokens issued in each round, with the price increasing from $0.005 to $0.0068 across rounds.
Currently valued at $0.0058, early participants in the pre-sale will have the opportunity to stake $BTCETF, a 161% increase, as evidenced by over $165 million BTCCETF already staked at the time of this writing. You can enjoy significant annual staking returns of over .
The ‘Buy and Stake’ option on the pre-sale platform will allow investors to seamlessly stake their holdings, contributing to the potential achievement of the pre-sale hard cap target of $4.96 million. Interested investors can visit our guide on how to buy $BTCETF tokens here.
#Bitcoin ETF Step 5 has now begun! 🚀 pic.twitter.com/bz0twyXA77
— BTCETF_Token (@BTCETF_Token) November 24, 2023
After the pre-sale ends, $BTCETF will be listed on major exchanges, improving liquidity and accessibility for investors. It is worth noting that the smart contract that manages this process has been carefully audited by Coinsult to ensure there are no issues or vulnerabilities.
As the cryptocurrency community eagerly awaits regulatory approval, the Bitcoin ETF token is positioning itself as a promising investment poised to benefit from this widespread excitement. To participate in the $BTCETF token presale, visit btcetftoken.com.
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