- America’s top cryptocurrency asset manager is filing a historic S-1 form on the SEC tables.
- Seasoned cryptocurrency ETF experts at Bloomberg were shocked by the HBAR ETF news.
- Hedera’s native token is spurring above $0.0677 as bulls regain near-term momentum.
Canary Capital, a large US cryptocurrency asset fund manager, has surprised the cryptocurrency industry with several exchange-traded (ETF) products, including previous applications for Litecoin (LTC), Solana (SOL), and Ripple (XRP) ETFs.
HBAR ETF Thunderbolts Analyst
Now, the cryptocurrency giant is making a big move with its proposed Hedera Hashgraph (HBAR)-based ETF product, which landed on the Securities and Exchange Commission (SEC) table on November 12, 2024. The paper praises the speed of Hedera Hashgraph distributed ledger. We provide secure transactions and a variety of utility cases through major brand partnerships.
The new ETF competitor comes just a month after Canary Capital launched America’s first Hedera cryptocurrency investment vehicle, called HBAR Trust. This has sparked mixed reactions among digital asset experts, such as Eric Balchunas, who said Canary Capital’s HBAR ETF should be researched on Google to understand what it means.
“After Trump, the spaghetti cannon is in operation” Bloomberg’s top ETF expert and market commentator ironically predicted that a Dogecoin ETF proposal would be next. Moreover, the same sentiment was shared by James Seyffart, another ETF expert who confessed to “knowing nothing” about HBAR.
HBAR price regains its upward trend
Deploy Ichimoku Cloud, an at-a-glance balance technical trading tool to help you understand market momentum and support and resistance levels for altcoins to watch out for. The technique was invented by Koichi Hosoda in Japan in 1930 and remained a secret trading strategy until the 1960s.
Ichimoku Cloud analyzes the momentum of an asset and considers a coin’s price performance bullish if its price is trading significantly higher than the cloud. Conversely, asset prices trading under the Ichimoku Cloud constitute downward price momentum.
In the case of Hedera, the price of the blue altcoin is hovering around $0.06, a retracement from its monthly high of $0.06772 on November 12, 2024. Senkou Spans A & B, representing the upper and lower lines of the Ichimoku Cloud, were placed considerably below. The current HBAR price signals near-term upward momentum.
On the flip side
- Canary Capita’s HBAR ETF proposal lacked details about the custodian, ticker symbol, and cryptocurrency exchange used for internal ETF trading.
Why This Matters
The granting of the HBAR ETF will create a top-tier regulatory environment for investors in Hedera’s native tokens, which are more vulnerable to traditional financial dynamics.
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