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Parth Dubey

Valkyrie Bitcoin Futures ETF to be launched this week: Analysts

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According to the ETF analysts from Bloomberg, the Valkyrie Bitcoin futures ETF trading is scheduled to start as early as this week. After the launch of the ProShares Bitcoin futures ETF on the New York Stock Exchange (NYSE), Eric Balchunas, a Bloomberg ETF analyst, claims that it is very “likely” for Vakyrie’s ETF launch.

On 15th October, the United States monetary authority, Securities and Exchange Commission or SEC, accepted the letter requesting the registration for the shares of Valkyrie’s Bitcoin futures ETF on NASDAQ.

The first Bitcoin futures ETF by ProShares garnered approval from the authorities and will be available to trade on the NYSE under the name BITO. If the ETF by Valkyrie gets approved, it would be the second BTC ETF to procure approval in the United States.

Valkyrie among others racing for Bitcoin futures ETF approval

Although Eric Balchunas tweeted that the Valkyrie Bitcoin futures ETF will get approval by Wednesday or Thursday, another Bloomberg analyst, James Seyffart, claimed that Valkyrie’s ETF ($BTF) could go live at the same time as ProShares ETF, but this doesn’t seem to be the case.

Much to everyone’s surprise, Invesco dropped out from the Bitcoin futures ETF race on 18th October. The firm made a statement regarding this dropout,

“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors a full shelf of products with exposure to this transformative asset class, including pursuing a physically-backed, digital asset ETF.”

Invesco

What about a Bitcoin-backed ETF?

We witnessed a discussion regarding the approval of a Bitcoin-based ETF in the near future in Anthony Pompliano’s Best Business Show.

In the show, Seyffart and Balchunas shared their views on the factors revolving around the approval of a Bitcoin-backed exchange-traded fund. While both the firms have faith in the release of Valkyrie Bitcoin futures ETF, it seems that the applications for BTC ETF will remain pending.

Both the analysts claim that it is not possible for the ETF to get approval this year because the Chairman of SEC doesn’t seem to be comfortable in giving a green signal to a BTC-based ETF.

Binance CEO indicates that progress is coming, but gradually

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Binance CEO Changpeng Zhao (CZ) spoke at the Future Blockchain Summit Dubai on Day 2 of the gathering. The CEO has been actively vocal about the activities of the government, sharing his two cents on the same. In the Summit, the Binance CEO explained why it is futile to expect the entire monetary system to change in one day.

The Binance CEO spoke on the current stance of regulatory authorities on digital assets and the adoption rate for the new asset class. While we have already seen countries like El Salvador take a huge leap of faith, South Korea has allowed a few exchanges to operate in the nation in partnerships with banks.

Binance CEO believes that patience is the key

Changpeng Zhao explains why he believes that expecting crypto adoption in a short period is futile by reminding the audience that the current financial architecture has been around for centuries. Therefore, Zhao stressed the importance of patience when it comes to crypto adoption.

The main reason it is not easy to regulate blockchain-based products is because of the explosion of blockchain-based games and NFTs. While the industry keeps expanding at unparalleled rates, the regulatory authorities are not getting enough time to bring out regulations related to blockchain-based financial products.

Communication is of utmost important

Every crypto investor has noticed the heightened attention of the government in the industry. However, Binance CEO considers that this fact indeed has a positive side to it. The reason being simple, nobody knows what’ll work. It’s just a big hit and trial. Before making laws regarding cryptocurrencies, many nations are trying one thing and the other to tame the new asset class.

Binance CEO Chenpeng Zhao claims that the most important aspect while implementing regulations involves communication with the entities involved. He further announced that communication channels of Binance are always open for regulatory authorities.

Stellar price analysis suggests a bearish movement for today with resistance at $0.3954

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The Stellar price analysis portrays a bearish movement for today. The price action started the day at $0.3833, the lowest being at $0.379 and the highest at $0.3951. The XLM/USDT pair experiences a resistance at $0.3954 on the daily chart, which currently holds.

The nearest support remains at $0.3630, and the price action continues to progress above this level. The data from CoinmarketCap shows that the token’s trading volume declined by 40.80% in the last 24-hours, currently at 996 million USD.

The market position of the coin is at #22, while the market capitalization stands at 9.1 billion USD.

Stellar price action for the recent period

For the month of October, the monthly candle for Stellar is up nearly 38%, while the weekly candle shows a 15.8% price surge in the past week. In the past 30 days, XLM reached a low of $0.2553 and a high of $0.4198.

The past 30 days price movement shows that XLM is a great investment for the short term as well as long term. However, the coin is 59.51% down from its all-time high of $0.9381.

XLM price analysis using technical indicators

The technical indicators on the daily chart show that the price of the token is bullish in the short term. The price action is above the 50-day and 100-day Moving Averages while being situated in the upper end of the Bollinger Bands.

Also, the buyers were unable to take the price action above the upper end of the Bands, and due to a failed breakout, we can witness a short bearish cool-off.

Stellar price analysis
Stellar price analysis

The MACD indicator is obviously bullish in the chart below, represented by the green histogram bars below followed by the movement of the MACD line (blue line) above the signal, i.e., the orange line.

Also, the RSI indicator continues to display a reading above the 60-level. This implies that the buying orders being placed are far more in numerical strength as compared to the selling orders.

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Stellar price analysis

Conclusion

The direct conclusion from the above analysis yields a bearish movement in the short term. The majority of investors remain bullish on Stellar as the token is one of the most affordable and promising tokens out there.

On the other hand, Bitcoin is currently less than 6% from its all-time high, and once it breaches the resistance there, we are looking at an explosive altcoin season!

New York businesses request the governor to decline crypto mining permits

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New York businesses have been actively opposing crypto mining activities as the businesses have concerns regarding the environmental impact of crypto mining. The Governor of New York, Kathy Hochul has been receiving requests from local businesses to deny permits for the conversion of very old fossil-fuel power plants in New York into crypto mining centers.

Various local businesses have put forth the request to the Governor of New York in a letter. Multiple local businesses and labor groups want the officials to have deeper research into the environmental impact of cryptocurrency mining of tokens based on Proof-of-Work.

New York businesses oppose the reopening of power plants

According to the letter, the reopening of the Greenidge Generating Station and the Fortistar North Tonawanda will destroy the government’s goal of reducing the emission of greenhouse gases.

Digital currencies require authentication to prevent fraudulent transactions. PoW is the method that has the most significant energy demands. In PoW authentication, complex mathematical wequations are assigned to each transaction, and miners compete to solve them.

The letter said

These businesses have asked the administration to halt the requests of Title V Air Permits and initiate a full assessment of the environmental damage caused by crypto mining.

Crypto mining scene in the U.S.

After China’s recent crackdown on cryptocurrency mining, the United States of America has become the biggest mining center for cryptocurrencies.

Britain’s Cambridge Centre for Alternative Finance revealed in their report that over 35.4% of hash power comes from the U.S. Meanwhile, the SEC has yet to reveal any guidelines regarding cryptocurrencies. There are some who have been actively opposing the explosion of the crypto space.

On the other hand, New York and cryptocurrencies have a long history. Popular exchanges like Ledger, Gemini, and Paxos call the state their home. Ledger was actually the first crypto derivative exchange that got its approval from the U.S. Commodity Futures Trading Commission. Exchanges like Paxos have also moved to the state of New York due to regulation flexibility.