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The Bitcoin price is up 7% in the last week to trade for $71,769 as of as 06:34 EST time on trading volume that climbed 15% in the past 24 hours.
With the trading volume surge, attention and interest in BTC is growing, amid what can be attributed to fear of missing out. This FOMO is instigated by institutional interest for the pioneer cryptocurrency following the landmark approval of multiple spot Bitcoin exchange-traded funds (ETFs) on January 10 in the US.
London Stock Exchange To Start Accepting Bitcoin And Ethereum ETN Applications
In the latest development on this front, the London Stock Exchange (LSE) has revealed plans to welcome Bitcoin (BTC) and Ether (ETH) exchange-traded note (ETN) applications, starting from the beginning of the second quarter.
🇬🇧 The London Stock Exchange (LSE) began accepting applications for listing cryptocurrency ETNs on BTC and ETH in the second quarter of 2024. (Reuters)
– the UK regulator has allowed it. pic.twitter.com/EEmSUA4md1
— Crypto Figur (@Crypto_Figur) March 11, 2024
Applications will have to follow a factsheet that was published earlier. The ETNs are “debt securities which provide exposure to an underlying asset,” noted the statement.
ETNs are unsecured debt securities issued by financial institutions. They are intended to track the performance of an asset, BTC or ETH in this case. More broadly, ETNs are used to track how market indexes, commodities, currencies or other assets perform.
ETNs are different from the current crypto market euphoria around exchange-traded funds (ETFs). ETNs are not a representation of an ownership stake in a pool of the underlying assets, in this case BTC or ETH. Those who invest in ETNs get a return on the basis of the performance of the index or asset that the ETN is designed to track.
Moreover, ETNs carry credit risk associated with the institution that issues it.
The decision to approve the BTC and ETH ETNs came from the UK Financial Conduct Authority (FCA). With this, it is safe to assume that there is no opposition to proposals from Recognized Investment Exchanges (RIEs) for the establishment of a listed market segment for cryptocurrency-backed ETNs.
The decision also stipulated that the crypto ETN would only be available to professional investors.
Bitcoin Price Prognosis As The LSE Plans To Approve BTC and ETH ETNs
The Bitcoin price remains well above the $69,000 psychological level after the Monday breakout that saw BTC top out at $72,800. The next logical target for BTC is $80,000, which could come soon as the market is still leaning in favor of the upside.
To begin with, the Relative Strength Index is still northbound, suggesting rising momentum. This shows the bulls are still at play. The Awesome Oscillator (AO) indicator is also flashing green histogram bars of huge volumes, indicating that the bulls maintain a presence in the market. The volume indicator is also showing green bars pointing to the strength of the primary trend.
TradingView: BTC/USDT 1-week chart
On the flip side, if profit takers pull the trigger, the Bitcoin price could descend to the $60,000 threshold. Here, late traders and sidelined investors could find another buying opportunity.
As the Bitcoin price eyes the $80,000 target, traders and investors are already migrating to GBTC, a Bitcoin alternative ICO that is turning heads among investors searching for 1000X gains.
Promising Alternative To Bitcoin
Boasting a total supply of 21 million GBT tokens, this altcoin is the powering token for the Green Bitcoin ecosystem. This crypto project uniquely merges the legacy of Bitcoin with Ethereum’s eco-friendly attributes.
Nothing can stop the GREEN REVOLUTION!
Join the Green Bitcoin presale TODAY pic.twitter.com/YgwUk11Ay8
— GreenBitcoin (@GreenBTCtoken) March 11, 2024
The project delivers a unique, sustainable staking model called Gamified Green Staking where users can earn passive income through staking rewards. Participants engage in daily and weekly BTC price prediction challenges, with the potential to earn attractive rewards of up to 100% token bonuses.
Will BTC Price Break ATH in March?
Green Bitcoin's Presale Approaches $2 Million Milestone – Bitcoin News https://t.co/8ahQUYbJ5Q
— GreenBitcoin (@GreenBTCtoken) March 5, 2024
There are fresh challenges presented live every week.
Green Bitcoin is currently in the presale stage, providing early investors with the best chance for affordable entry. So far, token sales have reached upwards of $3.514 million as the project sprints towards its $3.797 million target.
Currently, each GBTC token sells for only $0.8402. This price tag will last a little more than four days before a hike. Buy now before the next price hike.
Also Read:
- London Stock Exchange To Start Accepting Crypto ETN Applications In The Second Quarter
- Top Cryptos with Potential for 10x Returns in 2024 – Green Bitcoin, Scotty the AI, and Frog Wif Hat
- Bitcoin Price Prediction: BTC Soars 9% To Highest In 27 Months As BlackRock’s Bitcoin ETF Hits Record $1.3 Billion Inflow – Time To Buy BTC?
- Why You Should Check Out Green Bitcoin (GBTC) – The Next 50x Token Taking The Market By Storm
- Green Bitcoin (GBTC) Is A Token You Don’t Want To Miss Out – Learn About Its Gamified Green Staking
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