18 Dec, 2024

Bloomberg Analysts Expect ‘A Wave of Cryptocurrency ETFs’ Next Year

Quick Take① Bloomberg analysts Eric Balchunas and James Seyffart are expecting a wave of new cryptocurrency-based ETFs next year after leadership takes over at the SEC.② Both predict that a host of new ETFs could launch including a bitcoin and ether combo ETF, Litecoin and HBAR funds, and then eventually spot funds for Solana and XRP.Bloomberg analysts expect 'a wave of cryptocurrency ETFs' next year, including Solana and XRP fundsBloomberg analysts Eric Balchunas and James Seyffart expect investors will likely have multiple new cryptocurrency-based exchange-traded funds to choose from next year."We expect a wave of cryptocurrency ETFs next year, albeit not all at once," Bloomberg's Senior ETF analyst Balchunas posted to X on Tuesday.Since Donald Trump was elected president in November, and Gary Gensler announced he'd be stepping down as chair of the U.S. Securities and Exchange Commission, optimism has been running high that new crypto ETFs might gain approval once the new administration takes over in January. Gensler was often viewed as resistant to embracing digital assets or crypto-based investment products even as some of Wall Street's biggest players launched spot bitcoin ETFs, which have attracted tens of billions of dollars in investment."Dual bitcoin and ethereum ETFs from Hashdex, Franklin [Templeton] and Bitwise will likely be the next spot crypto ETFs approved," Seyffart wrote in a note shared by Balchunas. "Both Solana and XRP ETFs will have to wait until the new SEC administration takes control before being seriously considered."Although proposals for launching either a Solana or XRP ETF have been filed there is little hope they will gain approval before Trump takes power and a new SEC chair is in place.Seyffart believes the odds are good that a Litecoin or HBAR ETF could be approved before the other new products, but added he wasn't sure "whether there's investor demand.""The SEC isn't calling Litecoin or HBAR a security anywhere," he said.Solana and even Dogecoin ETF filings are on the table in 2025, The Block previously reported. “I believe it’s highly likely that Solana ETFs will be approved by the end of next year at the latest," ETF Store President Nate Geraci said last month.Two Prime Digital Assets CEO Alexander Blume concurred, saying issuers "wouldn’t waste the time and expense to do this if they didn’t have a good sense that they will succeed.""Today's satire is tomorrow's ETF," Balchunas previously said. "You could ask yourself, 'is DOGE a bridge too far?' and I would say we'll see. I think someoneA's gonna try it because why not?"

13 Dec, 2024

Dogecoin Gains Momentum as Investors Eye Key Price Levels

Dogecoin (DOGE) has been making waves in the cryptocurrency market, attracting attention from both retail investors and whales. With an influx of new holders in recent days, many are speculating that the Dogecoin price may soon break past key resistance levels, echoing its impressive rally between September 23 and December 12, when the Dogecoin price to USD skyrocketed from $0.10 to $0.47. Could this surge be a precursor to another bullish phase for the meme coin?New Dogecoin Holders Signal Potential Bullish MomentumRecent on-chain data from Santiment reveals a significant uptick in Dogecoin holders, with 60,000 new investors adding DOGE to their portfolios within the past 10 days. This surge in holder activity comes as the Dogecoin price to USD stabilizes around $0.40, after an initial decline from $0.47. The increase in new holders is a bullish sign, reflecting growing retail investor confidence, which could lead to a breakout if the trend continues.Whale Activity and the Impact on Dogecoin PriceWhales, or large Dogecoin holders, have also been accumulating the coin during recent price corrections. In fact, approximately 210 million DOGE were purchased by whales over the past few weeks. This buying behavior has historically contributed to upward pressure on the Dogecoin price as it reduces the available supply in the open market. The cumulative holdings of whales with 10 million to 100 million DOGE have noticeably increased, aligning with the expectation of a price increase.Technical Indicators Point to Potential Bullish BreakoutTechnical analysis shows a strong bullish trend for DOGE, with a series of higher lows on the two-hour price chart. The Dogecoin price has been supported at key levels around $0.33, $0.36, and $0.40, demonstrating solid buying interest. A recent MACD crossover further confirms the bullish sentiment, suggesting that the Dogecoin price to USD could break through the $0.50 level in the coming weeks.Elon Musk’s Influence on Dogecoin PriceThe role of Elon Musk in the Dogecoin market cannot be ignored. Musk’s frequent social media mentions of Dogecoin have historically impacted the Dogecoin price to USD, often leading to sharp rallies. As one of Dogecoin's most prominent supporters, Musk's influence continues to drive attention to the cryptocurrency, attracting both retail investors and institutional interest. While his actions can lead to volatility, they also position Dogecoin as a widely recognized digital asset.Market Sentiment and Future Dogecoin Price ProjectionsCurrent market sentiment reflects a cautiously optimistic outlook for Dogecoin. With a crowd sentiment score of 0.37, general investors are leaning positively toward DOGE. This sentiment is in line with the confidence of "Smart Money" investors, further supporting the notion that the Dogecoin price could rise in the near future.Can Dogecoin Reach $1?The formation of a bull flag pattern on the DOGE/USD chart suggests that the Dogecoin price could soon experience another upward surge. If the price continues to rise above the $0.50 level, it may set its sights on the $1 mark. However, a drop below key support levels could invalidate this bullish prediction, sending the Dogecoin price back toward $0.33.With increased whale activity, a positive market sentiment, and strong technical indicators, Dogecoin’s potential for a price rally seems promising. As investors continue to eye the Dogecoin price to USD, all eyes will be on how these factors play out in the coming weeks.