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Grayscale is optimistic about securing approval for spot Ether (ETH) ETFs in May, despite potential communication gaps with the SEC. Chief Legal Officer Craig Salm remains hopeful, drawing parallels from the firm’s experiences with Bitcoin ETFs. While there are challenges related to the inclusion of staking in Ether ETFs, recent approval for Ether Futures ETFs regulated as commodity futures offers a glimmer of hope. Industry figures are positive about the outlook, with the SEC’s decision by May 23 expected to significantly impact market sentiment for Ether and Bitcoin.

The London Stock Exchange is set to launch a market for bitcoin and ether exchange-traded notes (ETNs) on May 28, with applications for trading starting on April 8. Regulated by the Financial Conduct Authority (FCA), this move targets professional investors and follows the FCA’s decision in March to allow such market segments. This initiative aligns with the UK’s efforts to create a crypto-friendly environment. By introducing bitcoin and ether ETNs, institutional cryptocurrency engagement could be enhanced, potentially increasing BTC’s value and credibility within traditional finance.

Bitcoin’s price surpassed $70,000 on March 25, driven by a resurgence in BTC accumulation that led to the lowest supply on Coinbase in nine years. Coinbase’s BTC reserves dropped to 344,856 BTC, a level not seen since 2015. Additionally, accumulation addresses holding over 10 BTC without selling or exchanging saw balances surpass 3.2 million BTC, nearing a historic peak. Institutional investors anticipate further gains, with a significant inflow of 25,300 BTC to these addresses on March 22 indicating growing interest. Exchange reserves hit a three-year low of 1.92 million BTC on March 25, setting the stage for potential price increases driven by tightening supply and institutional buying from ETFs.

Bitcoin’s current pivot point suggests bullish momentum, with critical resistance levels at $72,368, $73,887, and $75,692 that could pose challenges. Support levels are found at $68,183, $66,529, and $63,917, potentially stabilizing any pullbacks. The Relative Strength Index (RSI) indicates an approach towards overbought territory but still signals strength in the current trend. The 50-day Exponential Moving Average (EMA) at $66,749 supports a solid uptrend, with Bitcoin breaking out from a symmetrical triangle pattern. The technical setup projects a bullish outlook for Bitcoin, with potential upside above $69,750.

Explore a curated list of the top 15 alternative cryptocurrencies and ICO projects to watch in 2024 for the latest insights and expert advice. Stay informed about the world of digital assets and cryptocurrency investments by delving into these handpicked selections from Industry Talk and Cryptonews. Discover the potential of these digital assets and benefit from expert recommendations to guide your investment decisions and stay updated on the evolving landscape of the cryptocurrency market.

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