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⭐️ VanEck’s Matthew Sigel confirms Solana ETF is a bet on Trump victory VanEck Head of Digital Assets Research Matthew Sigel confirmed speculation that the company’s Solana spot ETF proposal bets on Donald Trump winning the US presidency. The deadline for VanEck’s application is set for March 2025, which would put it well beyond the aftermath of the US Presidential elections in November. Sigel simply responded with a simple: 💬 “Can confirm.” The analysts said approval odds for each ETF are “near zero” if a Democrat victory leaves Joe Biden in office and “better … but not guaranteed” if Trump wins the election. Trump would likely appoint a new SEC chair to replace the agency’s current chair, Gary Gensler. 🔸 Surveillance sharing Another issue seen as a hurdle to potential Solana ETF is the lack of a futures market on CME, which experts believe was a key factor in spot Bitcoin and Ethereum ETFs gaining the regulatory green light. Grayscale notably argued in its case against the SEC that the surveillance sharing agreements in place for the CME Bitcoin futures were replicable for its proposed spot ETF and sufficient to detect and prevent fraudulent activities. The firm claimed that the SEC failed to provide a reasonable explanation for treating spot Bitcoin ETFs differently from futures ETFs in terms of surveillance-sharing agreements. The case essentially revolved around whether the SEC’s demand for a surveillance sharing agreement specifically for a spot Bitcoin ETF was justified and whether the SEC applied its standards consistently across different types of Bitcoin-related ETFs. Since the SEC has now approved spot ETFs for Bitcoin and Ethereum, Sigel believes VanEck will not need to demonstrate a CME futures market around Solana to obtain its ETF. He previously stated: 💬 “Surveillance sharing agreements with spot crypto exchanges can obviate need for CME futures.” $SOL #SOL #Solana
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📊 Is Notcoin price ready to rise? Recent Notcoin price action shows a pattern of moderate fluctuations. Closing prices showed a slight upward trend, moving from $0.01401 to $0.01444. However, this upward momentum comes with potential headwinds and opportunities that traders should consider. The next significant resistance level is at $0.01489, followed by more significant resistance at $0.01537 and $0.01596. If price manages to break through these levels, it could signal a stronger bullish trend. $NOT #NOT #Nobtcoin
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⚠️ PEPE Coin Encounters Local Resistance Last month, Pepe Coin (PEPE) captured attention with consecutive all-time highs despite uncertain market conditions. However, following a recent recovery, PEPE has faced local resistance, indicating that the coin might establish a range. On-chain data reveals a gradual increase in selling pressure. 🔸 PEPE Coin Price Prospects In the latter half of May, PEPE experienced higher sales volumes. By mid-June, the Chaikin Money Flow (CMF) indicator dropped below -0.05, suggesting a notable capital outflow. This hinted at a possible price decline in May, potentially lowering PEPE to $0.0000089, erasing prior gains. Market bulls, however, have fiercely defended the $0.0000107 mark, representing a 78.6% retracement. Despite this, the 50% retracement level at $0.000013 was not upheld. Although the CMF indicator turned positive, the Relative Strength Index (RSI) stayed neutral around the 50 mark. 🔸 Will PEPE’s Price Decline? The liquidity heatmap is essential for PEPE’s future movements. Data from the past three months identifies a significant liquidation zone between $0.000008 and $0.000009. The 50% Fibonacci retracement level acts as resistance against declining to this zone. Liquidity in the market shifts based on investor positions. Should bulls maintain their strength and Bitcoin (BTC) performs well, PEPE might return to $0.000018. Recent data indicates short positions gaining ground over long positions, potentially signaling a short squeeze and a sharp price rise. Key liquidation zones for PEPE include $0.0000122 and $0.0000134. 🔸 Actionable Insights – Monitor the CMF indicator for capital inflow or outflow signals. – Watch for price movements around the $0.0000107 and $0.000013 levels. – Keep an eye on the liquidity heatmap to identify potential liquidation zones. – Consider short squeeze potential if short positions increase sharply. $PEPE #PEPE
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🔥 Bitcoin Bulls Advance Price, Face Resistance at $64K The price of bitcoin (BTC) hit an intraday peak of $63,794 on Monday, reflecting a 2% gain against the U.S. dollar in the past 24 hours. Currently, BTC is trading at $63,070 per unit. The day’s upward movement led to $124.64 million in crypto short and long liquidations, with bitcoin shorts comprising $49.85 million. 🔸 $49M in Bitcoin Short Liquidations as Resistance Hits Bitcoin’s value against the dollar has climbed over the last day. By 2 p.m. EDT on Monday, BTC surged to $63,794 before encountering resistance. Across the entire crypto market, $72.56 billion has been traded, marking a 54.07% increase in 24 hours. Approximately 38.21% of the total, or $27.73 million, comes from BTC trades. According to cryptoquant.com metrics tracking the premium in South Korea, there’s been a 1.8% to 1.5% premium on BTC prices since June 28. Bitcoin is trading for $64,174 on Upbit, while the global average is $63,070. On July 1, the premium on Upbit and Bithumb is about 1.75%. The day’s oscillators and moving averages indicate a bullish trend. Metrics from derivatives markets via coinglass.com indicate that $124.64 million in liquidations occurred across the entire crypto market. About $49.85 million worth of short positions against BTC were wiped out. Approximately $27.17 million in shorts stemmed from ETH, and SOL shorts saw $6.75 million liquidated. The largest single liquidation order occurred on Binance, resulting in a BTC/USD liquidation order wiping out $4.39 million. In the past 24 hours, 37,533 traders across the entire crypto market were liquidated. After dropping to a low of $63,070 per BTC, the leading crypto asset bounced back to $63,265 at 4 p.m. EDT, as a $63K floor begins to form. Whether this support level holds or BTC climbs higher remains uncertain. $BTC #BTC
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Avalanche (AVAX) Price Rises as Whales Accumulate Avalanche’s (AVAX) price hit a multi-month low following bearish market conditions, but this did not last long. Increased bullish whale activity and improved market conditions substantiate the potential for recovery. Avalanche Whales Attempt to Influence the Price Avalanche’s price could be benefitting largely from the bullishness exhibited by the whales. These large wallet holders have been on an accumulation spree over the last two weeks. Since whale addresses are some of the most important cohorts of investors, their move also influences the price action. Accumulation leads to a rise in price, whereas selling results in a drawdown. During this time, the whale addresses acquired $139 million worth of AVAX in just one day. This buying spree indicates strong interest and confidence among large investors in the altcoin’s potential. In addition to this substantial whale activity, AVAX’s correlation to Bitcoin remains strong, currently standing at 0.88. A high correlation often suggests that AVAX’s price movements will closely follow those of BTC. Given Bitcoin’s recent recovery, AVAX’s strong correlation to BTC bodes well for its own recovery prospects. As Bitcoin continues to rise, it is likely that the altcoin will experience similar upward momentum. AVAX Price Prediction: Rise in Sights Avalanche’s price trading at $29.61 is closing in on the critical resistance level at $31.15. This price has tested as a crucial support level multiple times in the past and flipping it into support again is the target. Given that AVAX has already bounced back from a seven-month low of $24.40, there is a good chance it could breach $31 as well. However, the market’s volatility cannot be ruled which keeps this recovery vulnerable. If the support at $24.40 is lost, the bullish thesis could be invalidated completely, leading to Avalanche’s price dropping to $20. $AVAX #AVAX
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