Franklin Templeton has filed with the U.S. Securities and Exchange Commission (SEC) to create a Crypto Index ETF for Bitcoin (BTC) and Ethereum (ETH). The new fund allows investors to invest in BTC and ETH simultaneously. However, the price of Bitcoin has been volatile over the past 24 hours, with BTC falling to as low as $99,500 and rising to as high as $100,619.
The price of BTC has been shaken significantly recently by the statements of Fed Chairman Jerome Powell and his assessment of the economic situation. Powell’s negative views on cryptocurrency reserves have created uncertainty in the market and increased pressure on risky assets. These developments, in particular, have caused the price of Bitcoin to fall below $ 100,000 again. Currently, BTC is trading at $ 100,286 as of the time of writing.
Franklin Templeton has taken a big step by filing a fund called Crypto Index ETF with the SEC. This ETF will be a product that allows investment only in Bitcoin and Ethereum. Bank of New York Mellon will handle the cash custody of the fund, while Coinbase Custody will provide custody of the cryptocurrencies. The fund, called a crypto index ETF, will only include BTC and ETH, so investing in other cryptocurrencies will require a rule change first.
The current price of Bitcoin has been affected by factors such as El Salvador’s concessions to the IMF, Powell’s recent statements, and Trump’s silence. However, investors expect the new US President Donald Trump to make more supportive statements towards cryptocurrencies in the upcoming period, which will lead to an increase in the market. If Trump maintains a positive stance on cryptocurrencies, this could help BTC prices rise again.
