The current live Bitcoin price stands at $29,864, reflecting a 24-hour trading volume of $11.2 billion and a less than 1% increase in the last 24 hours. 

As the top-ranked cryptocurrency with a market cap of $580.4 billion, Bitcoin is closely watched by investors and traders alike. 

Meanwhile, in an interesting development, Global X ETFs, a renowned exchange-traded funds provider, has joined forces with CoinDesk to seek approval for a new Bitcoin ETF.  

As Bitcoin continues its volatile journey, investors are keen to know where it is heading.

Global X ETFs Teams Up with CoinDesk to Pursue Approval for New Bitcoin ETF

The Global X Bitcoin Trend Strategy ETF, this fund will be designed to track BTC futures contracts and the CoinDesk BTC Trend Indicator Index. The index utilizes a proprietary signal that assesses the strength and direction of Bitcoin's price movements.

According to Bloomberg ETF analyst James Seyffart, this application will likely be accepted since it is not a spot Bitcoin ETF application. 

He expressed confidence that the ETF will go through the same approval process as the ones that have been previously approved. 

Seyffart believes that the approval is almost certain, with the only potential obstacle being if the SEC compels all previously approved BTC futures ETFs to delist.

The introduction of the Global X Bitcoin Trend Strategy ETF, expected in October 2024, is contingent upon receiving regulatory approval.

The potential approval and launch of a Bitcoin ETF like the Global X Bitcoin Trend Strategy ETF can have significant implications for Bitcoin's price. 

Crypto memes may amount to criminal offenses if they don’t comply with existing financial promotion rules, warned the United Kingdom’s top financial regulator on Monday. 

A newly proposed set of guidelines from the Financial Conduct Authority (FCA) highlighted how “any type of communication” can be considered a financial promotion, and subjected to Section 21 of the Financial Services and Markets Act. The rule states that a person cannot, in the course of business, invite or induce others to engage in investment activity. 

The ruling, according to the regulator, extends to memes. “ We have seen memes and other similar communications circulated on social media with users often not realizing they are subject to our rules,” wrote the FCA. It added:

“The use of memes in promotions is particularly prevalent in the crypto asset sector."

As an especially popular asset class with young people, memes are arguably central to how large swaths of the industry – including its community and businesses – relate to each other online.  In fact, major cryptocurrencies have popularized around little but the notoriety of the meme they represent – such as Dogecoin (DOGE), which is currently the 9th largest crypto by market cap.

Another Dogecoin-inspired cryptocurrency – Floki (FLOKI) – ran advertisements for its coin on London public transport back in 2021, which were later banned by the Advertising Standards Authority (ASA). However, the FCA had previously warned that it would need new authorities from policymakers before it could independently go after such ad campaigns. 

$PEPE $DOGE $FLOKI