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Nasdaq Seeks SEC Approval to Offer Options Trading on BlackRock's Spot Ethereum ETF

BlackRock recently filed a proposal for options trading and listing on its spot Ethereum
ETHUSD exchange-traded fund (ETF), iShares
Ethereum Trust (ETHA).

The proposal was submitted to the US Securities Exchange and Commission (SEC) on August 6 via the Nasdaq International Securities Exchange.
Nasdaq and BlackRock Leverage Experience with Commodity ETFs for Crypto

According to the filing, the newly proposed iShares Ethereum Trust assets will consist solely of ETH, which Coinbase will hold. Meanwhile, the Bank of New York Mellon will hold the cash assets. Furthermore, the document affirmed that the trust will remain non-engaged in Ethereum staking to earn additional income.

Nasdaq outlined that this move aims to broaden the range of investment tools for Ethereum and make crypto investments more accessible within traditional financial markets.

Although these shares do not equate to a direct investment in ETH, they enable investors to gain exposure to Ethereum. This is because the approach takes place through the public securities market, which might be more familiar to traditional investors.

The options market allows traders to buy or sell an asset, like a stock or an ETF, at a specified price before a certain date. They often use options to protect against potential losses or to speculate on an asset's future price. Unlike futures, options provide flexibility since the trader can decide whether to execute the trade.

Both Nasdaq and BlackRock have notable experience in listing options on other commodity ETFs structured as trusts. These include iShares COMEX Gold Trust and iShares Silver Trust.Hence, this move to add options to the spot crypto ETF marks a significant development in this context.$ETH $BTC #BlackRockETHOptions #BinanceTurns7

Bitcoin (BTC) Facing Imminent Death Cross

Bitcoin, the leading cryptocurrency, is on the cusp of a much-feared death cross, according to Barchart.

Imminent Death Cross Formation for Bitcoin $BTC
pic.twitter.com/dNHB4TWf2z- Barchart
(@Barchart) August 7, 2024

The ominous pattern is about to emerge after the cryptocurrency's short-term gains have failed to surpass its long-term gains. To be more precise, this pattern tends to appear after the 50-day moving average falls below the 200-day moving average.

A death cross is generally believed to mark the start of a brutal market downtrend. However, just like a golden cross, it tends to be a lagging indicator since averages are based on past data.$BTC #BinanceTurns7 #Megadrop $ETH

In the past 24 hours there has been a significant liquidation of Bitcoin which has led to a massive sell-off which has caused the price to fall below $50,000 and below the critical $60,000 mark.

Many traders and investors in the market have lost faith in Bitcoin as a result of this dramatic decline which amounts to an astounding $10,000decline in its value.A massive $1 billion liquidation in the cryptocurrency market was the main cause of this sell-off which had a cascading effect and significantly lowered Bitcoin prices.

The graph highlights the strong selling pressure that overpowered the market with a notable volume spike. Bitcoin is now in a risky situation and is testing the 100 EMA support level as a result of the abrupt price drop.

BTCUSDT Chart byTrading ViewProminent traders on Binance have demonstrated tenacity almost 70% of them are long Bitcoin placing bets on a future surge. The sharp fall and significant liquidation activity however suggest that overall market sentiment is still pessimistic.$ETH $BTC $BNB #BTCMarketPanic #RecessionOrDip? #MarketDownturn #Babylon_Mainnet_Launch #BinanceHODLerBANANA

Cristiano Ronaldo's interest in cryptocurrency can be attributed to several factors:

Innovation and Trendsetting: As a global sports icon, Ronaldo often aligns himself with innovative trends and technologies, including cryptocurrency.

Financial Opportunities: Cryptocurrencies offer significant investment opportunities and financial returns, appealing to individuals with substantial wealth and business acumen like Ronaldo.

Brand Partnerships: Ronaldo has entered into partnerships with various crypto-related companies, mainly Binance and benefiting from endorsement deals and further promoting his personal brand.

Fan Engagement: Cryptocurrencies and blockchain technology can enhance fan engagement through initiatives like fan tokens, providing unique experiences and closer interactions with supporters.

Decentralization Appeal: The decentralized nature of cryptocurrencies might appeal to Ronaldo's preference for autonomy and control over his financial assets.Overall, Ronaldo's affinity for crypto is likely a combination of personal interest, financial strategy, and brand alignment
$BTC $BNB $ETH #BTCMarketPanic #RecessionOrDip? #MarketDownturn #BinanceHODLerBANANA #HamsterKombat

Donald Trump says the US government shouldn't sell its cryptocurrency$BTC

Republican presidential nominee DonaldTrump was able to get another word in on cryptocurrency during a rough day for the market.Trump joined Adin Ross for a livestream interview on the platform Kick and the two touched on a variety of topics. The 23-year-old Ross came to prominence as a video game streamer on Twitch before being banned from that platform for repeatedly using slurs.

Ross mentioned the U.S. government's recent selling of crypto and asked Trump if he would still support crypto should he win the November election."It's something they shouldn't be doing because they should be trying to build it," Trump said.

"If we don't do it, China's doing it, and other places are doing, and they're doing it anyway."Last week, a wallet labeled as belonging to the U.S. government transferred $2 billion worth of bitcoin to an unidentified wallet, according to Arkham Intelligence data.

The bitcoin appeared to be tied to funds the U.S. Department of Justice previously confiscated from Silk Road. The government still holds about $11.1 billion worth of crypto.Trump called crypto a "very modern currency" and Likened it to artificial intelligence."It's like Al -' do you love it or do you not like it?' — if we don't do it, China is going to do it, or other people are going to do it, and we can't be left behind, and crypto is right in that sphere," Trump said.

The former president has previously said he would like the U.S. to be a "Bitcoin mining superpower."Trump reversed his stance on cryptocurrency earlier this year and even gave a speech last month at Bitcoin 2024 in Tennessee, one of the industry's biggest conferences. That appearance alone reportedly helped raise $21 million toward his re-election campaign.$BTC $ETH #BTCMarketPanic #MarketDownturn #Babylon_Mainnet_Launch #BinanceHODLerBANANA #HamsterKombat

Michael Saylor Issues Bitcoin
Statement Amid $1 Billion Market
Crash

Cryptocurrencies were hit hard by a wave of risk aversion in global markets on Monday, with Bitcoin falling more than 16% at one point. The declines come as a global stock sell-off deepens, indicating concerns about the economy.
Total liquidations in the last 24 hours have risen to $1.07 billion, with longs responsible for $908.51 million of the wipeout, according to CoinGlass data.
Amid the sell-off, Michael Saylor, the chairman and cofounder of MicroStrategy, has sent out an optimistic tweet: "Believe in Bitcoin." Saylor's message comes at a crucial time when the market is grappling with fear and uncertainty.
Believe in #Bitcoin pic.twitter.com/QSEH193sg
- Michael Saylor / (@saylor) August 4, 2024#BTCMarketPanic #RecessionOrDip? #MarketDownturn $BTC $ETH $BNB

Bitcoin, ether hit multi-month lows as recession worries take hold#BTCMarketPanic

Bitcoin
BTCUSD and ether ETH plunged on
Monday to multi-month lows as worries over a possible U.S. recession in the wake of soft data gripped financial markets and triggered a rush out of risky assets.
The selloff marks a stunning reversal just days after optimism fueled by Republican presidential candidate Donald Trump's speech pushed bitcoin, the world's biggest cryptocurrency, over the $70,000 mark for the first time in more than a month.
Crypto markets have gotten a boost this year after the U.S. Securities and Exchange Commission approved exchange-traded funds to track the spot prices of bitcoin and ether.
More recently, however, the currencies have tumbled alongside other assets including global equities, as investors fear a U.S. recession could be on the horizon, with rising geopolitical worries also weighing.$ETH $BTC $BNB #RecessionOrDip? #BTCMarketPanic #MarketDownturn #Babylon_Mainnet_Launch

Dogecoin Falls 23% in 24 Hours:
Analysts Predict More Pain in
August-September

The price of Dogecoin has declined by 23% in the past 24 hours and by 3.5% in the past hour, as the cryptocurrency market suffers one of its worst days in years.
At $0.082, DOGE is now down by 38% in a week and by 25% in a month, with the meme token seeing its annual gain fall to only 8%.
And for some analysts today's bloodbath is likely to continue, with, with average 'gains' of - 7.8% and -5.6%.
This means that the Dogecoin price could see further losses before its situation stabilizes, let alone before it returns to growth. Dogecoin Falls 23% in 24 Hours: Analysts Predict More Pain in August-September
DOGE's sudden drop today means that its chart is very much in the red, with its indicators all signalling severe overselling.$BTC #doge⚡ $DOGE
#BTCMarketPanic #MarketDownturn

Bitcoin Drop to $42,000 Would Send Ethereum to $2,000$BTC $ETH
#BTCMarketPanic
The research highlights that ETF investors bought the dip when Bitcoin dropped below $60,000in July. This accumulation came despite the average ETF holder experiencing losses, rendering $60,000 the level where BTC mining becomes unprofitable for the industry. It fuels significant price declines amid miners' high beta.Accordingly, the researchers anticipate Bitcoin's price dropping to $42,000 after the $55,000 support level capitulated. This could draw Ethereum down to $2,000, with the researchers citing economic weakness, ongoing weak market structure, on-chain data, and cycle analysis, which suggest further stress ahead. Notably, the researchers have gained prominence after multiple nearly spot-on predictions.Among them, in October 2022, the experts predicted a 2024 halving price target of $63,160 for Bitcoin, but BTC topped out at around $63,491 on April 20. They also called a $45,000 year-end target in 2023, which ended at $43,613. In February, researchers at 10X set a 2024 Bitcoin target at between $60,000 and $70,000.#ETH_ETFs_Approval_Predictions #BinanceHODLerBANANA

BTCUSD
topped the list in negative
flows last week as digital asset investment products saw outflows totaling $528 million.
The turnout preceded the ongoing crypto market crash, with BTC still on the frontline.
Crypto markets continue to bleed, starting the week off badly. Nevertheless, the crash may provide an opportunity for willing investors to buy the dip.
Bitcoin Saw $400 Million Outflows Last Week
With total crypto investments outflows reaching $528 million, Bitcoin led the negative flows with $400 million. Ethereum followed with $146 million in outflows, bringing the net outflows since the ETH ETFs (exchange-traded funds) launch in the US to $430 million. Solana recorded $2.8 million in negative flows.
For Bitcoin, it marked the first outflow after five weeks of positive flows. CoinShares researchers ascribe it to market fears, citing concerns of a recession in the US, geopolitical turmoil, and
"consequent broader market liquidations across most asset classes."$BTC $ETH $BNB #BTCMarketPanic #RecessionOrDip? #MarketDownturn #Babylon_Mainnet_Launch #BinanceHODLerBANANA

CNBC mad money host Jim Cramer has once again stirred the pot in the cryptocurrency world with his latest tweet comparing gold and cryptocurrencies.
In an X post made a few hours back, Cramer wrote, "Remember this: gold held up a lot better than crypto." This statement quickly garnered reactions from the crypto community, with many interpreting it as a potential bottoming signal for the cryptocurrency market.
Remember this: gold held up a lot better than crypto...— Jim Cramer (@jimcramer) August 5,
2024
Cramer's tweet comes as the cryptocurrency market is experiencing increased volatility.
Cryptocurrencies fell on Monday amid a global market sell-off triggered by recession fears.
Bitcoin fell to $49,050 at one point, its lowest Level and the first time below $50,000 since February, after trading around $70,000 a week earlier.$BTC $ETH $BNB #BTCMarketPanic #RecessionOrDip? #MarketDownturn #Babylon_Mainnet_Launch #BinanceHODLerBANANA

Shiba Inu confirms death cross amid major sell-off
Yesterday, Aug. 4, Shiba Inu's four-hour chart demonstrated the occurrence of a death cross signal, as the 50-period moving average has crossed below the 200-period moving average.
This happens when the meme coin's price continues to decline for the eighth consecutive day, bringing SHIB to levels that made the market pay close attention. The formation of the death cross pattern on SHIB's four-hour chart indicates an intensifying of the bearish momentum in the short term. According to CoinMarketCap data, at the moment of writing, SHIB is changing hands at $0.0000126, down 7.38% over the past 24 hours.#BTCMarketPanic #RecessionOrDip? #MarketDownturn #Babylon_Mainnet_Launch #BinanceHODLerBANANA $USDC $BNB $BTC

Hedge fund giant Capula Investment Management has reported owning $464 million in spot bitcoin
ETF shares, according to a filing with the U.S.
Securities and Exchange Commission filing dated
Monday.
According to the filing, Capula Investment Management owned shares in spot bitcoin ETFs issued by both BlackRock and Fidelity. The filing reflected the firm's holdings as of the end of Q2, or June 30.
With bitcoin's value declining in recent days, the price of both BlackRock and Fidelity's bitcoin-based ETFs have also dropped. As of 1:11 p.m. EST on Monday, the total position Capula Investment Management owned as of June 30, would have be worth closer to $420 million.
Capula Investment Management is a London-based firm and one of Europe's largest hedge fund managers. Other large hedge funds have also reported owning spot bitcoin ETF shares including Millennium Management, which reported earlier this year it owned nearly $2 billion worth shares in the crypto-based exchange trade funds.$BTC $ETH $BNB #RecessionOrDip? #BTCMarketPanic #BinanceTurns7 #ETH_ETFs_Approval_Predictions #SOFR_Spike