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The cryptocurrency market is currently experiencing a significant downturn, with major cryptocurrencies showing notable declines over the past 24 hours.

Several factors are contributing to this market crash

1. Macroeconomic Concerns:
Growing fears of a possible U.S. recession and rising geopolitical tensions have led to a risk-off sentiment among investors, prompting a shift away from volatile assets like cryptocurrencies.

2. Federal Reserve Policies:
Anticipation of the Federal Reserve's decisions regarding interest rate cuts has created uncertainty. Investors are cautious, leading to reduced exposure to high-risk assets, including cryptocurrencies.

3. Market Liquidations:
A predominance of long liquidations suggests that the crypto market was overleveraged on the bullish side. Cascading derivatives liquidations have exacerbated the downturn, with more than $1.5 billion in long positions liquidated recently.

4. Regulatory Environment:
The cryptocurrency industry is facing increasing pressure from regulatory bodies like the Securities and Exchange Commission (SEC) for compliance, leading to legal battles with major crypto firms. This regulatory scrutiny has contributed to market instability.

These factors have collectively led to a significant sell-off in the cryptocurrency market, resulting in substantial declines in the prices of major digital assets.

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Please note that the cryptocurrency market is highly volatile, and prices can change rapidly. It's advisable to conduct thorough research or consult financial advisors before making investment decisions.

Ethereum (ETH): Currently trading at $3,118.16, down 15.85% in the last 24 hours.

BNB (BNB): Trading at $618.87, a decrease of 12.14%.

XRP (XRP): Priced at $1.98, down 17.84%.

Cardano (ADA): At $0.764682, a decline of 22.30%.

Dogecoin (DOGE): Trading at $0.26843, down 26.74%.

Solana (SOL): At $176.62, a decrease of 16.12%.

Polkadot (DOT): Priced at $6.08, down 21.45%.

Polygon (MATIC): At $0.414944, a decline of 20.68%.

Litecoin (LTC): Trading at $87.08, down 21.83%.


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Asset management firm First Trust has filed the first-ever Bitcoin Buffer ETF as it seeks to offer a unique protection for clientsA new kind of Bitcoin (BTC) Exchange-Traded Product (ETP) is making rounds in the crypto industry. First Trust has submitted a filing for a Bitcoin Buffer ETF that aims to protect users.Bitcoin Buffer ETF: Scope and GoalsAccording to the filing lodged with the United States Securities and Exchange Commission (SEC), the Bitcoin Buffer ETF is designed to offer a form of protection for potential Exchange Traded (ETP) trading in the US. According to the filing, the ETF will protect up to the “first 30% loss of the Underlying ETP losses at the end of each Target Outcome Period.”“After the Underlying ETP has decreased in price by more than 30%, the Fund will experience subsequent losses on a one-to-one basis (i.e., if the Underlying ETP loses 35%, the Fund loses 5%). The buffer is before taking into account the Fund’s fees and expenses charged to shareholders.”Much more, the Bitcoin Buffer ETF will be influenced by brokerage commissions, trading fees, taxes and extraordinary expenses not included in the Fund’s management fee. It also does not seek to offer any buffer on the first 30% losses of the Underlying ETP at any time other than the end of the Target Outcome Period. Recommended ArticlesJames Seyffart, the Senior Bloomberg ETF analyst explained that these types of ETPs offer protection on a set percentage of downside loss with capped upside. This is quite novel in the crypto industry and Seyffart believes that in the coming weeks, more entities will indicate interest in pursuing such investment options. He also perceives the possibility of having other strategies that offers new exposure to Bitcoin.Community Awaits Bitcoin ETF ApprovalBitcoin Futures and Ethereum-based ETFs are the current prevalent ETPs out in the market. Six months ago, top investment asset management firm BlackRock filed application for a spot BTC ETF with the United States SEC, choosing American cryptocurrency exchange Coinbase as its custodian. BlackRock’s filing spurred many other asset managers including Fidelity Investments, WisdomTree, Valkyrie, VanEck and Invesco to file similar applications.Similarly, a number of these applicants have also moved to submit Ethereum ETFs as well. The SEC is yet to greenlight most of these applications, especially the spot Bitcoin ETFs. Generally, the broad crypto industry is waiting for the regulator’s decision on the multiple filings for Bitcoin ETF. The introduction of the Bitcoin Buffer ETF by First Trust is an indication that many new products that can provide regulated exposure to the top cryptocurrency are likely to show up.#BTC #trading #live $BTC #crypto Please DYOR on this article.