Nasdaq Files S-1 For 21Shares Dogecoin ETF With SEC

Monicah W

Nasdaq Files S-1 For 21Shares Dogecoin ETF With SEC

Nasdaq has submitted an S-1 form for the 21Shares Dogecoin ETF with the US Securities and Exchange Commission (SEC). This move officially kicks off the approval process, with the Commission having to decide whether or not to approve the fund, which will provide institutional investors access to the top meme coin.

Nasdaq Files To List & Trade 21Shares Dogecoin ETF

A Nasdaq filing has revealed that the exchange has submitted an application to the US SEC to list and trade the 21Shares Dogecoin ETF. This move is significant, as the S-1 filing officially begins the approval process.

The SEC will then move to publish the filing in the Federal Register and ask for public comments on the filing before it decides to approve or deny. It is worth mentioning that asset manager 21Shares had earlier this month filed the 19b-4 form for its DOGE ETF. This move showed the firm’s intention to offer investors exposure to the largest meme coin by market cap.

Besides 21Shares, Grayscale, and Bitwise have also filed to offer a Dogecoin ETF, providing a bullish outlook for the DOGE price, which could surge as institutional investors invest in the meme coin. More asset managers are expected to file for a DOGE ETF as interest in the meme coin picks up.

What’s Next For The Dogecoin Price?

The DOGE price remained unchanged following Nasdaq’s S-1 filing for the 21Shares Dogecoin ETF. However, crypto analyst Trader Tardigrade predicts that a breakout might be on the horizon for the top meme coin.

In an X post, the analyst noted that Dogecoin has been moving within different ranges, experiencing both false breakdowns and breakouts. He added that the meme coin has now returned to its current range. In line with this, he expects DOGE to break out, potentially sending it higher.

The post Nasdaq Files S-1 For 21Shares Dogecoin ETF With SEC appeared first on CoinGape.

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Cardano (ADA) Price Prediction for March 16

Cardano (ADA) Price Prediction for March 7

The post Cardano (ADA) Price Prediction for March 16 appeared first on Coinpedia Fintech News

As the weekend approaches, the overall cryptocurrency market has begun to recover, showing signs of an upward rally. Amid this recovery, ADA, the native token of the Cardano blockchain, appears bullish and is poised for a significant rally in the coming days.

Cardano (ADA) Technical Analysis and Upcoming Levels

According to expert technical analysis, ADA has formed a bullish inverted head and shoulders pattern and is now on the verge of a breakout. Based on recent price momentum, if the asset breaches the pattern’s neckline and closes a four-hour candle above the $0.76 level, there is a strong possibility it could initially soar by 10% to reach $0.85 in the coming days.

Source: Trading View

However, amid this rally, ADA may face resistance from the 200 Exponential Moving Average (EMA), which currently indicates that the asset is in a downtrend. This bullish thesis will hold only if ADA breaches the $0.76 level, otherwise, the bullish outlook may fail.

However, on a longer time frame, ADA appears to be consolidating within a tight range between $0.73 and $0.757 over the past five trading days and is now attempting to break out. If the asset breaches this consolidation and closes a daily candle above the $0.76 level, it could soar significantly by 50% to reach $1.15 in the coming days.

Source: Trading View

Major Liquidation Levels

At press time, both bulls and bears are making strong bets on the asset, as reported by the on-chain analytics firm Coinglass. Data reveals that traders are currently over-leveraged at $0.723 on the lower side, with $12 million worth of long positions.

Source: Coinglass

Meanwhile, $0.765 is another over-leveraged level, where traders have held $10.50 million worth of ADA tokens.

The post Cardano (ADA) Price Prediction for March 16 appeared first on Coinpedia Fintech News
As the weekend approaches, the overall cryptocurrency market has begun to recover, showing signs of an upward rally. Amid this recovery, ADA, the native token of the Cardano blockchain, appears bullish and is poised for a significant rally in the coming days. Cardano (ADA) Technical Analysis and Upcoming Levels According to expert technical analysis, ADA …

Bitcoin Open Interest Jumps $2B in a Day: Is the Rally Sustainable?

Bitcoin Open Interest Jumps $2B in a Day: Is the Rally Sustainable?

Bitcoin open interest has seen a substantial increase following the Federal Reserve’s May 7 FOMC meeting when BTC briefly touched $96,000. According to the data, aggregated open interest jumped as Bitcoin’s price climbed toward the $100,000 level.

Bitcoin open interest adds $2B

Bitcoin open interest has jumped by $2 billion in a single day following BTC’s movement around the $96,000 level during the May 7 FOMC meeting. According to the chart data, aggregated open interest rose from approximately $17.5 billion to $19.15 billion. This is an 11.63% increase in just 24 hours.

The timing of this open interest surge coincides directly with Bitcoin’s price action on May 7-8. This was when the cryptocurrency began a strong upward move from the $95,000 range toward $100,000. The chart clearly shows that open interest began climbing on May 7, with the steepest increase occurring over a 16-hour period.

This $2 billion influx of new positions is nothing but fresh capital entering the Bitcoin futures market. This may mean that the traders are more confident these days following a decision by the Federal Reserve to keep interest rates constant. The volume indicator of the price chart shows that higher trading occurred in this time period. This further confirms that more individuals are getting into the market.

Bitcoin open interest is the aggregate value of open futures contracts. Abrupt spikes usually indicate shifts in market sentiment and potential price movements. The current value of $19.15 billion in BTC open interest indicates that traders are placing massive bets on price action in the near future.

Bitcoin wallets return to a state of profit

The recent Bitcoin price rally has improved the profitability profile of market participants according to Glassnode data. When BTC dipped to the local low of $74,000, more than 5 million Bitcoin were held in underwater positions. However, the subsequent recovery has reduced this number to approximately 1.9 million BTC. This shows that over 3 million Bitcoin have returned to a profitable state.

This transition from loss to profit for many holders generally strengthens market sentiment, as investors experience financial relief. This comes amidst the surge in Bitcoin open interest. The data shows that a considerable number of short-term holder coins have returned to profitability as Bitcoin pushed above $95,000. This change is likely to drive profit-taking events as the market continues to show strength, as per Glassnode.

With Bitcoin’s price reaching as high as $99,800, the market has attracted fresh capital inflows. The realized cap, which measures the value of all Bitcoin at the price at which they last moved, has climbed to an all-time high of $889 billion. This metric confirms that new money is entering the Bitcoin ecosystem and supports the current price levels.

The post Bitcoin Open Interest Jumps $2B in a Day: Is the Rally Sustainable? appeared first on CoinGape.

XRP Futures Set to Launch on CME Group, Boosting Liquidity and ETF Chances

The CME is launching futures trading on XRP on May 19, pending regulatory review. It will allow both micro and large contracts, from 2,500 to 50,000 XRP, prioritizing flexibility and precision.

This development could provide several key advantages for the asset. In addition to substantial liquidity, the CME will treat the asset as a commodity like Bitcoin and Ethereum. This could potentially boost the chances of an XRP ETF approval.

CME to Launch XRP Futures

XRP futures are financial contracts that let traders speculate on the future price of XRP without owning the actual XRP coins. It will allow institutional and professional traders to hedge risk or speculate on XRP prices using regulated instruments.

CME’s involvement is significant—it’s the world’s largest derivatives exchange, and adding XRP gives more legitimacy and market depth.

The CME has been interested in crypto futures trading over the past few months. It hinted at launching Solana and XRP futures in January but couldn’t officially commit to the strategy until approval.

The CME first began Solana futures trading last month and is set to open XRP futures on May 19:

“While overdue in a bunch of ways, this is an incredibly important and exciting step in the continued growth of the XRP market!” Ripple CEO Brad Garlinghouse claimed via social media.

Meanwhile, futures trading in the institutional market could potentially aid the chances of an XRP ETF. Additionally, it potentially opens a huge window of new liquidity for the token. The recognition of CME’s brand will guarantee product quality in the eyes of institutional investors.

Coinbase added XRP futures trading earlier this week after receiving official CFTC approval. The CME is also a CFTC-regulated institution, but it will take a few weeks to offer its own XRP futures.

Still, it began offering Bitcoin and Ethereum futures this year, and this development suggests it’s treating Ripple’s altcoin like a commodity, too.

The announcement acknowledges that it still requires regulatory approval, possibly explaining the long wait. These futures will be cash-settled and based on the CME’s XRP-Dollar reference rate, which is calculated daily.

XRP’s demand hit a five-month low this week, and the CME won’t offer futures for nearly a month. This news is undoubtedly bullish, but it may take some time to materialize fully in the market.

The post XRP Futures Set to Launch on CME Group, Boosting Liquidity and ETF Chances appeared first on BeInCrypto.