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Vaneck Bitcoin Futures ETF Gets Green Light from SEC — Fund to Join Proshares BTC ETF Listing on NYSE

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The wealth manager Vaneck will be launching its bitcoin futures exchange-traded fund (ETF) in the United States following the Proshares ETF listing that launched on Tuesday. According to the post-effective filing with the U.S. Securities and Exchange Commission (SEC), the Vaneck bitcoin futures ETF launch is approved to be listed after October 23.

Vaneck’s Bitcoin Futures ETF Is the Second US Fund to Get Approval From Regulators

This week, the Proshares Bitcoin Strategy exchange-traded fund (BITO) launched with a lot of fanfare and the ETFs volume broke records on Tuesday. The following day, bitcoin (BTC) spot markets smashed an all-time price (ATH) at $67,017 per unit. Additionally, the wealth manager Vaneck published its bitcoin futures ETF post-effective filing on Wednesday which indicates that the SEC has green-lighted the listing on NYSE Arca.

The Vaneck Bitcoin Strategy ETF’s ticker will be “XBTF” and the fund leverages cash-settled bitcoin futures contracts. The Vaneck ETF summary details that the fund “does not invest in bitcoin or other digital assets directly.” After the post-effective filing was published, Nate Geraci, the co-founder of The ETF Institute tweeted about the approval. “Vaneck [is] joining the bitcoin futures ETF party next week,” Geraci said.

The Vaneck approval follows the phenomenal market performance Proshares Bitcoin Strategy exchange-traded fund (BITO) saw on Tuesday. Eric Balchunas, the senior ETF analyst for Bloomberg explained on Wednesday that BITO is already “in the top 30% of ETFs by assets and a near-lock to exceed my $750m by end-of-week estimate.”

Vaneck’s Decision to Apply for Bitcoin Futures ETF Followed Gary Gensler’s statements Concerning Futures-Based Funds

Vaneck decided to apply for the Bitcoin Strategy ETF on August 10, following SEC chairman Gary Gensler’s statements that week. At that time, Gensler said he looks forward to regulators reviewing ETFs that are particularly associated with bitcoin futures, he mentioned the U.S. Investment Company Act of 1940 as possibly being sufficient enough for regulation.

Gary Gensler also spoke about the approval of the Proshares bitcoin ETF during an interview with CNBC Tuesday and he said: “Bitcoin futures have been overseen by our sibling agency, the Commodity Futures Trading Commission [CFTC], which I was once honored and proud to serve there and that’s been four years.”

The Proshares and Vaneck bitcoin futures ETF approvals mark a milestone for bitcoin-related exchange-traded funds in the United States. For the first time, U.S. investors can participate in an ETF that has some ties to the leading crypto asset bitcoin (BTC).

The U.S., however, is not the first North American ETFs to be approved as Canada has approved a few bitcoin-related ETFs during the last 12 months. While October 23 is a Saturday, the community expects the Vaneck bitcoin futures ETF to list the following Monday on October 25.

What do you think about Vaneck getting approval to list its bitcoin futures ETF in the U.S.? Let us know what you think about this subject in the comments section below.

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Litecoin Price Prediction: LTC/USD Drops to $136.94 Support

Litecoin Price Prediction – December 4 The Litecoin price prediction shows LTC currently dropping with a loss of 13.34% after the opening price at $188.10. LTC/USD Market Key Levels: Resistance levels: $200, $210, $220 Support levels: $120, $110, $100 LTCUSD – Daily Chart Buy Litecoin Now LTC/USD is currently experiencing a 13.34% price drop over::Listen

Litecoin Price Prediction – December 4

The Litecoin price prediction shows LTC currently dropping with a loss of 13.34% after the opening price at $188.10.

LTC/USD Market

Key Levels:

Resistance levels: $200, $210, $220

Support levels: $120, $110, $100

Litecoin Price Prediction
LTCUSD – Daily Chart

LTC/USD is currently experiencing a 13.34% price drop over the past 24 hours of trading as the coin is now trading below the lower boundary of the channel but looks like it might continue to head beneath the 9-day and 21-day moving averages. However, any further bearish movement below the channel could see the Litecoin price headed towards the $150 level and it is likely to occur if the coin continues to drop in the next few days.

Litecoin Price Prediction: Litecoin (LTC) May Head Beneath

According to the daily chart, the Litecoin price is seen maintaining a downtrend. It has been struggling to stay above the 9-day and 21-day moving averages over the past few days of trading. However, as the pair moves to the downside, the market may be considered bearish at this moment as the technical indicator, the Relative Strength Index (14) is heading towards the oversold region and the sellers can be increasing their momentum if the price stays below the channel.

On the downside, the first support level could be located at $130 but this is expected to prevent the market from falling further. Meanwhile, if the selling continues, traders can expect added support at $120, $110, and $100. Meanwhile, from the upside, the price could manage to move towards the 9day MA and crossing above this could locate the potential resistance levels at $200, $210, and $220.

When compares with BTC, the bears are making a serious effort to step back into the market as the bulls are pushing it back towards the 9-day moving average. At the moment, the coin is yet to show some promising signs that could push the coin towards the upside. From the upside, the nearest resistance levels are located at 4000 SAT and above.

LTCBTC – Daily Chart

From the downside; the nearest support levels may cross remain below the 9-day and 21-day moving averages while further support could be seen at 3000 SAT. However, if the price drops further, the lower support may be located at 2800 SAT and below. Meanwhile, the technical indicator, the Relative Strength Index (14) is seen moving below 40-level, which shows that more bearish signals are coming to play.

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Vaneck Bitcoin Futures ETF Gets Green Light from SEC — Fund to Join Proshares BTC ETF Listing on NYSE

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