Bitcoin Price Reaches 18-Month High of $38,200 While Bitcoin ETF Token Surges Past $1.57m as FOMO Picks Up

Joel Frank
Last updated: | 7 min read

Friday, November 24, 2023 – The Bitcoin price smashed through $38,000 door after BlackRock met with the US Securities and Exchange Commission (SEC) to talk about its ETF application as the odds on approval rise and new cryptocurrency the Bitcoin ETF Token raises north of $1.5 million.

The Bitcoin ETF Token is the ideal investment vehicle for playing the exchange-traded fund (ETF) theme that is gripping the crypto market. Investors have poured $1,577,000 million into the ICO, currently priced at $0.0058. $BTCETF is at stage 5 of its 10-stage presale. 

There are only three days to go before the price rises to $0.0060, although this stage could sell out sooner as there is only $500,000 to raise before stage 6 begins.

Although false starts on erroneous reports that a BlackRock spot Bitcoin ETF had been approved and that the same asset manager was planning to issue a spot XRP ETF, were unwelcome reminders of the relative immaturity of the crypto market, it reminded everyone that the bulls are raring to go.

A meeting between BlackRock and the SEC earlier this week has also got the juices flowing, as Bitcoin trades as high as $38,250 today at an 18-month high. Then there was SEC Commissioner Hester Peirce who chimed in this week with more positive news flow, commenting, “…there is no reason for us to stand in the way of a spot bitcoin ETF.” 

Add to that the $4.3 billion settlement of the criminal charges brought against Binance by the Department of Justice (DOJ) and erstwhile CEO CZ, and it feels to many like the digital asset sector is on the cusp of a new golden era, where regulators rule the roost and retail and institutional investors can trade easily and safely.

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Bitcoin ETF Token is specially developed to ride the wave of ETF-induced Bitcoin FOMO

As the number of spot Bitcoin ETF applications swells to 12, there are now ways of gaining exposure to the pre-launch excitement that doesn’t involve waiting for the applications to be approved: enter the Bitcoin ETF Token.

Bitcoin ETF Token ($BTCETF) has been specially developed to appeal to market participants who want to gain exposure to the spot Bitcoin ETF alpha returns story.

Running on the Ethereum blockchain, the $BTCETF Token has been fashioned in such a way as to benefit from each real-world milestone in the journey of the spot Bitcoin ETF from approval to launch.

A burn tax kicks in when the coin launches on decentralized exchanges (DEXs) and decreases by 1% as each designated milestone is reached. Running in parallel to that, there is a burn mechanism of up to 25% of the total supply in order to further bolster the deflationary scarcity of the coin. Every time a milestone is reached, the transaction tax is reduced by 1%.

These twin mechanisms mean that owners of the $BTCETF Token will have the most strongly aligned crypto portfolios with the spot Bitcoin ETF growth story.

Recent developments in the regulatory front, far from dampening spirits, have led to yet more optimism. Binance’s troubles signal to the rest of the market that the financial authorities in the US will no longer tolerate crypto exchanges operating outside of existing law.

At a stroke, the Department of Justice has signaled to the SEC and investors of all stripes that trading venues that in effect have been hives of possibly manipulative trading activity, despite denials, are facing extinction. Either exchanges register with the authorities and come into compliance, or they will be forced out of business.

It cannot be overstated how consequential this is for the future expansion prospects of the market. Going forward, and allied with the approval of an ETF, there will be an easy and regulated route for wealth managers and financial advisers to buy exposure to Bitcoin on behalf of their clients. 

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Spot Bitcoin ETFs to become a $100 billion market says Bloomberg Intelligence

In the US, trillions of dollars of investment is directed by financial advisers on behalf of their clients. As such, Bloomberg Intelligence estimates that it is only a matter of time before the spot Bitcoin ETF market is valued at $100 billion.

In fact, Bloomberg reports that a number of managers and advisers it has spoken to have been receiving inquiries from their clients about spot Bitcoin ETFs.

Jeff Janson of Florida-based Summit Wealth told Bloomberg, “I feel like we are now staring down the gun barrel of the SEC finally delivering approval,” Janson, whose firm manages about $550 million, said in an interview. “And my belief is that once you have access to it in that type of a wrapper, I think you’re going to have a significant amount of institutional-level interest.”  

Meanwhile, Galaxy Digitals reports that it has fielded inquiries from 300 investment professionals asking about how to make allocations using a spot Bitcoin ETF vehicle.

Chuck Cumello, the CEO of Essex Financial Services in Connecticut, reinforces the point about the removal of trading friction, perceived or otherwise: “It would just be simple and easy to place a trade – to have it long in a client’s investment advisory account.”   

But if you are among the 99% of Americans who don’t have a financial adviser, then you might be more inclined to forgo paying a fee to such firms and instead make an investment in the Bitcoin ETF Token by simply connecting a funded crypto wallet to make your contribution.

Is Tether the next shoe to drop… and another shot in the arm for a spot Bitcoin ETF approval?

There could also be other shoes to drop after the Binance settlement, which will remove more gray areas from the marketplace. Investors hate uncertainty, so anything that removes it will be welcomed.

With that in mind, are the US authorities coming for Tether next? 

If Binance was the top-dog exchange, Tether has been just as essential as the de facto settlement layer of the entire crypto trading system, in its role as the issuer of the most-used stablecoin. 

For as long as crypto has been traded at serious volumes, USDT (Tether) has been the method for parking funds as an on- and off-ramp for entering and exiting crypto markets in a way that protects the value of funds not being actively traded. 

Tether is backed 1:1 by cash or near-cash equivalents, but the extent of that backing has always been in dispute.

In October US Senator Cynthia Lummis said the DOJ needed to stop delaying with pressing charges against Binance and Tether, although she sees the SEC as the bad guy in all this, regulating through piecemeal enforcement actions. 

Well, the US government prosecutors have made their move with Binance, so is Tether next? 

Tether has been able to get away with no official auditing of the assets backing its stablecoin. It is difficult to see how that position can be sustained. Also, issuing stablecoins is probably a business line that BlackRock, and others, would like to get into. 

Could the US government be about to give BlackRock a helping hand in the same way that some claim they have done by getting Binance out of the picture?

Tether might want to do the smart and proactive thing and settle with the DOJ before they come knocking at its door.

Clearing up the ambiguities around the backing for the Tether stablecoin would see the removal of perhaps the last major regulatory uncertainty in the crypto markets, and, as with the demise of Binance, be a big plus for the healthy expansion of the crypto market into the mainstream. 

It would be another major hurdle removed that’s standing in the way of a spot Bitcoin ETF approval and another indirect price booster for Bitcoin ETF Token.

Crypto YouTuber is “super bullish on $BTCETF” – buy today and earn 162% APY

$BTCETF tokens can be bought in presale today and staked to earn an annual percentage yield (APY) of 162% at the time of writing. 

There have been 164 million $BTCETF tokens deposited into the staking smart contract to date, in a testament to the popularity of this passive income route. Staking rewards are distributed in $BTCETF over a five-year period. Each ETH block produced generates a reward of 119 $BTCETF.

Crypto YouTuber Micheal Wrubel with 310,000 subscribers is super bullish on $BTCETF, as he explains in his day-old video which has already amassed 21,000 views:

Austin Hilton with 235k subscribers on YouTube is another $BTCETF fan. He tells his audience that $BTCETF is “like nothing you have ever seen,” as he encourages viewers to find out more.

Another crypto analyst on YouTube is penciling in 10x returns for Bitcoin ETF Token.

There is a price explosion coming for Bitcoin as a wall of money is about to flood into the markets thanks to the imminent spot Bitcoin ETF approval. 

The new Bitcoin ETF Token is one of the most attractive investment propositions in crypto today because it will directly benefit from the approval and launch of a spot Bitcoin ETF regardless of which of the 12 competing issuers wins the race.