Bitcoin continues to fluctuate around the $105,000 level, falling 0.24% in the past 24 hours, as the market absorbs a politically significant development: the filing for the Bitcoin ETF by Truth Social. On June 3, NYSE Arca submitted a rule change to the SEC to list this new spot ETF, supported by Yorkville America Digital, which is linked to Trump.
Unlike traditional ETFs, this fund's brand leverages partisan identity, potentially attracting interest from Trump's political base as well as retail investors.
This ETF aims to track the performance of Bitcoin while expanding exposure without requiring traders and investors to directly hold BTC. Furthermore, it replicates existing services from BlackRock and Grayscale, companies that have secured regulatory approval and custodial protections.
However, the market's reaction remains cautious. Bitcoin has not broken out from the news about the ETF, highlighting short-term obstacles such as regulatory oversight and investor fatigue despite long-term bullish catalysts.
The ETF Truth Social has been submitted to NYSE Arca and is awaiting SEC review. The branded ETF could attract political retail demand. Bitcoin remains below $106,000 despite rumors about the ETF.
JPMorgan unlocks lending for Bitcoin ETF
While retail money is slow, institutional finance is on the move. JPMorgan is now allowing high net worth clients to take out loans secured by Bitcoin spot ETF shares like BlackRock's IBIT. This is a big deal because Bitcoin ETFs are now accepted as collateral along with stocks and real estate. This is an important milestone for the integration of cryptocurrency into the traditional financial system.
This is particularly interesting considering CEO Jamie Dimon's public skepticism towards digital assets. But behind the scenes, the utility of Bitcoin is becoming too significant to ignore. By allowing cryptocurrency-backed loans, the bank is formalizing Bitcoin as a type of asset within the framework of secured lending.
JPMorgan launches a lending service based on the Bitcoin ETF IBIT and other spot ETFs that are now eligible as collateral. The organization's reputation has increased despite the volatility.
Can Trump put Bitcoin into the national reserve?
The question attracting the attention of cryptocurrency analysts is whether Trump's push for an ETF signals a broader plan for Bitcoin on a national scale. Although there has been no official move towards adopting BTC in national reserves, the combination of political branding and organizational financial integration is noteworthy.
The Trump administration's endorsement of Bitcoin, even if only symbolic, could significantly change the public and government perception.
Currently, the Bitcoin price prediction remains neutral as BTC is trading within a narrow range, but the chart shows a tightening symmetrical triangle. BTC is trading above the 50-period EMA and the MACD has just printed a bullish crossover.
A 2-hour candle closing above $106,000 will confirm the breakout, with a bullish target around $107,811 and $108,933.
Quick technical summary:
Current price: $105,750Breakout point: Close above $106,000Increase: $107,811 → $108,933Support level: $105,285 → $104,098
Whether the Truth Social ETF succeeds or not, it presents a compelling story that intertwines cryptocurrency with politics. As the 2024 election cycle unfolds, Bitcoin may become a battleground, not just in the markets but also in national policy.
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BTC Price Prediction: Trump's ETF filing sparks speculation – Will Trump add more BTC to the Reserve?
Bitcoin continues to fluctuate around the $105,000 level, falling 0.24% in the past 24 hours, as the market absorbs a politically significant development: the filing for the Bitcoin ETF by Truth Social. On June 3, NYSE Arca submitted a rule change to the SEC to list this new spot ETF, supported by Yorkville America Digital, which is linked to Trump. Unlike traditional ETFs, this fund's brand leverages partisan identity, potentially attracting interest from Trump's political base as well as retail investors. This ETF aims to track the performance of Bitcoin while expanding exposure without requiring traders and investors to directly hold BTC. Furthermore, it replicates existing services from BlackRock and Grayscale, companies that have secured regulatory approval and custodial protections. However, the market's reaction remains cautious. Bitcoin has not broken out from the news about the ETF, highlighting short-term obstacles such as regulatory oversight and investor fatigue despite long-term bullish catalysts. The ETF Truth Social has been submitted to NYSE Arca and is awaiting SEC review. The branded ETF could attract political retail demand. Bitcoin remains below $106,000 despite rumors about the ETF. JPMorgan unlocks lending for Bitcoin ETF While retail money is slow, institutional finance is on the move. JPMorgan is now allowing high net worth clients to take out loans secured by Bitcoin spot ETF shares like BlackRock's IBIT. This is a big deal because Bitcoin ETFs are now accepted as collateral along with stocks and real estate. This is an important milestone for the integration of cryptocurrency into the traditional financial system. This is particularly interesting considering CEO Jamie Dimon's public skepticism towards digital assets. But behind the scenes, the utility of Bitcoin is becoming too significant to ignore. By allowing cryptocurrency-backed loans, the bank is formalizing Bitcoin as a type of asset within the framework of secured lending. JPMorgan launches a lending service based on the Bitcoin ETF IBIT and other spot ETFs that are now eligible as collateral. The organization's reputation has increased despite the volatility. Can Trump put Bitcoin into the national reserve? The question attracting the attention of cryptocurrency analysts is whether Trump's push for an ETF signals a broader plan for Bitcoin on a national scale. Although there has been no official move towards adopting BTC in national reserves, the combination of political branding and organizational financial integration is noteworthy. The Trump administration's endorsement of Bitcoin, even if only symbolic, could significantly change the public and government perception.
Currently, the Bitcoin price prediction remains neutral as BTC is trading within a narrow range, but the chart shows a tightening symmetrical triangle. BTC is trading above the 50-period EMA and the MACD has just printed a bullish crossover. A 2-hour candle closing above $106,000 will confirm the breakout, with a bullish target around $107,811 and $108,933. Quick technical summary: Current price: $105,750Breakout point: Close above $106,000Increase: $107,811 → $108,933Support level: $105,285 → $104,098 Whether the Truth Social ETF succeeds or not, it presents a compelling story that intertwines cryptocurrency with politics. As the 2024 election cycle unfolds, Bitcoin may become a battleground, not just in the markets but also in national policy.