This week in the crypto world was a rollercoaster ride, with Bitcoin defending the $70,000 mark amidst market jitters. Ethereum, XRP, and Dogecoin tested their support levels, while Ethereum also entered what analysts are calling a ‘generational buy zone’.
In regulatory news, Nasdaq secured SEC approval to list blockchain versions of stocks and SEC Chair Paul Atkins announced a new crypto framework. Lastly, Morgan Stanley’s Bitcoin ETF set its ticker as BTC tests $70,000 support.
Bitcoin Defends $70,000 As Ethereum, XRP, Dogecoin Test Support
Bitcoin traded around $70,000 as Bitcoin ETFs saw $90.2 million in net outflows on Thursday. Ethereum ETFs reported $136.4 million in net outflows. The meme coin market capitalization dropped around 3% over the past 24 hours to $33.4 billion. Crypto trader Jelle noted that Bitcoin is retesting the $70,000 level from below, making it a key decision point.
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Ethereum Entered ‘Generational Buy Zone’
Cryptocurrency analyst Ali Martinez said on Thursday that Ethereum has entered a generational “Buy Zone,” hinting at major bull runs on the horizon. Ethereum’s Market Value to Realized Value Ratio has fallen into the 0.8 – 1.0 range, which has historically signaled “precursor to massive structural bull rallies.”
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Nasdaq Secures SEC Approval To List Blockchain Version Of Stocks
The Securities and Exchange Commission approved a proposal by Nasdaq Inc. allowing certain stocks to be traded and settled in tokenized form on the exchange. The initial scope includes Russell 1000 constituents and exchange-traded funds that track the S&P 500 and Nasdaq 100.
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SEC Chair Announces Crypto Framework Regulating Stablecoins, NFTs
SEC Chair Paul Atkins said the agency will introduce an interpretive framework defining which crypto assets are not securities. The framework classifies digital commodities, digital tools, digital collectibles, including NFTs and meme coins, and stablecoins as generally outside the SEC’s securities jurisdiction.
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Morgan Stanley’s Bitcoin ETF Sets MSBT Ticker
Morgan Stanley disclosed a basket size of 10,000 shares and an initial seed of 50,000 shares expected to raise about $1 million for its Bitcoin ETF. BNY Mellon will handle the fund’s cash and administrative functions, while Coinbase will serve as prime broker and custodian of its Bitcoin holdings.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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