Hashdex Looks to Expand Crypto ETF in the US
Crypto asset manager Hashdex has filed with the US Securities and Exchange Commission (SEC) requesting permission to add altcoins such as Litecoin (LTC), XRP, Cardano (ADA), Solana (SOL), Chainlink (LINK), Avalanche (AVAX) and Uniswap (UNI) to its Nasdaq Crypto Index US ETF. The move aims to diversify the fund, which currently holds mainly Bitcoin (BTC) and some Ethereum (ETH).
The Hashdex Nasdaq Crypto Index ETF, which is traded on the Bermuda Stock Exchange, already has a broader basket of crypto assets, while the US version is expected to have a similar structure. With this change, Hashdex plans to offer investors regulated investment opportunities across a wider range of digital assets.
SEC Reevaluates Crypto Asset Custody Rules
The U.S. Securities and Exchange Commission (SEC) is reviewing its proposed stricter rules for investment advisors to hold crypto and other assets. SEC Interim Chairman Mark Uyeda said at the Investment Management Conference in San Diego that changes or repeals of the regulation, which was put in place by the previous administration, are being considered.
The draft regulation, backed by former SEC Chairman Gary Gensler, proposed that only federally authorized custodians would be eligible for investment advisors. However, lawmakers like Patrick McHenry have warned that the rule could leave crypto companies without suitable custody solutions. Uyeda emphasized that the SEC is focused on developing a new framework that provides investor protection while also taking into account regulatory costs.
Strategy Purchases 130 More Bitcoin
Strategy purchased 130 more Bitcoins for $10.7 million, bringing its total BTC holdings to 499,226. The company made this purchase at an average price of $82,981 and continued to increase its Bitcoin holdings. The purchase was financed with the net proceeds from the sale of Series A preferred shares. The company raised $10.7 million by selling 123,000 STRK shares and used this fund to purchase Bitcoin.
With the latest purchase, Strategy’s total Bitcoin investment reached $41.6 billion, while the company’s average purchase price was $66,360. The company, which draws attention with its strategic Bitcoin accumulation, currently holds more than 2% of Bitcoin’s total supply. Strategy’s stock (MSTR) gained 13% on Friday to $297, up 77% in the past year.
Record Outflow from Crypto Funds
Global crypto investment funds saw net outflows of $1.7 billion last week, breaking a five-week outflow streak of $6.4 billion, according to CoinShares data. Since the beginning of the year, total inflows into the funds have fallen below $1 billion, to $912 million. The biggest outflows came from the U.S. with $1.16 billion, while Swiss-based funds lost $527.7 million. In contrast, funds in Germany, Brazil, Australia and Hong Kong saw slight inflows.
Bitcoin-based investment products saw outflows of $978 million, while Ethereum funds saw outflows of $175 million. Bitcoin is resistant to price fluctuations at $ 83,558, while Ethereum’s price has fallen by 10% in the last seven days. While Solana funds lost $ 2.2 million, XRP funds diverged positively with an inflow of $ 1.8 million. Analysts predict that the market could recover with the recovery in the S&P 500 and Nasdaq, as well as potential interest rate cuts.
Ripple Files Trademark Application for Crypto Custody Service and Wallet
Ripple has signaled its expansion into the crypto custody space by filing a trademark application for the “Ripple Custody” brand. The application specifies four different areas of use, including crypto asset custody and financial management services. Following the approval of spot Bitcoin ETFs in the US, Ripple, like major financial institutions, is also moving into this area.
The application also includes a downloadable software service for storing and transferring crypto, fiat and digital assets. This is fueling speculation that Ripple could launch its own crypto wallet. If it does, the Ripple wallet could offer a new storage and transfer solution for XRP and other digital assets.
TON Price Rises After Pavel Durov Leaves France
Telegram founder Pavel Durov has received permission to temporarily travel to Dubai despite legal proceedings in France. Durov, who was detained in France last August on various charges, was unable to leave the country by court order. However, French authorities returned his passport and approved his travel to Dubai for a few weeks.
Following this development, The Open Network (TON) token, which is associated with the Telegram ecosystem, gained 20%. The TON Foundation stated that they welcomed Durov’s return to freedom of travel. Durov confirmed his return to Dubai on his Telegram channel, saying, “It feels great to be back home.” he said.
Brazil Proposal to Regulate Salary Payments with Bitcoin
Brazilian lawmaker Luiz Philippe de Orleans e Bragança has introduced a bill that would allow employers to pay their employees with crypto assets such as Bitcoin. According to the bill, submitted to parliament on March 12, a maximum of 50% of salary payments can be made in crypto, with the rest paid in Brazilian reals. While a full crypto payment option is available for expat employees or independent service providers, the official exchange rate will be applied through an authorized institution determined by the Central Bank.
Orleans-Bragança stated that this regulation will grow Brazil’s fintech sector and attract more crypto investments to the country. Emphasizing that similar practices have been successful in countries such as Japan, Switzerland and Portugal, the lawmaker stated that employees and employers will be provided with greater contractual freedom. The Brazilian government is also working on a new initiative that will facilitate the use of crypto and blockchain-based systems in trade between BRICS countries.
Kentucky Grants Legal Protection for Bitcoin Mining and Custody Rights
The state of Kentucky has approved HB 701, a bill that protects Bitcoin’s individual custody rights and mining operations. The bill allows individuals to freely manage their digital assets, protects miners from unfair regulation, and removes licensing requirements for small-scale miners. It also provides clarity to the sector by stating that Bitcoin mining and staking services should not be classified as securities.
The law also encourages the use of Bitcoin and other digital assets as a means of payment and ensures that no additional taxes will be imposed on these transactions. Kentucky’s move could make the state a crypto-friendly hub and attract more investment in the sector. The state is also reportedly considering the idea of creating a Bitcoin reserve.
Ethena Labs and Securitize Launch Blockchain for DeFi and Tokenization
Stablecoin developer Ethena Labs and asset tokenization company Securitize are launching a new blockchain called Converge, which aims to merge the worlds of traditional finance and decentralized finance (DeFi). Based on the Ethereum Virtual Machine (EVM), Converge will provide retail investors with access to DeFi applications while also offering regulatory-compliant solutions for institutional investors.
Converge will benefit from the rapidly growing real asset (RWA) market thanks to Securitize’s strong presence in the tokenization space. Additionally, institutional DeFi adoption is accelerating as giants like JPMorgan draw attention to the growth potential of DeFi. According to McKinsey’s estimate, the tokenization market is expected to reach $2 trillion by 2030.
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BITCOIN (BTC)
BTC is trading at $82,940 as of the morning hours, down 1.28%. In the continuation of the negative scenario, if the $82,440 level is lost, the $78,459 level can be followed as the first support point. If this area is broken, a drop to $76,596 can be experienced.
In the positive scenario, the $84,666 level stands out as the first resistance point. If this level is exceeded, the $86,673 and then $89,248 levels can be followed as the next resistance zones.
ETHEREUM (ETH)
ETH is priced at $ 1,905 as of the morning hours with a 1.03% loss in value. ETH, which has been following a horizontal course for about a week, experienced a slight pullback by being rejected at $ 1,960.
In the negative scenario, the $ 1,865 – $ 1,800 region stands out as a strong support area. If this region is broken, the $ 1,757 level can be followed. In a deeper decline, the $1,665 area will be the main support point.
In a positive scenario, the $1,908 level can be expected to work as the first resistance point. If this level is exceeded, the $1,960 and then the $1,997 levels can be followed as resistance. In a stronger rise, $2,075 and $2,153 levels can be targeted.
RIPPLE (XRP)
XRP is trading at $ 2.29 levels with a 2% loss in value as of the morning hours. It retreated somewhat after being rejected from the $ 2.37 region and is approaching the $ 2.27 support.
In the downward scenario, the $ 2.27 level stands out as the first support point. If this level is lost, the $ 2.19 level can be followed. In a deeper decline, the $2.13 and $2.08 levels will be strong support areas.
In upward movements, the $2.37 area is the critical resistance. If this level is exceeded, a movement towards the $2.46 and then $2.55 levels can be expected. Especially closing above $ 2.46 could pave the way for a stronger rise in XRP.
AVALANCHE (AVAX)
AVAX is trading at $ 18.95 levels with a 0.70% gain as of the morning hours. While the price is on a horizontal course, breaking the $ 18.96 level will be critical for the continuation of the upward movement.
In a possible positive scenario, the $ 19.74 level can be followed as the first resistance point. If this level is exceeded, the $ 21.03 region can be tested. In a stronger bullish scenario, $21.83 and then $22.92 levels can be targeted.
In the negative scenario, the $18.14 level stands out as the first support point. In case this level is lost, $17.29 and then $16.20 supports can be followed. Especially if the $ 16.20 level is lost, the price may pull back to the $ 14.90 region.
SOLANA (SOL)
SOL is traded at $ 124.38 as of the morning hours with a 2.82% loss in value. While the selling pressure increased after the $ 126.71 support was broken, the price is approaching the $ 122.24 level.
In a possible positive scenario, the $ 126.71 level can be followed as resistance. If this level is exceeded, $ 135.47 can be tested again. For a stronger rise, the $147.06 level can be targeted.
In the negative scenario, the $122.24 level is watched as the first support. Below this level, the $118.17 support zone will be important. Especially if $ 118.17 is lost, selling pressure may increase and the price may decline to $ 112.54.
