Report says Bitcoin price will rocket to $141k in case of ETF approval as BTCETF token raises over $1.3M

The Bitcoin ETF token is not officially affiliated with the spot Bitcoin ETFs currently under review by the United States SEC.
A new report from CoinShares has suggested that Bitcoin (BTC) might experience significant growth if a much-anticipated spot BTC ETF gains approval in the US.
The report speculates that Bitcoin's price could reach as high as $141,000 if regulators approve an ETF backed by physical BTC.
Amid growing anticipation for a potential spot BTC ETF, a new token named Bitcoin ETF Token (BTCETF) has raised over $1.3 million in its presale, attracting investors keen to gain exposure to the hype.

CoinShares report says spot Bitcoin ETF could attract $14bn in investment

Building on the speculation that a spot BTC ETF could propel demand, a new report from CoinShares predicts dramatic gains for Bitcoin.
Their research finds that the approval of such an ETF could attract a whopping $14.4 billion in investment into Bitcoin within the first year of its operation.
As BlackRock, the world's largest asset manager, progresses towards securing regulatory approval, the possibility of these significant inflows appears to be growing.
The report outlines that if even a fraction of BlackRock’s $10 trillion assets under management (AUM) flowed into Bitcoin, it would be enough to push prices sky-high.
Specifically, CoinShares’ report estimates that a 1% allocation from 10% of US-addressable assets would be enough to drive Bitcoin to $141,000 by the end of 2025.
And under more optimistic assumptions, as much as $31.3 billion could pour into BTC, pushing the price to a staggering $265,000 – more than a 624% increase from today’s value.

Grayscale & BlackRock Inch Closer to Bitcoin ETF Approval

Adding to the buzz, after months of anticipation, Grayscale Investments recently met with officials from the SEC to discuss its application to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
This meeting came after a court order required the SEC to formally review Grayscale's bid, following a judicial finding that the regulator lacked a reasonable basis to reject the ETF.
With Grayscale now cleared to utilize a shorter filing, the path ahead looks promising.

If approved, Grayscale intends to list shares of its Bitcoin Trust on NYSE Arca under the ticker GBTC.
Although the SEC recently let another deadline for spot BTC ETF approvals pass, many analysts speculate that the regulator might give the green light to one of these funds in early 2024.
With major entities like Grayscale and BlackRock now in the race, the SEC faces enormous pressure to end its resistance – which could result in considerable demand for Bitcoin.

New token BTCETF takes advantage of ETF hype as presale raises $1.3m

As speculation mounts around an imminent spot Bitcoin ETF approval, a new token has emerged aiming to ride the wave of hype.
Named Bitcoin ETF Token (BTCETF), the project has already raised over $1.3 million in its presale phase.
This ERC-20 token aims to benefit from milestones in the spot ETF application process, planning to burn 25% of its total supply in five stages based on key developments.
The final 5% burn depends on Bitcoin itself hitting the $100,000 price point, which will see the total BTCETF supply drop to 1.575 billion tokens.
Besides these deflationary token burns, BTCETF imposes a 5% tax on all transactions, with these tokens also being removed from circulation.
Given that its mechanics are closely tied to the success of a spot BTC ETF, Bitcoin ETF Token presents an opportunity for investors to engage with this evolving narrative.
Due to this setup, the project's presale has quickly gained traction, with the current price of BTCETF token set for $0.0056 during the current stage.
The token successfully passed a smart contract audit from Coinsult and was recognitised on popular market tracker CoinSniper.
This has sparked attention from the community - the BTCETF token has a solid chance to become a subject of interest in the final weeks of 2023.
Disclaimer. This publication is sponsored. Cointelegraph does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or other materials on this web page. Readers are advised to conduct their own research before engaging with any company mentioned. Please note that the featured information is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this web page constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments. Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice. Cointelegraph shall not be held liable, directly or indirectly, for any damages or losses arising from the use or reliance on any content, goods, or services featured on this web page.

New Bitcoin ETF token (BTCETF) project begins initial coin offering

The Bitcoin ETF token is not officially affiliated with the spot Bitcoin ETFs currently under review by the United States SEC.
The long-awaited arrival of a spot Bitcoin exchange-traded fund (ETF) in the US may soon become a reality, with rumors that BlackRock’s application is on the verge of being approved.
Amid the excitement, a new crypto project called Bitcoin ETF Token (BTCETF) has launched, aiming to allow investors to speculate on the market impacts of an ETF approval.
As prominent asset managers await a decision from the SEC regarding their filings, the BTCETF project offers a unique way to gain exposure to the ongoing hype.

How Bitcoin ETF Token’s deflationary mechanism rewards long-term holders

The design of the BTCETF Token aligns with key milestones in the Bitcoin ETF approval process.
As each milestone is reached, such as an ETF approval date being announced or the first ETF going live for trading, a portion of BTCETF’s total supply will be burned.
The development team plans to burn 25% of the total token supply over time, bringing it from 2.1 billion BTCETF to 1.57 billion BTCETF.
This deflationary mechanism aims to increase scarcity and incentivize holding the token long-term.
Additionally, BTCETF incorporates staking rewards that will dynamically increase based on how long token holders decide to lock up their tokens.
The project’s whitepaper states that 25% of the total supply is allocated for staking, which promotes network security and stability.
Currently, the staking rewards stand at over 1,000%, set to decrease as more BTCETF tokens are pledged.

BTCETF presale offers early supporters advantageous pricing & access

The Bitcoin ETF Token presale is ongoing at btcetftoken.com, offering early supporters a chance to acquire tokens before the first Bitcoin ETF approvals potentially create a frantic environment.
Presale buyers have access to 40% of the total supply, which amounts to 840 million tokens, each priced at $0.005. 
This presale aims to establish a robust community and kickstart awareness of the project’s unique value proposition of aligning with spot BTC ETF milestones.
Notably, the development team has opted to take a tier-based approach to the presale, meaning it will be split into ten stages, each with its own token price.
Each stage has an allocation of 84 million BTCETF tokens - once sold out, the next stage begins at a higher price point.
Through this setup, those who show the earliest faith in the Bitcoin ETF Token project will be rewarded with the most advantageous buying opportunity.
Demand for BTCETF tokens has already begun to rise, with the project raising over $150,000 in funding this week.
Additionally, the Bitcoin ETF Token Telegram channel and Twitter have seen an influx of new members as word about the presale spreads through social media and crypto communities.

Bitcoin ETF Token launch focuses on liquidity & transaction tax reduction

Once BTCETF's presale has ended, the creators intend to launch the tokens on decentralized exchanges (DEXs) to democratize access to them.
Upon this launch, 10% of the total BTCETF supply will be used to provide liquidity, and a token-burning mechanism will go live in the form of a sell tax.
Initially, every BTCETF transaction will be subject to a 5% tax – meaning 5% of the transacted tokens are destroyed.
However, each time a real-world milestone is achieved, such as the first BTC ETF approval, the tax will decrease by 1%.
Therefore, once all milestones have been achieved, the transaction tax will be 0%, rewarding buyers who stick with the project through key events.
This decreasing tax setup also complements the deflationary token burn approach mentioned previously, intending to benefit BTCETF holders over time.
In summary, the Bitcoin ETF Token combines speculation with utility, creating an intriguing crypto asset that allows investors to participate in the buzz of possible spot BTC ETF approvals.
As the crypto community waits for more news on these funds, BTCETF’s presale is drawing attention, with early backers quickly taking advantage of the earliest price round.
Disclaimer. This publication is sponsored. Cointelegraph does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or other materials on this web page. Readers are advised to conduct their own research before engaging with any company mentioned. Please note that the featured information is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this web page constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments. Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice. Cointelegraph shall not be held liable, directly or indirectly, for any damages or losses arising from the use or reliance on any content, goods, or services featured on this web page.

• #Market Release

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MARKET RELEASE
OCT 13, 2023

4 Trending cryptocurrencies to watch this month

The crypto market has seen a shift in momentum over the past week, with most coins and tokens posting significant losses.
However, several altcoins have been gaining momentum and attracting increased attention from community.
This article explores five top trending cryptocurrencies to keep an eye on this month, thanks to their advertised use cases and growing communities.

1. Meme Kombat (MK)

Another emerging crypto gaining momentum is Meme Kombat (MK), an new meme coin currently in its presale phase.
Meme Kombat’s team wants to build a gaming ecosystem that brings popular meme characters together to battle, with users able to wager on match outcomes.
This could merge the meme coin and crypto gaming sectors into one playful package with a decentralized and transparent design that ensures verifiable results.
On top of the meme battling feature, Meme Kombat also advertises potential staking rewards, which could provide another way for users to earn through the platform.
Meme Kombat has already attracted significant attention, raising over $470,000 through its presale so far.
Moreover, given that the project is led by founder Matt Whiteman, who has extensive experience in the Web3 space, it adds to Meme Kombat’s potential – setting it up as another trending crypto to keep an eye on.

2. Launchpad XYZ (LPX)

Launchpad XYZ (LPX) is an ambitious new platform aiming to be the go-to hub for all things Web3.
The platform promises to offer a wide range of services, from crypto education for beginners to advanced AI-powered trading tools for seasoned investors.
Launchpad XYZ has already raised over $1.8 million in presale funding. LPX tokens are currently on offer for $0.0445.
Holding LPX will be vital for those who wish to access all of Launchpad XYZ’s potential offerings, which include training courses, NFT minting, and an AI assistant called Apollo.
As outlined in Launchpad XYZ’s whitepaper, LPX aims to provide additional incentives, like staking rewards, whitelist opportunities, and partner discounts.
With presale momentum continuing to build and plans for CEX listings once it concludes, Launchpad XYZ is positioning itself as a potential contender in the Web3 space.

3. Loom Network (LOOM)

Loom Network (LOOM) has been gaining increased visibility recently as interest grows around platforms for scaling decentralized applications (dApps).
As an interoperability network optimized for high-performance dApps, Loom Network enables fast transactions, high throughput, and zero gas fees for users.
This makes it an appealing option for developers looking to build smooth and responsive dApps.
Loom Network has been operational since 2018 but has flown under the radar until recently, as Ethereum’s gas fee issues highlight the need for scalable alternatives.
LOOM, Loom's native token, is vital to securing the network via staking and facilitating transactions.
With LOOM currently ranked as one of CoinMarketCap’s ten trending cryptocurrencies, this token is another that investors may wish to add to their watchlists.

4. Arweave (AR)

Lastly, Arweave (AR) has also gained traction recently as interest in decentralized data storage solutions grows.
Arweave operates using “blockweave” technology to optimize the permanent storage of large amounts of data.
The network runs on a unique consensus mechanism called SPorA that incentivizes nodes to store Arweave’s entire transaction history, allowing for indefinite data accessibility.