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ProShares’s new Short Ether Strategy ETF is set to start trading on the NYSE Arca under the ticker symbol SETH. ProShares, a major issuer of exchange-traded funds (ETF), has officially announced the launch of the short Ether- linked ETF. Incepted on Nov. 2, ProShares’s new Short Ether Strategy ETF is set to start trading on the New York Stock Exchange’s (NYSE) Arca under the ticker symbol SETH. The new crypto ETF is designed to provide investors with an opportunity to profit from the volatility of the Ether price. Similarly to other ProShares crypto- linked ETFs, SETH seeks to obtain exposure through Ether futures contracts, the announcement notes. According to ProShares CEO Michael Sapir, SETH aims to address the challenge of acquiring short exposure to ETH, “which can be onerous and expensive.” “With today’s launch of SETH, ProShares now offers investors opportunities to profit both on days when Ether increases and when it drops — all through the convenience of a traditional bro...

Also Read: Ethereum Shines As Staking Hits All Time High, ENS Fees Surges advertisement Earlier, CoinGape reported that a prolonged sideways movement for cryptocurrencies could mean a jump in value. At the same time, optimism continues to rise about a potential approval of Bitcoin ETF filing in the months to come. Michael Burry & Bitcoin Price Impact According to an SEC filing, Scion Asset Management opened a huge leveraged short position on the US stock indices Nasdaq 100 and the more crypto correlated S&P 500. The filing reportedly showed that the firm placed purchased $740 million worth of Invesco QQQ Trust Series 1 puts and $900 million worth of S&P 500 puts, both put together constituting about 93% of Burry’s total portfolio value. Hence, a big bet in favor of the fall in US stock values could translate into Crypto Market gains as traders might prefer BTC as a high risk and high reward investment. Micheal Burry is famous for his ...

Also Read: “We Must Finish The Job”: US Cong’s Patrick McHenry On PayPal Stablecoin advertisement In this context, the aggressive move by PayPal to launch a stablecoin could likely spur its competitors in the financial and payments space to look further into the crypto market. Despite the regulatory uncertainty around the use of cryptocurrencies in the United States, this move could be a positive sign for crypto adoption, especially in the payments space. Here are the five competitors of PayPal that may potentially launch their own cryptocurrency or a stablecoin: Stripe Already, Stripe has worked on crypto integration in its partnership with Elon Musk’s X platform. Earlier, CoinGape reported that the company has been declared as X’s official payment processor for payouts. Interestingly, Stripe already runs a native fiat-to-crypto onramp service. Amazon Pay Amazon is known to have experimented with a Europe based Central Bank Digit...

Also Read: XRP Holder’s Lawyer Reveals One Unique Thing About His Clients advertisement Overall, the LUNC community may be in for some aggressive price action as the developers work on bringing significant changes to the network. According to crypto experts, the Terra Luna Classic (LUNC) price in the current cycle has the ability to achieve nearly 400% jump, going by the ongoing momentum. Terra Classic (LUNC) Up For 4X Rally? According to Javon Marks on Twitter, the LUNC token’s price breakout is holding currently and that could mean some positive price action. This is based on the price action analyzed over the long term of the last 12 months. Hence, this price rally could likely take several months to realize for LUNC, whereas the cryptocurrency market as a whole is likely to witness a blanket rally ahead of the Bitcoin halving event scheduled for some time during the second quarter of 2024. Recommended Articles ...

Also Read: Binance Announces Bitcoin Wallet Migration, Triggers On-Chain Transfers advertisement Earlier, CoinGape reported that Ripple Labs Inc stitched a partnership with Colombia’s central bank Banco de la República to explore blockchain technology use cases. However, it is the United States market that is strategically important for Ripple, to be able to expand to full scale. Yet, it is unclear as to whether the US Federal Reserve’s FedNow service would in future integrate crypto payments and thus XRP. When IMF Recognized XRP As Virtual Currency In a 2018 presentation on ‘The Regulation of Virtual Currencies,’ the IMF recognized XRP in the virtual currencies category, describing it as “a coin issued by Ripple as the digital asset for payments.” Interestingly, the IMF also mentioned the virtual currency’s capabilities in the cross-currency border payments space, which is exactly what the IMF is trying to...

Also Read: Binance Declared “Illegal” By Nigeria SEC, Ordered To Cease Operations Interestingly, the US SEC had mentioned at the time in its documentation that the IPO approval does not necessarily prevent it from charging businesses over violations in operations. Meanwhile, the crypto trading community went through a shock with the back to back lawsuits against two of the world’s top crypto exchanges, Binance and Coinbase. Hong Kong Politician Invites Coinbase To Apply For Crypto License Contrary to the regulatory environment in the United States , Hong Kong leader Johnny Ng had on Saturday wrote an open invitation to the likes of Coinbase and other crypto trading operators to come and apply for regulatory licenses in the region. “I hereby offer an invitation to welcome all global virtual asset trading operators including Coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to...