Bitcoin Breaches $50K and Franklin Templeton Joins Ethereum ETF Race Amid Surging Market Confidence
Summary:
The Crypto Fear and Greed Index reaches its highest level since 2021, as Bitcoin surpasses $50,000. Meanwhile, Franklin Templeton has applied to launch a spot Ether exchange-traded fund in the U.S., joining the intensifying race for Ethereum ETFs. Bitcoin's market capitalization edges closer to the world's top ten most valuable assets, and experts anticipate the imminent Bitcoin halving to act as a significant market driver.
Enthusiasm has once again surged in the crypto market as the index which monitors sentiment peaks at a height not seen since 2021 - with Bitcoin (BTC) exceeding $50,000. In addition, the race for Ethereum ETF is on fire as Franklin Templeton becomes the most recent company to submit an application. The Crypto Fear and Greed Index, a barometer of market mood, has reached a pinnacle unseen since Bitcoin (BTC) attained its all-time peak of $69,000 in November 2021. As per Alternative.me, the index skyrocketed to as high as 79 on Feb. 13, following Bitcoin's crossing of the $50,000 mark on Feb. 12. The cryptocurrency has witnessed a steady climb over recent months, augmenting its value by about 13% since the beginning of the year, based on CoinGecko data. The Index previously recorded extreme greed at 76 on Jan. 11 amid the excitement of spot Bitcoin ETFs being launched in the United States. The index's calculation incorporates factors that influence trader and investor behavior such as market volatility, market dominance, social media trends, Google trends, market momentum and surveys.
In other news, Franklin Templeton is the newest Wall Street firm to put forth an application for a spot Ether (ETH) exchange-traded fund in America. The asset management firm, which manages $1.5 trillion in assets, filed the application with the United States Securities Exchange Commission on Feb. 12. If given the green light, it would then be listed as “Franklin Ethereum ETF” on the Chicago Board Options Exchange. Interestingly, the firm has indicated that it intends to stake a portion of the ETF’s Ether to generate additional income, mirroring ARK 21Shares’ revised S-1 filing last week. Franklin announced that it plans to stake Ether extracted from the trust's cold storages. Consequently, the trust would then receive staking rewards which would be treated as income.
In yet another significant step, for the first time in over two years, Bitcoin surpassed the $50k mark. As of Feb. 12, the leading cryptocurrency, in terms of its market cap, had reached $50,188, representing a more than 4% increase. Data from Cointelegraph Markets Pro and TradingView revealed that this is its highest level since December 2021, ahead of the crypto winter. This boost has brought Bitcoin's market cap to $982 billion, placing it among the world's top ten most valuable assets. Bitcoin's market cap is just below Facebook-owner Meta by around $235 billion. Numerous experts are forecasting that the impending halving of Bitcoin will serve as the market’s primary driver. Based on the current production rates, Bitcoin's next quadrennial halving is approximately 55 days away. This article refrains from providing investment counsel or recommendations, since every investment and trading move carries risks, hence readers are encouraged to undertake their own research prior to taking a decision.
Published At
2/13/2024 4:10:26 PM
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