- Top American crypto asset manager pens a historical S-1 form on the SEC’s table.
- Bloomberg’s seasoned crypto ETF pundits are shocked by the news of HBAR ETF.
- Hedera’s native token spurs above $0.0677 as bulls regain short-term momentum.
The heavyweight American crypto asset fund manager Canary Capital has stunned the crypto sphere with several exchange-traded (ETF) offerings, including previous applications for Litecoin (LTC), Solana (SOL), and Ripple (XRP) ETFs.
HBAR ETF Thunderbolts Analysts
Now, the crypto giant is making a major move with a proposed Hedera Hashgraph (HBAR) based ETF product, which landed on the Securities and Exchange Commission’s (SEC) table on November 12, 2024. The filing praises the Hedera Hashgraph distributed ledger for fast and secure transactions and multiple utility cases powered by major-brand partnerships.
The new ETF contender comes just a month after Canary Capital launched the first Hedera crypto investment vehicle in the United States, dubbed HBAR Trust. This sparked a miscellaneous reaction among digital asset pundits, such as Eric Balchunas, who claimed he had to research on Google to understand what Canary Capital’s HBAR ETF implies.
“The post-Trump spaghetti cannon in effect,” says Bloomberg’s top ETF expert and market critic, ironically predicting that a Dogecoin ETF offer will be next in line. Moreover, the same sentiment was shared by James Seyffart, another ETF expert who confessed to knowing “next to nothing” about HBAR.
HBAR Price Regains Bull Strength
Ichimoku Cloud, the one-glance equilibrium technical trading tool, can be deployed to understand an altcoin’s market momentum and support and resistance levels to watch out for. The technique was invented in Japan by Goichi Hosoda in 1930 and was kept as a secret trading strategy until the 1960s.
Breaking down the asset’s momentum, the Ichimoku Cloud deems the coin’s price performance bullish if the price trades well above the cloud. Conversely, the asset’s price trading below the Ichimoku Cloud constitutes downward price momentum.
In Hedera’s case, the altcoin’s price, portrayed in blue, hovers around $0.06, retracing from the monthly peak of $0.06772 scored on November 12, 2024. The Senkou Spans A & B, representing the Ichimoku Cloud’s upper and lower lines, were placed significantly below the current HBAR price, signaling upward short-term momentum.
On the Flipside
- Canary Capita’s HBAR ETF proposal lacked details on the custodian, ticker symbol, and crypto exchange used for internal ETF transactions.
Why This Matters
The grant of an HBAR ETF would create a top-grade regulated environment for Hedera’s native token investors, who are more prone to traditional finance dynamics.
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