Thursday, 30 November 2023

Crypto News

Spot Bitcoin ETF a “done deal,” but how does this boost optimism for Shiba Memu?

United States SEC officially accepts Valkyrie Spot Bitcoin ETF application

  • Analysts have increased their expectations of a spot Bitcoin ETF.

  • A spot ETF would boost crypto sentiment, benefiting Shiba Memu.

  • Shiba Memu is a potential 10x investment in 2023.

Analysts are growing anxious over a potential approval of spot Bitcoin ETF. They believe the latest loss of SEC in the Grayscale case increases the odds for a spot ETF. Meanwhile, Shiba Memu’s presale has been in high gear as investors hold high hopes for the upcoming AI token. With over $3.8 million raised in presale, a potential spot Bitcoin ETF approval could be massive for the token. Investors can participate in the SHMU presale by visiting the project’s webpage.

A spot Bitcoin ETF beckoning?

Bloomberg ETF analyst James Seyffart says a spot Bitcoin ETF is a “done deal.” The analyst commented upon reports that the SEC wouldn’t appeal the court decision on Grayscale Bitcoin ETF. The move will pave the way for converting the Grayscale Bitcoin Trust to spot ETF. 

Analysts now believe the market is pricing for a potential greenlight of a spot Bitcoin ETF. Grayscale Bitcoin Trust (GBTC) has been trading at the lowest discount in almost two years. GBTC’s discount to Bitcoin’s net asset value (NAV) fell to 15.87% on October 13. The metric tracks how far an instrument trades from its real value. 

Analysts believe GBTC’s discount will narrow further as markets anticipate the first spot Bitcoin ETF. That comes even as Grayscale prepares to convert its trust product into a spot ETF. 

Crypto optimism to boost Shiba Memu

Shiba Memu has so far exceeded expectations after a fast-selling presale. However, a potential approval of the first spot Bitcoin ETF would add interest in the crypto token. 

A spot Bitcoin ETF would reignite interest in risk-on assets, fueling speculation, especially on Bitcoin. Consequently, meme cryptocurrencies have in the past benefited from improved crypto mood. The sentiment will pave the way for a potential uptake in Shiba Memu ahead and after listing. 

Apart from an improved crypto mood, Shiba Memu could become a challenger in the meme space. AI has been a hot development, with its prospects in Shiba Memu being an attraction so far. 

Unlike its meme peers, Shiba Memu aspires to be one of the most sustainable cryptocurrencies. It uses AI to self-market itself online and generate social frenzy. With meme…

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