Thursday, 30 November 2023

Crypto News

Spot ETF optimism boosts Bitcoin to $37K while Shiba Memu presale buying interest grows

Bitcoin spot ETF? Expert says SEC has "very little wiggle room"

  • A potential spot Bitcoin ETF has raised optimism in crypto markets.

  • Shiba Memu has crossed the $4.4 million barrier in presale.

  • Shiba Memu could experience high speculation after the token is listed.

A renewed hope is creeping into crypto markets. Bitcoin tapped $37,000 on Thursday, its highest since May 2022, as investors placed bets on potential spot ETF. Meanwhile, the sentiment has boosted the rest of the sector, as most cryptos remained green. The sentiment is positive for upcoming digital assets like Shiba Memu (SHMU). 50 days before the presale closes, investors have bought over $4.446 million worth of the tokens.

Spot Bitcoin ETF increasing interest in risky assets

The prospect of the first spot Bitcoin ETF is seen as the primary driver of growing interest in digital assets. Optimism increased after reports the SEC had opened discussions with Grayscale for its spot ETF application. The development comes after Grayscale won a case ruling against the regulator over its spot product filing. 

Analysts are expecting a potential ETF approval will boost Bitcoin price. So far, market indicators suggest that a higher Bitcoin price is on the horizon. Bitcoin’s one-month call-put skew has risen above 10%. The level is the strongest bullish bias for the asset since April 2021. The metric measures call option prices in relation to puts expiring in a month. Calls outpacing puts is interpreted as a bullish bias.

The strengths of Bitcoin are positive for crypto as the asset sets the mood for the sector. As such, new projects like Shiba Memu are likely to generate more interest, boosting the post-listing prices.

Shiba Memu capitalises on meme interest

Meme cryptocurrencies are an exciting asset class. Although they often lag major cryptos when a bullish market sets in, their movement can be parabolic. This has seen investors buy the meme tokens in anticipation of these market moves for quick and high returns.

Shiba Memu seeks to capitalise on the trends in meme assets to generate high ROI for investors. However, unlike its peers, which experience frequent pumps and dumps, Shiba Memu seeks sustainability. 

As such, Shiba Memu taps into the rapidly growing world of AI. The project relies on AI to self-market itself and become powerful. For instance, the AI can scan the web to find creative ideas and write its own marketing copy. In…

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