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In a week of positive market movements, Bitcoin (BTC) experienced a price surge to $71,000, reportedly due to optimism over potential Ethereum ETF approval by the US SEC. Despite a slight retraction, BTC is currently trading at around $69,500, marking a 6% weekly and 13% monthly increase. Analysts remain bullish, with predictions of a potential jump to $138,000 this summer. Dogecoin (DOGE) also saw significant growth, briefly surpassing the $0.17 mark and achieving a near $25 billion market cap. Key metrics within the DOGE ecosystem have risen, with approximately 85% of all DOGE holders currently in profit. Ripple's XRP has seen a modest increase, with bullish indicators suggesting further gains. The outcome of Ripple’s ongoing lawsuit with the SEC could cause significant volatility. One analyst has set a bullish target of $15-$20 for XRP's value, citing a major converging point and a positive RSI pattern.

In a week of positive market movements, Bitcoin (BTC) experienced a price surge to $71,000, reportedly due to optimism over potential Ethereum ETF approval by the US SEC. Despite a slight retraction, BTC is currently trading at around $69,500, marking a 6% weekly and 13% monthly increase. Analysts remain bullish, with predictions of a potential jump to $138,000 this summer.

Dogecoin (DOGE) also saw significant growth, briefly surpassing the $0.17 mark and achieving a near $25 billion market cap. Key metrics within the DOGE ecosystem have risen, with approximately 85% of all DOGE holders currently in profit.

Ripple's XRP has seen a modest increase, with bullish indicators suggesting further gains. The outcome of Ripple’s ongoing lawsuit with the SEC could cause significant volatility. One analyst has set a bullish target of $15-$20 for XRP's value, citing a major converging point and a positive RSI pattern.

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Monochrome Asset Management, an Australian investment firm, is set to launch the country's first spot Bitcoin exchange-traded fund (ETF) on May 4, 2024. The Monochrome Bitcoin ETF (IBTC) will be the first fund in Australia to directly hold BTC and is expected to be listed on the Cboe Australia exchange on June 4. The firm will implement a strictly passive buy-and-hold investment strategy for Bitcoin, without using derivatives, leverage, or short selling. Monochrome applied to launch IBTC in April, amid the growing popularity of the U.S. spot Bitcoin ETF market. The firm had previously received approval to launch a spot Bitcoin ETF in August 2022, which was intended to give investors direct exposure to BTC, ether, and other cryptocurrencies. The launch of IBTC is significant as it offers Australian investors a regulated way to tap into the potential of the Bitcoin market. Monochrome's CEO, Jeff Yew, emphasized that unlike other Bitcoin ETFs, IBTC benefits from the investor protection rules under the directly held crypto Australian Financial Services (AFS) licensing regime. This development is part of a global trend, with several other countries approving the listings of spot Bitcoin ETFs, offering investors direct exposure to the cryptocurrency. The success of the first wave of ETFs launched in the United States earlier this year has triggered a wave that is spreading across regions like Hong Kong. This positive trend is expected to continue, with more countries likely to approve similar products in the coming months.
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