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cryptocurrency jumped Sunday, extending a sharp rally as investors reacted to progress toward the launch of a U.S. exchange-traded fund tied to the digital asset.
NEAR rose more than 7% Sunday to around $5, reaching its highest level in about a year. The token has gained roughly 50% in the past week, far outpacing Bitcoin BTCUSD and much of the broader cryptocurrency market.
#CryptoTrends2024
One catalyst is the Bitwise NEAR ETF, which is expected to trade on the NYSE Arca under the ticker NRR. Bitwise filed a final prospectus for the fund on Sept. 24, while an SEC filing shows that NYSE Arca has approved its application for listing. The fund's registration became effective the same day.
#CryptoWatchMay2024
The ETF would give investors a way to gain exposure to NEAR NEAR through a conventional brokerage account without having to buy and store cryptocurrency themselves. The fund will hold NEAR NEAR directly and also plans to earn additional tokens by staking its holdings, a process similar to earning rewards for helping operate the network.
#CryptoDawar
A successful ETF could also create a new source of demand for NEAR NEAR because the fund must acquire the cryptocurrency to back its shares. How much that matters will depend on how much money investors ultimately put into the ETF.
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NEAR has also benefited from growing interest in its underlying network. NEAR Intents, technology designed to make it easier to move and trade assets across different blockchains, has processed more than $30 billion in cross-chain volume. NEAR this month also partnered with Ondo Finance to make tokenized versions of U.S. stocks and ETFs available through the system.
The rally has attracted speculative traders as well. Open interest in NEAR NEAR futures recently climbed to about $1.56 billion, according to CoinGlass data cited by ETHNews, suggesting traders are making increasingly large leveraged bets on the token.
That leaves the upcoming ETF as a key test for the rally. Strong investor inflows could provide fresh demand for NEAR, while weak demand could raise questions about whether the recent price surge has gotten ahead of the fundamentals.Disclaimer
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# 🔴 BREAKING: Trump vs Fed — Preparing to oust Jerome Powell, big bet on Kevin Warsh!
Washington D.C. — President Donald Trump has once again stirred the financial markets. Recently, during a conference, Trump made it clear that if Federal Reserve Chair Jerome Powell does not resign on his own, he will fire him.
📉 Rate Cuts and Kevin Warsh's "Giga Bullish" Plan
The biggest news for the market is that Trump has expressed complete confidence in his nominee Kevin Warsh. Trump stated that:

Investing in crypto isn't just about numbers and charts; it's a gateway to a whole new world of financial opportunities. As a young person, you have a strong edge: time and the ability to learn quickly.
Why now? Because the world is changing, and cryptocurrencies have become an integral part of the financial future.
Golden tip: Start with a small amount you can afford to lose, and learn the basics of trading and investing. Don't rush for quick riches; instead, build your knowledge gradually.

Bitcoin (BTC) is currently trading at $86,011.02. The digital currency has recently broken above the $85,000 level, reaching its highest point in eight months, driven by widespread liquidation of short positions and strong institutional inflows into spot Bitcoin investment funds (ETFs) in the United States.