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Crypto index fund manager Bitwise has revised its Bitcoin exchange-traded fund (ETF) proposal.
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AMP makes history by becoming the first major Australian-based superannuation fund to invest in #Bitcoin (BTC). Local media outlet Australian Financial Review (AFR) reports today that AMP invested $27 million in Bitcoin as part of its diversification strategy. The investment represents 0.05% of AMP’s total funds worth $57 billion. It bears mentioning that the company made the investment in May when Bitcoin was trading at around $60,000. However, the price has skyrocketed above the $100,000 mark ever since, netting the superannuation fund a profit of 66.66%. AMP Execs React, Say Bitcoin Potential Is Too Big to Ignore Although AMP invested in Bitcoin earlier this year, the move became public knowledge recently following a LinkedIn post from the company’s Senior Portfolio Manager, Steve Flegg. Notably, Flegg characterized the investment as ‘taking the plunge’ as Bitcoin looked to wrap up an outstanding year. The investment comes as most fund managers in the retirement savings sectors are ignoring Bitcoin due to its volatility. Explaining the motive behind AMP’s Bitcoin investment, Flegg pointed out that BTC’s potential has become too big to ignore despite the risk associated with the asset. Anna Shelly, AMP’s Chief Investment Officer, also commented on the bold move, indicating that it is part of the company’s diversification strategy. She pointed out that the investment was also driven by the sentiment and momentum associated with the premier asset. Furthermore, she acknowledged the risk involved in crypto while pointing out that AMP’s users have benefitted from the investment decision. The CIO suggested that the company is cautious about being too exposed to crypto, as the $27 million allocated to Bitcoin marks its upper-risk limit in the asset class. #CryptoNews🚀🔥"
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"Bitcoin Sees Surging Monthly Inflows—What It Signals for Future Prices"
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As the crypto market cap reclaims $3.65 trillion, the meme coin sector is back on its feet. The market cap of meme tokens has surged to $125 billion, driven by the massive gains of #Dogecoin , FLOKI, and PEPE. Over the past 24 hours, Dogecoin has increased by 5.33%, followed by FLOKI’s 9.07% rise, with both tokens ranking among the top performers. Amid the bullish recovery, Dogecoin’s market cap has reached $61.17 billion, with a 24-hour price increase of $0.4157. Dogecoin Price Analysis In the 4-hour chart, Dogecoin’s price action shows a sideways trend within two crucial boundary levels. The support level is at $0.3488, with overhead resistance at $0.4681. This range has remained consistent for the past few sessions, reflecting a consolidation phase in the market. Multiple doji candles on the 4-hour chart indicate indecisiveness, signaling a potential bearish turnaround. However, the ongoing bullish momentum is attempting to shift this sentiment. Currently, Dogecoin’s price action shows a bullish reversal from $0.3656, which has reignited optimism among traders. The recovery rally, contributing to a 14% surge, has helped Dogecoin reclaim the psychological mark of $0.40. This milestone has restored confidence in the market. The S1 pivot level aligns with this level, reinforcing its significance as key support. Amid the recovery rally, the MACD and signal lines have given a positive crossover, accompanied by new bullish histograms. This momentum suggests a potential shift in market dynamics. Thus, the technical indicators support Dogecoin’s bullish outlook, with a possible challenge to the overhead trendline, which could serve as the next major resistance. #CryptoNewsUSA Dogecoin Price Chart
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"Solana Eyes $271 as Channel Breakout Gains Momentum"
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American multi-billionaire Thomas Peterffy recommends that investors have some #Bitcoin , suggesting a 2-3% portfolio exposure to the premier asset. Bitcoin is becoming a crucial global financial tool. Termed the digital gold, the asset’s intrinsic value lies in its limited cap and decentralized nature. Notably, Bitcoin’s recent emergence into the limelight has seen public entities scramble for a share of the premier asset. Wealth managers have also started recommending the asset to their clients, signaling growing institutional interest. Meanwhile, the 46th wealthiest man in the world has recently called on investors to own Bitcoin. In an interview at the Bloomberg Talk podcast, Thomas Peterffy implied that holding the flagship cryptocurrency is a necessity. #CryptoNewss
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