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Arizona State Considering Adding Digital Asset Exposure to Retirement Funds

Arizona is evaluating whether to add exposure to digital assets in government pension funds’ investment portfolios.

A new resolution passed by the Arizona state legislature would take a step toward converting pension funds for government and public safety employees into exchange-traded funds (ETFs) based on digital assets.

The proposal comes about a month after the US Securities and Exchange Commission (SEC) approved Bitcoin (BTC) spot ETFs. The agency may also approve additional ETFs for other digital assets like Ethereum (ETH) at some point in the future.

If passed, the resolution calls on the Arizona State Retirement System (ASRS) and Public Safety Personnel Retirement System (PSPRS) to take several actions that could lead to retirement funds gaining exposure to digital assets.

There are three main actions that ASRS and PSPRS must take:

“a) consider the implications of including a digital asset ETF in your investment portfolios.

b) closely monitor the development of Bitcoin ETFs and other digital asset ETFs and consider the implications of including such assets in your investment portfolio after consulting with any company to which the U.S. Securities and Exchange Commission has granted approval to offer a Bitcoin ETF digital assets.

c) present a comprehensive report on the feasibility, risk, and potential benefits of allocating a portion of state retirement system money to digital asset ETFs, including a list of options and recommendations on how the state could safely invest in the class of digital assets for the State. Treasurer, President of the Senate and Speaker of the House of Representatives at least three months before the beginning of the Fifty-seventh Legislature, First Regular Session.”

The Republican-sponsored resolution recently passed the state Senate by a vote of 16 to 13. Only Republicans voted for it, while only Democrats opposed it. The resolution is now being considered by the state House.

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Deribit Exchange Expects Bitcoin to Rise 20% in Next 30 Days, Targeting $80,000

In a major milestone for the cryptocurrency market, Bitcoin (BTC), the largest digital asset, broke its previous records, surpassing the $69,000 mark to set a new all-time high (ATH) of $69,300 on Tuesday.

The achievement marked a historic moment for BTC, which had not reached such levels for more than two years. However, the cryptocurrency’s upward trajectory shows no signs of slowing down, with experts predicting further price gains.

Bitcoin and ETF price in perfect harmony

According to data from Deribit, a crypto futures and options exchange and analysis company, GenesisVol, BTC is expected to see a potential rise of up to 20.8% in the next 30 days.

These projections suggest that, under ideal circumstances, the price of Bitcoin could surpass the $80,000 barrier. Even conservative traders are optimistic and expect BTC to easily surpass $70,000 and reach around $75,000.

Additionally, the recent approval of spot Bitcoin exchange-traded funds (ETFs) has played a key role in Bitcoin’s success, suggesting that the upward trend in BTC prices, coupled with bullish sentiment among options traders and institutional and retail investors, is far from over. .

Bloomberg ETF expert Eric Balchunas emphasized the importance of this development and stated that it represents a pivotal moment for both Bitcoin and ETFs. Balchunas believes the rise from $25,000 to $69,000 was largely due to hopes of ETF approval and subsequent flows.

The expert stated that the synergy between ETFs and Bitcoin has proven to be mutually beneficial as ETFs have increased liquidity, accessibility, convenience and standardization for investors.

Notably, ten-hold Bitcoin ETFs have amassed over $50 billion in assets, with a staggering $8 billion generated from inflows and the remainder attributed to Bitcoin’s rising value.

However, when Bitcoin reached its new peak, increased market volatility caused a surge in liquidations. Journalist Colin Wu reported a sharp 5% drop in the price of Bitcoin in one hour, with Binance recording less than $65,000. During this hour, deals reached a staggering $142 million.

BTC sell signal

Although bullish investors are currently on cloud nine, renowned crypto analyst Ali Martinez sounded the alarm when the TD Sequential indicator recently issued a sell signal on Bitcoin’s daily chart.

The TD Sequential indicator, developed by market expert Tom DeMark, uses price patterns and sequences to identify potential trend changes in various financial markets, including cryptocurrencies.

Martínez emphasized the indicator’s notable track record in predicting Bitcoin price movements since the beginning of the year. The TD Sequential indicator issued a buy signal in early January, just before the price of Bitcoin rose 34%.

On the other hand, a sell signal was given in mid-February, followed by a 4.44% drop in the value of BTC. Therefore, considering the previous sell signals, a possible drop to the $62,000 price level could be underway for the largest cryptocurrency in the market that still holds the $60,000 support, which will be key to BTC’s prospects.

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The analyst predicts a 39,000% increase, taking the price of XRP to $220. Find out when here

Crypto analyst Crypto Eggag has shared another bullish prediction on the price of XRP, saying that the crypto token could soon reach triple digits. As part of his forecast, the analyst also listed several key price levels that XRP could reach on the path to $220.

XRP Price Could Reach $220 This Year

Crypto Eggag highlighted the $220 price level as one of the numbers that XRP price could reach based on its analysis of Fibonacci levels. Interestingly, the attached chart he shared shows that this price level could be reached this year.

Related Reading: Shiba Inu Burn Rate Sees 900% Increase Will SHIB price continue to rise?

Based on his analysis, XRP would hit “crucial numbers” such as the $1.2, $2.2, $5.8, $11, and $33 price levels before hitting $220.

The analyst assured that this price movement would undoubtedly be parabolic as he explained that it would be a GRB (Gamma-Ray Burst) event. He also noted that such a development could end up reflecting a similar development to that of the XRP price in 2017, when it increased by 61,000%.

Meanwhile, Egrag provided insight into when the XRP bull market could begin by highlighting the 12 and 24 SMA (simple moving average) as a “clear signal.” Once there is a bullish crossover above them, the bull run could take place almost a month later, according to the crypto analyst.

Steven McClurg, chief investment officer (CIO) of Valkyrie, hinted in a recent interview that an XRP ETF could hit the market at some point. His comments came as he suggested that the imminent approval of spot Bitcoin ETFs could open the door to other ETF applications centered around tokens such as XRP and Ethereum.

In response to McClurg’s interview, Fox business reporter Eleanor Terrett shared some thoughts based on conversations she had with some industry players about an XRP ETF. She explained in an article that there are “diverging views” on whether the Securities and Exchange Commission (SEC) is ready to approve a single-product XRP spot ETF.

She noted that bulls argue that the XRP token will be included in future funds, especially since it is the only digital asset with clear regulation. They also highlighted Grayscale’s decision to re-incorporate the token into the Grayscale Digital Large Cap (GDLC) fund as a positive sign that there will soon be an XRP ETF.

On the other hand, Terrett says bears argue that an XRP ETF can only be approved with congressional intervention on crypto regulation or a change in government. This argument is based on their belief that SEC Chairman Gary Gensler is unlikely to change his stance on crypto assets other than Bitcoin.