SEC Greenlights Triple-Leveraged Crypto Funds Amid Golden Cross Signal
BlackRock's iShares Bitcoin Trust ETF (IBIT) has flashed a golden cross, a bullish sign for traders. This comes as the SEC approved a rule change to allow triple-leveraged Bitcoin and Ethereum products to be listed.
The golden cross occurs when a short-term moving average crosses above a long-term one. In this case, IBIT's 50-day simple moving average (SMA) was 41.97, surpassing its 200-day SMA of 41.92.
Meanwhile, the SEC approved six triple-leveraged products from Volatility Shares' VS Trust to list on the Cboe BZX Exchange. These funds seek three times the daily return of their benchmark and include Bitcoin, Ethereum, gold, silver, crude oil, and natural gas.