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coinpedia 2024-12-25 14:39:36

Israel Joins the Bitcoin Boom with Six Mutual Funds: What’s Next?

The post Israel Joins the Bitcoin Boom with Six Mutual Funds: What’s Next? appeared first on Coinpedia Fintech News Bitcoin touched its first ATH after ETF approval and in December it exceeded everyone’s expectations by hitting $100K though the market saw a sharp decline last week. The bulls have not lost hope Bitcoin stood right up and touched $98K today. Israel is stepping into the crypto spotlight with the launch of six Bitcoin mutual funds on December 31. These funds, approved by the Israel Securities Authority (ISA) last week, aim to provide regulated access to Bitcoin investments, reflecting the nation’s growing interest in the digital asset market. Is it a Santa rally effect? let’s understand the market scene in Israel. Key Details About the Funds The timing seems to be right as Bitcoin will see a massive jump despite some short-term losses in between next year. The mutual funds, offered by prominent firms like Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav, and IBI, will initially trade once a day, with management fees ranging from 0.25% to 1.5%. Notably, one fund will be actively managed, aiming to outperform Bitcoin’s market performance. Global Context and Impact This move comes nearly a year after the U.S. SEC approved spot Bitcoin ETFs, which have since attracted $35.6 billion in investments. The ISA’s decision aligns with global trends, such as South Korea’s surging trading volumes and Turkey’s strict anti-money laundering steps, signaling a maturing crypto market. With Bitcoin prices doubling over the past year and institutional demand surging, Israel’s entry into the Bitcoin fund market highlights the growing acceptance of crypto as a mainstream investment. This development further cements the global momentum toward regulated and accessible digital asset products. Bitcoin Current Market Snapshot Bitcoin is currently testing resistance near $101,000, with a potential pullback to $69,000 as key support. Historical trends show post-Christmas rallies aligning with halving cycles, often driving significant price surges. Long-term targets from technical patterns suggest Bitcoin could reach $150,000 and even $250,000 if the bullish structure holds. However, short-term movements depend on breaking resistance and defending critical support levels. Bitcoin’s pullback shows that the market is maturing no matter what comes on the way. Israel is taking this slowdown as a strategy to tap the crypto adoption in the region with a safe plan of mutual funds instead of ETFs. However, to raise their crypto plans in the future they have to approve ETFs as it is the only way to bring fresh capital into the system.

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