The Bitcoin
$
84,165 price remains below $86,000, leading to a relatively calm day for altcoins. Canary has submitted a new altcoin ETF application, illustrating its determination to gain a competitive edge. The SUI Coin has also filed for an ETF, which may influence its market performance.
SUI Coin ETF Application Details
Following the submission of the S-1 form to the SEC, the altcoin’s price surged towards its daily peak. The current distance from the $83,500 mark for BTC is a positive sign, suggesting that SUI Coin could gain more as BTC potentially rises in the coming hours.
The S-1 Form includes extensive details regarding the product, such as:
- Consensus Mechanism: Utilizes a system named Narwhal and Bullshark.
- Transaction Speed: Capable of processing more transactions compared to Ethereum and Bitcoin.
- Gas Fees: Collected to ensure transaction validation and security.
The risk factors remain similar to those seen in other crypto ETFs. Numerous ETFs are pending approval, and the processes for many cryptocurrencies, including AVAX and DOGE, are ongoing. Assets like XRP, ADA, and SOL have even more applications submitted. As these applications are expected to conclude within a year, potential issuers aim to secure approvals for profitable products while adapting to the changing SEC management.