NEAR Protocol Surges 8% on Bitwise Staking ETP Launch

NEAR Protocol, a prominent blockchain platform, experienced an 8% surge in value following the launch of a new staking exchange-traded product (ETP) by Bitwise. This development allows European investors to gain regulated exposure to the NEAR blockchain, complete with integrated staking benefits. The new ETP provides a more accessible and regulated avenue for investors to engage with cryptocurrencies, eliminating the need for separate crypto wallets or exchanges. This move by Bitwise is part of a broader trend in the financial industry, where traditional investment vehicles are being adapted to include digital assets, offering investors a familiar and secure way to participate in the growing crypto market.

The integration of staking benefits within the ETP is a significant feature, as it allows investors to earn additional returns on their holdings by participating in the network's consensus mechanism. This not only provides a passive income stream but also aligns the interests of investors with the health and growth of the NEAR blockchain. The launch of this ETP is expected to attract a wider range of investors to the NEAR Protocol, including those who may have been hesitant to enter the crypto market due to regulatory uncertainties or the complexity of managing digital assets. By offering a regulated and user-friendly investment product, Bitwise is likely to drive increased adoption and liquidity for the NEAR Protocol, further solidifying its position in the competitive blockchain landscape.

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The surge in NEAR Protocol's value following the announcement underscores the market's positive reception to this development and the potential for further growth as more investors gain access to this innovative investment vehicle. The NEAR token, which is the native cryptocurrency of the NEAR Protocol, rose by 7.6% on Wednesday following the announcement from Bitwise. This performance comes on the back of the announcement that could spur institutional interest in NEAR. The NEAR token climbed from $2.09 to $2.13 between July 1-2, with a decisive breakout reaching $2.18 on high trading volume. This performance comes on the back of the announcement that could spur institutional interest in NEAR. The overall range of $0.16 (7.6%) demonstrates strong buying momentum, with key support established at $2.02 and resistance at $2.17. Price consolidation above $2.11 in the final hours suggests the formation of a new support level that could serve as a foundation for further upside movement. In the last 60 minutes from 2 July 13:06 to 14:05, NEAR-USD exhibited notable volatility with a significant price surge between 13:40-13:48, reaching a peak of $2.15 before experiencing a sharp correction to $2.13. The price action formed a clear resistance level at $2.15 and support at $2.13, with volume spikes (131,013 units at 13:48) confirming the strength of the upward movement. The final consolidation around $2.14 suggests a potential new support level forming, with the closing price of $2.14 representing a 0.5% gain over the hour despite the mid-period pullback.