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Category: cryptocurrency

SEC Approves Bitcoin ETF, Marking Historic Day for Crypto

Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring Bitcoin to Wall Street. Of course, the majority of these efforts (if not all) were futile – caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto’s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.  Bitcoin ETF Finally Gains Approval from the SEC Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its Bitcoin Strategy ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.  Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible Bitcoin ETF will mean an influx of funds from retail and institutional investors alike. ProShares’ Bitcoin ETF will function similarly to that of Grayscale’s GBTC, where the exchange traded fund will track Bitcoin futures, rather than the price of the Bitcoin directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.  As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares’ ETF has a management fee of 0.95%, which is considerably lower than GBTC’s 2%. This, coupled with GBTC’s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares’ ETF.  Breaking Down Bitcoin’s Price Action The aforementioned news sent the crypto markets higher, with Bitcoin nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, Bitcoin is priced at $61,300 – up 6.36% in the past 24 hours alone. According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices. Featured image from UnSplash
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Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto

Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring the cryptocurrency to Wall Street. Of course, the majority of these efforts (if not all) were futile – caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto’s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.  ProShares’ Bitcoin ETF Gains Approval from the SEC Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.  BREAKING: U.S. Securities and Exchange Commission (SEC) officially approves #Bitcoin ProShares Futures ETF, which is expected to begin trading next week. pic.twitter.com/FC4mEaJuPO — Mr. Whale (@CryptoWhale) October 15, 2021 Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible exchange-traded fund will mean an influx of funds from retail and institutional investors alike. ProShares’ Bitcoin ETF will function similarly to that of Grayscale’s GBTC, where the ETF will track Bitcoin futures, rather than the price of the digital asset directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.  As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares’ ETF has a management fee of 0.95%, which is considerably lower than GBTC’s 2%. This, coupled with GBTC’s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares’ ETF.  Breaking Down Bitcoin’s Price Action The aforementioned news sent the crypto markets higher, with BTC nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, BTC is priced at $61,300 – up 6.36% in the past 24 hours alone. According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices. Featured image from UnSplash
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Kraken Ruling Was A Warning Shot For Non-Compliance

Kraken, one of the largest American cryptocurrency exchanges, will pay a $1.25 million fine to settle the U.S. Commodity Futures Trading Commission (CFTC) charges for violating the Commodity Exchange Act.

The post Kraken Ruling Was A Warning Shot For Non-Compliance appeared first on BeInCrypto.

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‘Tokens That Provide True Underlying Value Will Stand the Test of Time,’ Says Axia CEO

BeinCrypto spoke to Nick Agar, Founder of AXIA, about hyper-deflationary assets and their value to projects and the cryptocurrency space.

The post ‘Tokens That Provide True Underlying Value Will Stand the Test of Time,’ Says Axia CEO appeared first on BeInCrypto.

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Making Crypto and Charity a Win-Win With World of Waves COO Kristjan Tot

BeinCrypto spoke to Kristijan Tot, COO of World of Waves. He discusses building conservation-focused crypto and why sustainability is making a name on the blockchain. Sustainability is a buzzword that has made its way through every industry. From fashion to food, being sustainable and caring about your personal impact on the environment has ramped up … Continued

The post Making Crypto and Charity a Win-Win With World of Waves COO Kristjan Tot appeared first on BeInCrypto.

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‘Bitcoin Is a New Method of Moving the Country Forward,’ Says Bitcoin Beach Founder

BeinCrypto spoke to Roman Martínez, founder and community leader at Bitcoin Beach in El Salvador. He discussed the recent bitcoin moves in the country and how the community is responding.

The post ‘Bitcoin Is a New Method of Moving the Country Forward,’ Says Bitcoin Beach Founder appeared first on BeInCrypto.

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Survey Shows 62% of Institutional Investors are set to Dive into Crypto. Here’s Why

After sitting on the sidelines for more than a decade, a recent survey has revealed a new crop of institutional investors ready to go all out on cryptocurrencies. The research, according to Nickel Digital Asset Management (Nickel), a European investment manager dedicated to the digital assets market, draws participation from institutional investors and wealth managers

The post Survey Shows 62% of Institutional Investors are set to Dive into Crypto. Here’s Why appeared first on Coingape.

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Cryptocurrency at the Bank Is a Necessary Compromise

When people think of investing in cryptocurrencies, the bank isn’t typically their first thought. However, it’s worth taking a look at your local bank or online broker. As the acceptance of cryptocurrencies grows, providers are responding by expanding their offerings.

The post Cryptocurrency at the Bank Is a Necessary Compromise appeared first on BeInCrypto.

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Cryptocurrency Remittances Are Successfully Navigating Across Borders

The world is getting smaller as digital capabilities expand. However, the effective transfer and easy flow of money are not keeping up. Cryptocurrencies are promised as a solution to remittance barriers but are still only just beginning to become effective.

The post Cryptocurrency Remittances Are Successfully Navigating Across Borders appeared first on BeInCrypto.

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Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off

The crypto market has been subjected to major sell-offs since assets began to crash across the board. September which has been a historically bloody month for the market has stayed true to nature as various cryptocurrencies suffered crashes that dragged the market down. Due to this, over $1 billion longs have been liquidated in the market since Monday. Billionaire Mike Novogratz was on CNBC to talk about the current market trends. But unlike most investors in the market, Novogratz does not seem at all worried about the numerous price dips rocking the market. Mike Novogratz is the CEO of Galaxy Digital, a hedge fund that manages assets ranging from traditional assets to cryptocurrencies. Nothing To Worry About Talking about the sell-off in the market, Novogratz explained that tensions were high in the space due to the current regulations talks by the SEC. He pointed to the developing Evergrande crisis, which Tether had been linked to, as also contributing to the sell-offs, which had put investors on edge. The CEO also pointed to long positions that were a little too optimistic, saying, “I think the market got itself a little too long. Related Reading | September Leaves Behind Trail Of Blood, Bitcoin Long Liquidations Novogratz sees the current market dips as a buy-the-dip opportunity. Simply stating, “I’m not nervous” in response to the bleeding market. In addition, the billionaire sees the Treasury introducing stablecoins which are going to be backed by Fed banks. “That’s going to be something we watch over the next week to three months.” Crypto Market Holding At Critical Levels Noting the crash, the CEO pointed out that the top two coins in the market had held at their critical positions. Spelling good news for the market. Following the Monday crash, bitcoin had held above $40,000 and Ethereum held up above $2,800 and Novogratz said, “As long as those hold, I think the market is in good shape.” Related Reading | Bears Lose Hold On Market As Bitcoin Breaks $44,000, Crypto Market Tops Up $200 Billion Both these assets had recorded massive losses following Monday’s opening. And bitcoin alone had seen over $800 million long positions liquidated in response to this. Ethereum had not fared any better in the market as the bloodbath had spilled over into altcoins. But despite this, the billionaire remains bullish on the market. Another important factor for the billionaire was the amount of both public and private capital that was pouring into the space. At the beginning of the interview, Novogratz had mentioned that the crypto market had moved on from the story of bitcoin but has moved on to Web3. And investors, in a bid to not miss out on what could very well be the next internet, have funneled more and more money into the space. Crypto total market cap falls back to $1.8 trillion | Source: Crypto Total Market Cap on TradingView.com Featured image from Investopedia, chart from TradingView.com
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Binance Australia To Shut Down Crypto Futures Trading Amid Regulatory Concerns

As the crypto industry continues to dominate, financial regulators fear criminals will turn to the industry for their illicit activities. This year 2021, has been hot for the crypto industry in terms of regulation. Many financial watchdogs in the USA and other countries pushed harder to regulate the sector. Some top exchanges, including Binance, saw a lot of pressure from several bodies, especially on many of their products. The reason was that many of these exchanges could serve as a means of money laundering given the anonymity of the transactions. As a result, some countries keep limiting the operations of crypto exchanges in their markets. Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish?  Binance has seen a lot of pressure from regulators all over the world. Some countries and apex financial bodies such as the Dutch Central Bank have accused the exchange of non-compliance with financial laws against terrorism. Australia Bans Crypto Futures Trading Amid the pressure on the largest crypto exchange, the Australian government has banned them from offering their crypto futures and options in their market. So now, traders will no longer access such products from Binance. The government even warned all their citizens and residents who have invested in futures, options & leveraged tokens to close their position within 90 days. Binance announced this instruction on September 20, 2021. Based on the available information, all Australian users will not invest in these products starting from Friday, September 24. But they can increase their margin balances against liquidation & margin calls. But from December 24, 2021, all manners of transactions on derivatives will close down. Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation In response to this restriction, Binance’s representative stated that they aim to ensure compliance and acceptance for all their products. As such, they usually monitor the regulatory requirements of the localities wherein they operate. But with the recent development, the company will also try to protect the interests of the users. Restrictions On Binance Keep Growing Apart from the recent restrictions in Australia, other countries have been limiting the operations of Binance in their markets. In addition, many global regulators have also been issuing warnings to the exchange. For instance, last month, the exchange stopped offering its derivative trading services in Brazil. Before that, the Hong Kong government also suspended its operations. Binance also halted its crypto derivatives trading in many other countries, such as Netherlands, Germany, and Italy. According to the exchange, it has decided to stop those services in European countries. crypto market is recovering from an abrupt decline | Source: Crypto Total Market Cap on TradingView.com Featured Image From Binance, Chart From Tradingview.com
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