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Bitcoin ETFs On The Way

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Bitcoin ETFs

CBOE has filed six Bitcoin ETFs with the SEC. The battle for supremacy has just begun.

Financial institutions are now bidding for Bitcoin exchange traded funds (ETFs) with Bitcoin future contracts trading live in the market.

The New York stock exchange recently filed a proposal with SEC for two Bitcoin ETFs – the pro-shares Bitcoin ETF and the pro-shares short Bitcoin ETF. The two funds will be tracking the momentum in Bitcoin future benchmarks as provided by CBOE and CME, being not involved in investing in Bitcoin or holding the cryptocurrency.

After NYSE, it is the Chicago Board Options Exchange (CBOE) who last week, together with the Securities Exchange Commission (SEC), has filed for six different Bitcoin ETFs. Being the first one to launch Bitcoin futures contracts in the market, CBOE is optimistic about the emerging asset class.

Public records show that CBOE has proposed a few amendments to the rules to the SEC to allow the exchange to file for six Bitcoin ETFs. The amendments were submitted to the SEC between December 15 to 19. The list of six ETFs as filed by the CBOE include: Granite Shares Bitcoin ETF, Granite Shares Short Bitcoin ETF, Rex Bitcoin Strategy ETF, Rex Short Term Bitcoin Strategy ETF.

An insider from CBOE was quoted saying that he was upbeat about the success of the new business model and intimated that several partners have shown a keen interest in ETF products. The first trust filing reads that the fund ‘…intends to invest primarily in Bitcoin future contracts. It may also invest in other listed Bitcoin derivatives, OTC Bitcoin derivatives, US Exchange-Listed ETFs and non-US component stocks (collectively Bitcoin instruments)’.

Pushing ETF products to get approval by the SEC is a tall order given that the SEC has been extremely cautious to accept ETF proposals in the past. The pioneers of Bitcoin trading, Winkleross Brothers, Cameron and Tyler, despite making a billion-dollar fortune in Bitcoin trading, have received stiff opposition from SEC. They were the first to submit their bid which demonstrates that the SEC nod is not a walk in the park.

One key reason for rejection in the past is that Bitcoin future contracts were not launched then. With the future contract already live, there is a high possibility that the SEC might review its position on this matter.

CBOE has made its intention to bring Bitcoin into mainstream trading known. Speaking to Bloomberg back at the start of November 2017, CBOE President Chris Concannon, said his firm is quite optimistic about ETFs.

The past week has seen a lot of volatility in the market as Bitcoin prices slipped by more than 44% from an all-time-high of $20,000 to a low of below $12,000. The price of Bitcoin has, however, recovered a bit in the past 24 hours and is currently trading at $14,532.7.

The arrival of ETFs and other Bitcoin related products is expected to bring more legitimacy and reduce the extreme volatility in Bitcoin prices.

We will be updating our subscribers as soon as we know more. For the latest on cryptocurrencies, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of GotCredit via Flickr

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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