Investors in the United States are eagerly and patiently waiting for the SEC to make a decision on the pending Bitcoin ETF that has been filed by the CBOE exchange. Many believe that an ETF would be a safer, more regulated option than to dive into crypto through the numerous crypto exchanges. An Exchange Traded Fund (ETF) is a safer option for it is a type of fund that owns the underlying asset – in this case Bitcoin – and divides the ownership of those assets into shares. Shareholders indirectly own these assets and are entitled to a proportion of the profits of the fund and are protected by the law, hence making it safer for individual traders.
The American public has posted over 1,300 comments on the SEC website in support of a Bitcoin ETF. One of the comments from the public on the SEC’s website in support of the ETF best exemplifies why individual investors want it:
“This ETF satisfies the SEC’s concerns in protecting investors and maintaining fair markets. It is 100% insured and will target institutional investors who are capable of making informed investment decisions. In addition, this ETF will be backed by actual bitcoins. This will reduce concentration of bitcoin by “whales” and further distribution. By opening the market to more investors, an ETF will provide liquidity and transparency to the bitcoin market which will minimize the ability to manipulate the market.”
So what other option do individual US investors have as they wait for a Bitcoin ETF?
Bloomberg recently reported that a Bitcoin Exchange Traded Note (ETN) has been available for purchase on the Nasdaq Stockholm exchange since 2015. ETNs are debt instruments that are backed by their issuers — often a bank — rather than a pool of assets and often focus on esoteric strategies that don’t easily fit in a fund.
And now American investors can purchase this Bitcoin ETN more efficiently from as early as August 22nd, though it will still be listed and regulated in Sweden. The product, called Bitcoin Tracker One, will now be quoted in U.S. dollars under the ticker CXBTF thus helping brokerages to offer it to American investors.
This ETN is one more Bitcoin product that the SEC can acknowledge and benchmark in their decision to pass a Bitcoin ETF in the United States.
Ryan Radloff, the CEO of CoinShares Holdings Ltd., the parent of the company that offers the ETN, had this to say with regards to the ETN:
“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona. Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”
It is also a big win for the US investors who wanted a fully regulated product that has Bitcoin as an underlying asset. An ETN clears the path for a Bitcoin ETF approval by the SEC.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
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
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He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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.
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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.
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In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
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