Connect with us

Bitcoin

A Third Bitcoin ETF in Canada Is Set to Launch

Published

on

  • Canada has been very welcoming of Bitcoin in traditional markets.
  • A third Bitcoin ETF has been approved by Canadian regulators and will launch tomorrow.

A third Bitcoin exchange traded fund (ETF) has been approved by Canadian securities regulators, as CI Global Asset Management prepares their own BTC-based offering.

The CI Galaxy Bitcoin ETF will launch tomorrow, March 9, under the symbol BTCX on the Toronto Stock Exchange. The new ETF will join the Purpose Bitcoin ETF (BTCC) and Evolve Bitcoin ETF (EBIT), both of which launched just last month. The slate of Bitcoin ETF launches in North American markets is another sign of BTC becoming an institution-friendly asset, introducing a whole new class of conservative investors to the world of crypto.

NFT DROP | Coming in March EulerBeats Enigma LP

EulerBeats the #1 Art + music on-chain NFT will release Enigma LP this March. Original token owners get a royalty for every print sold. Each print will be issued on a bonding curve which feeds a reserve to provide instant liquidity for print holders.

Ad
Advertisement

Partner

Together with Decrypt

“We believe the emerging digital asset class presents compelling growth and diversification opportunities,” GDAM Partner and Head of Asset Management Steve Kurz said in a press release. ”The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.”

Advertisement

Galaxy Digital Asset Management, or GDAM, a subsidiary of Michael Novogratz-founded Galaxy Digital, will execute BTC trading and act as a sub-advisor for the new ETF. CI Global Asset Management submitted the ETF prospectus for regulatory review in February.

Exchange traded funds traditionally allow investors to take exposure to a variety of different stocks or commodities by purchasing a single tradable asset. In the case of Bitcoin ETFs, investors use the products as a simplified means of investing in Bitcoin without actually holding Bitcoin, instead entrusting custody and management of the digital assets to fund managers for a small fee.

Other Bitcoin ETFs recently launched in Canadian markets have seen early success. The Purpose Bitcoin ETF attracted more than $470 million one week after launching in February, and the Evolve Bitcoin ETF currently has more than $54 million in assets under management, a measure of total current investments.

Advertisement

Bitcoin ETF applications in the US have been repeatedly rejected by the SEC on the grounds that Bitcoin markets can be easily manipulated. But the recently inaugurated Biden administration has spurred hopes that regulators might take a second look at Bitcoin ETF applications, with Valkyrie Digital Assets resubmitting an application previously withdrawn in September 2019.

Bitcoin ETFs have finally arrived in North America, and it looks like the competition is rapidly heating up in Canadian markets that will approve the products. In the face of more than $500 million invested in Canadian Bitcoin ETFs in just the first few weeks, how much longer will US regulators be able to hold out?

News Source

Advertisement

 

Bitcoin

Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

Published

on

Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

Advertisement

Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

Advertisement

Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

Advertisement

As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

News Source

Advertisement
Continue Reading

Dogecoin

Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett

Published

on

Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.

The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.

“DOGE looks ready (as long as $BTC cooperates).

Advertisement

Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”

Image
Source: Justin Bennett/Twitter

In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.

Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.

“Although the BTC weekly candle might not look great, it still held above $60k.

Advertisement

That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.

That’s huge.”

Image
Source: Justin Bennett

Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.

“BTC.D is bouncing from 44.5% support.

Advertisement

Surprise, surprise.”

Image
Source: Justin Bennett/Twitter

While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.

“This isn’t necessarily a bad thing for altcoins.

Will they suffer if BTC.D heats up again?

Advertisement

In the short term and against BTC, yes.

But Bitcoin strength now is massively bullish for alts over the next few months.

News Source

Advertisement
Continue Reading

Bitcoin

Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

Published

on

Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying

Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.

He named several billionaires who used to be skeptical on BTC but have been into it since 2020.

Advertisement

Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin

According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.

He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.

Advertisement

Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.

Here’s how much Bitcoin Scaramucci holds

As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.

As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.

Advertisement

He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.

News Source

Advertisement
Continue Reading