Bitcoin

Bitcoin ETNs Debut on the London Stock Exchange

Published

1 year ago

28 May, 2024

Bitcoin ETNs Debut on the London Stock Exchange

Watch: Bitcoin ETNs debut in London, paving the way for the UK to become Europe’s crypto hub, says 21Shares | Future Focus

Bitcoin and Ether exchange-traded notes (ETNs) have started trading on the London Stock Exchange (LSE), opening the door to potentially making the UK Europe’s crypto hub, according to a 21Shares executive.

See more information: Live Crypto Prices

ETNs trade and settle like regular stocks and track the performance of underlying assets such as bitcoin or ether, similar to spot bitcoin exchange-traded funds (ETFs), which were approved by the U.S. Securities and Exchange Commission (SEC) in January.

Yahoo Finance Future Focus spoke to Alex Pollak, head of UK at 21Shares, about the launch of Bitcoin and ETN ETN trading on the LSE and what this could mean for the UK’s development as a global crypto hub.

See more information: Bitcoin Price Rises Amid US Inflation Numbers, ETF Inflows

Pollak stated that by approving the listing of bitcoin and ether ETNs on the LSE, the UK Financial Conduct Authority (FCA) is trying to gradually open up the crypto market in the UK.

“I think the fact that these products are now available on the London Stock Exchange shows progress and I think that within three years the UK will be home to the largest cryptocurrency exchange-traded funds market in Europe,” Pollak added.

He said that in terms of importance, the listing of bitcoin and ether ETNs on the LSE represents a milestone in the way UK investors can access crypto.

“From a 21Shares perspective, I would add that as the world’s largest issuer of crypto-backed ETPs, with more than 40 products listed on 11 exchanges, we are proud to be part of this historic moment as we make our Bitcoin and Ether products available to everyone. UK investors in GBP and USD,” Pollak added.

However, the 21Shares executive emphasized that Tuesday’s Bitcoin and ETN ETN listing on the LSE will be for professional investors only. “But the game changer in the UK will be when the retail ban is lifted, there is a retail ban on trading Bitcoin and ether ETNs at the moment,” he added.

The story continues

FCA approval ‘step in the right direction for the UK’

Last week, a CryptoUK spokesperson said it was pleased to see that the FCA had approved applications from some providers to list physically backed Bitcoin and Ether (ETH-USD) exchange-traded products on the LSE.

See more information: Bitcoin Success with SEC Fuels Expectations for Ether Spot ETF

“The move is a step in the right direction for the UK, its stock markets and the government’s aspiration to secure Britain as a global hub for crypto assets. We would, however, like to reiterate that we would like to see more instruments related cryptocurrencies available to institutional and retail investors in the UK, the country risks falling behind US equity markets, which have seen a surge in interest in bitcoin ETFs,” CryptoUK added.

The UK as a global crypto hub

In April 2022, then-Chancellor and current Prime Minister of the United Kingdom, Rishi Sunak, announced a plan to make the country a “global crypto hub.” However, the UK has since fallen behind other jurisdictions, becoming one of the last major markets to resist trading in cryptocurrency-related securities, despite government efforts to position the country as a potential hub for asset markets. digital.

See more information: Bitcoin ETFs Poised for US Pension Plan Inflows, Says Standard Chartered Analyst

The second approved the first US-listed ETFs to track bitcoin (BTC-USD) in January. A spot bitcoin ETF is similar to London ETN products, and investors anticipate that both types of financial products could open the door for conventional capital to flood the crypto market.

Indications of traditional financial interest in digital assets in the US currently appear favorable, with fund managers such as BlackRock (BLACK) and Franklin Templeton (BEN) increasing their bitcoin allocations through ETFs.

Watch: What is a spot bitcoin ETF and why has it triggered a crypto rally? | Future Focus

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Bitcoin

What to watch for in the markets

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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