The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Tuesday! Here's what you need to know today in crypto: |
- Jacobi Asset Management listed Europe's first bitcoin spot ETF.
- The investment case for bitcoin and crypto adoption remains intact, said Coinbase.
- Some analysts are predicting an imminent verdict in Grayscale's lawsuit against the SEC.
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CoinDesk Market Index (CMI): 1,261 −0.2%
Bitcoin (BTC): $29,355 −0.1%
Ether (ETC): $1,840 −0.3%
S&P 500 futures: 4,478.75 −0.6%
FTSE 100: 7,394.42 −1.5%
Treasury Yield 10 Years: 4.18% +0.0 |
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London-based Jacobi Asset Management has listed Europe's first spot bitcoin exchange-traded fund (ETF) on Euronext Amsterdam nearly two years after it was first approved. The Jacobi FT Wilshere Bitcoin ETF is regulated by the Guernsey Financial Services Commission (GFSC) and will trade under the ticker "BCOIN." Custody for the fund is provided by Fidelity Digital Assets and trading firm Flow Traders operates as market maker, Jacobi announced on Tuesday. Jacobi first won approval for the fund in October 2021 with plans to list it in 2022. However the firm opted to push back its plans due to the difficult crypto market conditions last year. |
The investment case for bitcoin (BTC) could be compelling as investors look to navigate some of the current uncertainties in the global macro landscape, Coinbase (COIN) said in a research report Thursday. The structural factors affecting inflation are changing with the advent of new technologies such as generative artificial intelligence (AI), and this may herald a new era of loose monetary policy, the report said. Coinbase notes that government spending in the U.S. has increased, keeping economic growth stable but boosting the cost of servicing the country's debt over the next few years. Bitcoin and ether remained little-changed on Tuesday, trading at $29,350 and $1,840, respectively. The world's largest cryptocurrency by market value has struggled to find directional momentum over the past few weeks, trading in an exceedingly tight range. A possible catalyst for shaking the market up would be a spot bitcoin ETF. While the U.S. Securities and Exchange Commission (SEC) may or may not make a decision soon, analysts are expecting a court to deliver a verdict – perhaps as soon as today – in Grayscale's lawsuit against the SEC over its plans to convert its bitcoin trust (GBTC) to an ETF. With most of the crypto market flat, Hedera Hashgraphs HBAR continues to outperform, climbing 12% over the past 24 hours. |
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Bitget KCGI 2023: Battle to Win a Share of 2,650,000 USDT! The highly anticipated Bitget KCGI (King's Cup Global Invitational) is back! As our largest trading competition throughout the year, the 2023 KCGI has a prize pool of 2,650,000 USDT, and various giveaways including an Airbus H135 helicopter, Tesla Cyberquad for Kids, and iPhone 15 Pro Max! KCGI 2023 features four competitions: spot trading, futures copy trading, demo trading, and futures trading. Grab a share of the $300,000 BGB when you sign up! |
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Market Insight: HBAR Continues Rally |
Hedera Hashgraph's HBAR token surged 15% Monday after the U.S. Federal Reserve's instant payments platform FedNow added "Dropp," a Hedera-based micropayments platform, as a service provider. The token continued to rise on Tuesday, gaining an additional 12%. Dropp is a pay-by-bank alternative to credit card payments which allows merchants to accept small-value purchases digitally without large transaction fees, according to FedNow's press release. Dropp allows micropayments in Hedera's HBAR, the U.S. dollar and Circle's USDC. These large gains brings the move higher in HBAR to nearly 50% since mid-June and the token's market cap to more than $2.1 billion. Hedera Hashgraph describes itself as a uniquely structured blockchain compared to other chains due to its usage of hashgraph consensus. Hedera is the only public distributed ledger that uses this, according to the company, which notes that Hashgraph achieves 10,000+ transactions per second and low-latency finality in seconds. |
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State of Crypto: Policy & Regulation |
It is now more important than ever to set industry standards and align on practical short-term and long-term objectives through pointed conversations with the best legal minds and Washington D.C.'s most important decision makers.
Join us at State of Crypto: Policy and Regulation on October 24 in Washington D.C. for an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy. Save 10% with code FM10. Learn more and register. |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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Europe's First Spot Bitcoin ETF Opens in Holland