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Low-cost spot bitcoin ETFs threaten to erode Coinbase margin, trading volume

Economic Times

Economic Times · 1y ago

Low-cost spot bitcoin ETFs threaten to erode Coinbase margin, trading volume

Analysts are warning that the introduction of low-cost spot Bitcoin exchange-traded funds (ETFs) could negatively impact Coinbase, the largest listed cryptocurrency exchange. The availability of ETFs, which offer exposure to Bitcoin at a cheaper cost, could lead to a decline in Coinbase's trading volume, margins, and commissions. Additionally, it may divert potential customers to equity brokers. While Coinbase maintains no plans to reduce transaction fees, analysts believe the exchange may need to lower fees to remain competitive. However, Coinbase could still benefit from the adoption of Bitcoin as a currency and potential custody fees from holding the underlying assets of ETFs.

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Bitcoin price drops to around $42,000 after spot ETF trading begins

Economic Times

Economic Times · 1y ago

Bitcoin price drops to around $42,000 after spot ETF trading begins

The price of Bitcoin dropped to around $42,000, down almost 10%, as spot Bitcoin exchange-traded funds (ETFs) began trading in the US. Bitcoin had reached a high of $46,000 last week and surged to a two-year high of $49,000. However, the recent dynamics have not met the expectations set by Bitcoin maximalists, and the market's ability to sustain upward momentum is in question. The approval of spot Bitcoin ETFs in the US is seen as a sign of a maturing market and regulatory support.

BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF

Reuters · 1y ago

BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF

Asset management firms such as BlackRock, VanEck, and Invesco have updated their filings with the Securities and Exchange Commission (SEC) in hopes of launching exchange-traded funds (ETFs) tied to the spot price of Bitcoin. The SEC may notify issuers as early as next week if they have been approved to launch their Bitcoin ETFs, with an anticipated launch date of January 10. These filings outline the arrangements each company has made with market makers to ensure efficient trading. Currently, there are 14 asset managers seeking SEC approval for spot Bitcoin ETFs.

Global crypto platform Mudrex launches US bitcoin ETFs for Indian investors

Economic Times

Economic Times · 1y ago

Global crypto platform Mudrex launches US bitcoin ETFs for Indian investors

Y Combinator-backed crypto investment platform Mudrex has launched its US bitcoin Spot ETFs in India. The platform allows both institutional and retail investors to invest in Bitcoin spot ETFs with a minimum of $5,000 and a maximum of $250,000. Users can choose between individual spot ETFs, create personalized baskets, or opt for pre-listed options based on market capitalization. Mudrex initially listed four spot ETFs: BlackRock, Fidelity, Franklin Templeton, and Vanguard. The move comes after the US Securities and Exchange Commission approved the first-ever US-listed ETFs that track the price of bitcoin.

Why crypto idealogues won’t touch bitcoin ETFs

Wired · 1y ago

Why crypto idealogues won’t touch bitcoin ETFs

Bitcoin investors are celebrating the approval of spot bitcoin exchange-traded funds (ETFs) by US regulators. The new ETFs will allow people to invest in bitcoin through a brokerage, albeit issued by major financial institutions. However, this approach contradicts the decentralized vision of bitcoin outlined in its white paper. The ETFs are seen as a compromise to attract institutional investors and make it easier for the general public to invest in cryptocurrency. The arrival of spot bitcoin ETFs is expected to bifurcate the asset, with one form for investment and another held by the ideological bitcoin community.

Hong Kong set to approve its first spot bitcoin ETFs in April

Economic Times

Economic Times · 1y ago

Hong Kong set to approve its first spot bitcoin ETFs in April

Bitcoin exchange-traded funds (ETFs) may be launched in Hong Kong this month, making it the first city in Asia to offer such products. Regulators have accelerated the approval process, indicating a strong desire to improve the city's attractiveness as a financial trading hub. Several Chinese and Hong Kong asset managers, including China Asset Management, Harvest Fund Management, and Bosera Asset Management, have reportedly submitted applications for spot bitcoin ETFs. The move is significant as it could bring in new global investments and boost crypto adoption. In January, the US launched its first exchange-traded funds for spot bitcoin, attracting around $12 billion in net inflows.

Coinbase's international exchange to launch spot crypto trading

Economic Times

Economic Times · 1y ago

Coinbase's international exchange to launch spot crypto trading

Coinbase is set to launch spot cryptocurrency trading on its international exchange, which will allow users to trade digital assets directly from their Coinbase accounts. This move is aimed at providing a seamless and convenient trading experience for users. With this new feature, users can access a wider range of cryptocurrencies and enjoy the benefits of spot trading on the Coinbase platform.

Bitcoin hits all-time high above 69k

TechCrunch · 1y ago

Bitcoin hits all-time high above 69k

Bitcoin has reached a new all-time high, surpassing $69,000, driven by increased demand following the approval of spot bitcoin ETFs in the US and the upcoming bitcoin halving in April. The cryptocurrency has gained over 60% this month and 205% this year. Bitcoin halving occurs approximately every four years and leads to a decrease in mining rates. This process aims to control the supply of bitcoin, and the upcoming halving is expected to further boost demand for the asset. Additionally, the approval of spot bitcoin ETFs has attracted new institutional and retail investors.

Bitcoin back on the rise after vaulting to new record

Reuters · 1y ago

Bitcoin back on the rise after vaulting to new record

Bitcoin rallied again, reaching an intraday peak of $66,540 during Asian trading hours. This comes just a day after it set a new all-time high of $69,202. The surge in bitcoin's value has been fueled by increased investment in U.S. spot exchange-traded crypto products and expectations of lower global interest rates. The approval of 11 spot bitcoin ETFs by the U.S. SEC in January has also contributed to the positive sentiment, with institutional investors now showing interest in the cryptocurrency. However, the volatile nature of bitcoin is still a concern for some investors.

Why Stamping Out Crypto Bros Could Help Bitcoin

Livemint

Livemint · 1y ago

Why Stamping Out Crypto Bros Could Help Bitcoin

Regulatory crackdowns in the crypto world, such as the recent case involving Binance, may actually revive investor optimism and benefit Bitcoin. Traders speculate that the SEC is more likely to approve US exchange-traded funds (ETFs) that own Bitcoins on a spot basis. Asset managers, including BlackRock and Fidelity, have filed requests to launch spot Bitcoin ETFs, which could attract more investors. While the crackdown might limit unsupervised innovation, it could lead to compliant exchanges and ease concerns about price manipulation, potentially paving the way for the approval of spot ETFs.

US regulators could approve spot ether ETFs for launch by July 4

Economic Times

Economic Times · 1y ago

US regulators could approve spot ether ETFs for launch by July 4

The U.S. Securities and Exchange Commission (SEC) may approve exchange-traded funds (ETFs) tied to the spot price of Ethereum (ether) by July 4, according to industry executives. BlackRock, VanEck, Franklin Templeton, and Grayscale Investments are among the asset managers seeking SEC approval. The process of amending the offering documents is reportedly in its final stages, with minor issues being resolved. The launch of spot bitcoin ETFs in January was highly successful, but analysts expect muted interest in the upcoming ether ETFs due to differences in market size and investor demand. Once approved, the products could start trading in as little as 24 hours.

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