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Bitcoin ETNs Debut on the London Stock Exchange

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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

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.

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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We are the editorial team of Altcoin Updates, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on Altcoin Updates, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens

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Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens

Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.

Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.

In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.

On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.

The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.

“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.

Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.

The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.

“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.

That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.

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How systematic approaches reduce investor risk

AltcoinUpdates Staff

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How systematic approaches reduce investor risk

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.

July 24, 2024, 5:30 p.m.

Updated July 24, 2024, 5:35 p.m.

(Benjamin Cheng/Unsplash)

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India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report

AltcoinUpdates Staff

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Amitoj Singh

“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”

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Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets

AltcoinUpdates Staff

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Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets

Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.

Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.

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