BTC & ETH ETF Combined Product Creates a commotion, Crypto Market Party
NewYork – The crypto market is likely to strengthen today, Wednesday (19/6/2024) after Hashdex proposed a combined exchange-traded fund (ETF) between bitcoin and ethereum.
Referring to CoinMarketCap on Wednesday (19/6/2024) at 09:53 WIB, the majority of the crypto market strengthened. Bitcoin fell 0.28% to US$65,331.72 and was in the negative 3.01% zone on a weekly basis.
Ethereum was in the green zone 2.91% in the last 24 hours and in a week rose 1.24%
XRP strengthened 0.82% daily and rose 3.1% weekly.
Likewise, Dogecoin experienced an appreciation of 3.62% in the last 24 hours while in the last seven days it collapsed 9.32%.
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Crypto Performance (19/6/2024)
CoinDesk Market Index (CMI), which is an index to measure the market capitalization-weighted performance of the digital asset market, rose 1.45% to 2,554.91. Open interest appreciated 1.84% to US$63.89 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 52, which shows that the market is in a neutral phase with the current economic conditions and crypto industry.
Quoted from Cointelegraph, Hashdex has proposed in a June 18, 2024 filing with the United States Securities and Exchange Commission (SEC) to create a Bitcoin (BTC) and Ether (ETH) ETF on the Nasdaq exchange.
The proposed ETF will balance crypto assets according to their market capitalization, which stood at 70.54% of BTC and 29.46% of ETH on May 27. According to Hashdex, its passive investment strategy will track daily market movements in the Nasdaq Crypto US Settlement Price Index without trying to “beat” it.
Coinbase and BitGo will serve as custodians of BTC and ETH assets. A mixed-asset ETF “makes a lot of sense,” said analyst James Seyffart at X.
Later, this financial product aims to track sukmabola daily changes in the net asset value (NAV) of shares against the Nasdaq US Crypto Settlement Price Index, providing an alternative method for investors to access the growing crypto asset market.
Apart from combining digital assets, BTC and ETH, the ETF’s potential is similar to the single-asset ETFs that got the green light from the US SEC this year.
It is designed to offer institutional investors and retail traders investment exposure to Bitcoin and Ethereum through public securities markets without the need to own the cryptocurrency directly.
With the increasing number of approved ETFs, this will provide a breath of fresh air for the crypto market in general.
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