Day: June 24, 2023

ETF Provider Primed To Launch First Leveraged Bitcoin Futures Exchange-Traded Fund in the US

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An exchange-traded fund (ETF) provider in the United States is reportedly close to launching a first-of-its-kind Bitcoin (BTC) fund. Volatility Shares, an ETF provider based in Mt. Kisco, New York, will start offering the “2x Bitcoin Strategy ETF” (BITX) next Tuesday, June 27th, according to the company’s website. Volatility Shares says the product is the first US-based ETF to offer leveraged long exposure to the cryptocurrency futures market. Explains the company, “BITX will seek daily investment results, before fees and expenses, that correspond to two times the return of the…

Bitcoin’s ‘Great Accumulation,’ Binance.US resumes withdrawals…

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Top Stories This Week ‘The Great Accumulation’ of Bitcoin has begun, says Gemini’s Winklevoss Recently renewed optimism for an approved Bitcoin spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to industry pundits. Over the past week, Fidelity, Invesco, WisdomTree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s price surge in the past days. Binance.US solves USD withdrawal issues but warns it won’t last…

Perpetual DEX Palmswap Joins Forces with Gotbit Ahead of Liquidity Event 

The upcoming Palmswap V2 is an enhanced iteration of the decentralized leveraged trading platform and is set to debut on July 5. Palmswap, a decentralized exchange (DEX) focused on perpetual futures trading, has partnered with crypto market maker Gotbit Hedge Fund in preparation for its upcoming liquidity program scheduled for next week. As part of the collaboration, Gotbit has allocated a certain amount of funds, the exact figure undisclosed, to provide liquidity through the minting and auto-staking of the Palmswap Liquidity Provider (PLP) token. The event is slated to commence…

Tokenized FTX claim is used as collateral for a loan

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A creditor of now-bankrupted crypto exchange FTX pledged a claim as collateral for a loan in the decentralized finance (DeFi) protocol Arcade. The transaction was the first on-chain loan backed by a FTX claim, according to the bankruptcy claims platform Found. The claim worth $31,307 was tokenized and its ownership represented by a nonfungible token (NFT). The NFT was then used on June 23 as a collateral for a $7,500 loan to be repaid in five days. In the event of a payment default, the lender is entitled to the…

Ether price eyes $3K as exchanges’ ETH balances drop to an all-time low

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Ethereum’s on-chain movements indicate bullish pressure building around Ether as its exchange balances reached an all-time low and staking deposits keep surging.  Ether’s (ETH) technical charts suggest that the asset can reclaim $3,000 if buyers are able to push above the resistance between $1,900 and $2,000. ETH held on exchanges hits an all-time low Exchange balances for ETH reached a new low of 12.6%, dropping sharply in the last 30 days, according to Glassnode data. Reduced supply on exchanges is usually a bullish sign, as it means fewer tokens are…

Crypto trading is an important part of the virtual asset ecosystem, says Hong Kong’s SFC chief

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The CEO of Hong Kong’s Securities and Futures Commission (SFC), Julia Leung Fung-yee, addressed Hong Kong’s embrace of Web3 regulation following the collapse of crypto exchange FTX last November, noting that crypto trading is an important part of the virtual asset ecosystem. During a recent speech, Leung reportedly explained that the new licensing system for virtual asset providers will ensure that investors are protected while taking into account the risks that financial institutions face. In the chief’s view, incorporating virtual assets providers into the regulatory system was the only way…

SEC Approves First Leveraged Bitcoin Futures ETF

The BITX being a 2x leveraged ETF can help investors to increase their profit two times faster than they would do without the leverage. The first leveraged Bitcoin futures exchange-traded fund (ETF) has received approval from the US Securities and Exchange Commission (SEC). The ETF, the Volatility Shares 2x Bitcoin Strategy (BITX), will be launched on the Chicago Board Options Exchange (CBOE) BZX Exchange on Tuesday, June 27th. ETFs can be traded on exchanges like stocks, and their prices change often within the same day as they are bought and…

Peter Schiff bashes bitcoin again, says recent party will soon end 

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Peter Schiff, a well-known critic of bitcoin and advocate of gold, has caused a stir in the crypto community with a recent tweet implying that the recent crypto party will soon end. Schiff thinks the party will end soon On Twitter, Peter Schiff, the CEO of Euro Pacific Capital and a prominent critic of bitcoin (BTC) and cryptocurrencies, shared his thoughts about the recent surge in highly speculative investments, which includes bitcoin. Schiff’s tweet garnered attention…

Investors accuse Wintermute of facilitating Celsius wash trading

A group of crypto investors has accused Wintermute Trading Ltd., a leading cryptocurrency market maker, of colluding with bankrupt crypto lender Celsius Digital and its former chief executive Alex Mashinsky to deceive them. According to a Bloomberg report, a group of Celsius investors who initially filed a lawsuit against former CEO Alex Mashinsky and several of the company’s top executives in July 2022 has amended the lawsuit to include Wintermute. Wintermute Trading Ltd., one of the biggest cryptocurrency market makers, was accused in a proposed class-action lawsuit of helping former…

CFTC scrutinizing Kalshi congressional control contracts to ensure fairness and compliance

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Commodity Futures Trading Commission (CFTC) has announced its review of contracts offered by KalshiEX, a prediction market provider that also supports crypto bets. The regulator says the move aims to ensure the contracts’ fairness and regulatory compliance. CFTC examines Kalshi’s political prediction contracts The CFTC, the regulatory authority overseeing various trading contracts, has turned its attention to Kalshi and its offering in the market. Kalshi submitted contracts to allow participants to speculate on which political…