Of-late, the cryptocurrency exchange-traded funds (ETFs) are labeled as the trump card for the crypto-avenue wherein aspirants carry a great deal of optimism that exchange-traded funds likely to stimulate cryptocurrency prices. The similar notion of more authenticity is lingering around retail and institutional investors’ perspectives while providing them with timely accessibility to those who already have a brokerage account.
However, the entire cryptocurrency industry has seen a struggle ever since the U.S. SEC (Securities and Exchange Commission) declined the Winklevoss twins’ attempts of launching a bitcoin ETFs. The predominant objectives and duties of the organization are to decide whether commodities like Bitcoin and other major cryptocurrencies could be categorized as security or not and whether it is developed on the form of technology used, some other veteran pointed.
Some basic prerequisites of the approvals of BTC ETFs, and the applicants have to adhere to these basic guidelines. Bitcoin should clearly exhibit as to how the valuations are derived, investors’ protection through substantial liquidity at any given time and ensure physical custody.
Finance veteran Ric Edelman stated in an interview with CNBC that, “Fidelity has made a major announcement in the custody issue. We’ve got Kingdom Trust and a number of other very serious players on the custody side. I’m confident that in very short order VanEck or Bitwise will satisfy the custody concern to the SEC.”
The recent instance of growing interest in this space is that “Reality Shares ETF Trust”, a unit of Blockforce Capital, has applied for a new exchange-traded fund (ETF) that would flow in both sovereign debt instruments and bitcoin futures.
Currency Strength Index: FxWirePro’s hourly BTC spot index is inching towards 89 levels (which is bullish), while hourly USD spot index was at 86 (bullish) while articulating (at 10:34 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex