Crypto carnage enters week 2: Bitcoin price ignores Swiss ETF listing
|- Bitcoin price opens the week’s trading with declines exceeding 5.5% on a daily basis.
- First crypto ETF to go live on Swiss traditional stock exchange.
The digital asset space has very body feeling the jitters due to the ongoing downtrend. Last week, the market saw $26 billion disappear in a 12-hour period. Likewise, this week started with declines that seen the market wipe off $13 billion. This trend seems unstoppable, at least for now and it is vital that a bottom is found for cryptos to find support a reverse the trend.
Bitcoin price has been in the red since the beginning of the day. At the time of writing, the asset has corrected lower 5.5% on the day. The trading over the weekend was literally uneventful with the price remaining almost unchanged above $5,500 while the upside capped at $5,600. The declines have entered the second week. Bitcoin plunged breaking past the range support at $5,500 and even dived below last week’s support at $5,200. There has been a retracement from the intraday lows with the price headed for $5,300 but currently dancing with $5,292.
While the market was in shambles, the world witnessed the first crypto ETF approval. This comes after months of struggle and denial to get the US Securities and Exchange Commission (SEC) crypto exchange-traded fund (ETF) approval. The importance of having a crypto ETF in the market is to allow investors to buy and sell digital assets like Bitcoin (BTC) without having to own any of the coins. This method is preferred by institutional investors.
The good news in the market is that Amun AG has become the first company in the world to get a license that will allow it to list what is called an index fund on a normal stock exchange. Besides, the ETF will trade on SIX Swiss Exchange. An exchange that is ranked 4th in Europe and valued at $1.6 trillion. A comment from the CEO of Amun, Hany Rashwan says:
The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.
He continued:
We plan on launching an index basket ETP first; it allows investors to simply ‘buy the market’ rather than trade specific crypto assets, though we plan on launching specific trackers for each asset in the future too.
BTC/USD 15' chart
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