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


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Looking for the best path to the Moon

The fight for dominance in the crypto market is at a new turning point. Yesterday at mid-morning, Ethereum showed intentions to move higher. A significant breakout of the long-term downtrend in the ETH/BTC pair can confirm the plans of Ethereum.

More Bitcoin News

XRP/USD trapped in a range, the range narrows

XRP/USD has stalled in a tight range limited by $0.1700 on the downside and $0.1800 on the upside. The coin  has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday.

More Ripple News

ETH/USD retreats below 1-hour SMA200, more pain ahead

ETH/USD is changing hands at $228.60. The coin has lost over 1% since the start of the day and gained 1.4% on a day-to-day basis. Ethereum is the second-largest digital asset has the current market value of $25.6 billion and an average daily trading volume of $6.5 billion.

More Ethereum News

LTC/USD to continue hibernating in a range

Litecoin is the seventh largest digital asset with the current market value of $2.7 billion and an average daily trading volume of $1.15 billion. The coin is locked in a tight range below $42.00.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: US stocks and Bitcoin options to define Bitcoin's future

Bitcoin bottomed at $8,899 on Thursday, June 25, and recovered to $9,200 by the time of writing. While the pivotal $9,000 remains unbroken, the coin has been oscillating in a tight range for about two weeks now.

Read the weekly forecast

BTC

ETH

XRP