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manager Hashdex in collaboration with Nasdaq, the cryptocurrency industry is going to witness the world’s first-ever Ethereum Exchange Traded Fund (ETF) very soon. However, Ethereum ETF will be launched on a Canadian stock exchange. The Ethereum exchange-traded fund is currently going through an Initial Public Offering (IPO).

Called “The Ether Fund”, an IPO of this exchange-traded fund will be launched by the Canada-based cryptocurrency asset management firm 3iQ next week on the Toronto Stock Exchange (TSX). The Ether Fund will be available on this Canadian stock exchange under the QETH.U ticker. With the launch of this fund in Canada, the residents of the country will be able to access the world’s second-largest cryptocurrency by market cap Ether in the form of an Exchange-Traded Product.

As announced by 3iQ Corp, the maximum size of the offering that has been specified for the launch is more than $107 million. While on the other hand, the minimum size of the offering is $20 million, said the asset management firm. As revealed in the announcement, the 10th of December 2020 is the closing date for this offering.

Reportedly, the crypto asset management firm 3iQ will be the portfolio manager as well as the investment manager of this exchange-traded fund. While disclosing more information regarding the fund, they said, “the syndicate of agents for the Offering is being led by Canaccord Genuity Corp. and includes Richardson Wealth Limited, Echelon Wealth Partners Inc., Leede Jones Gable Inc., Mackie Research Capital Corporation and PI Financial Corp.”

While announcing the news on the 3rd of December, 3iQ said that it has received a receipt for this exchange-traded fund’s final prospectus.

Furthermore, the firm outlined various investment objectives of this fund. First of all, this exchange-traded fund will offer investors an opportunity to build exposure to Ether (ETH) the native digital currency of the world’s second-largest blockchain network. And they will also be able to keep an eye on ETH’s daily price movements.

million and listed the new Ethereum ETF on the Toronto Stock Exchange.

As per the official data, the Ether Fund (TSX:QETH.U) opened its trading for $10.80 per share. On an opening day, the fund witnessed more than $310,000 in trade volume. The official post further explained that the fund can be traded like other stocks available on the TSX, and can also follow the price of the ETH coin.

Tyler Winklevoss’s Gemini also happens to be the manager of the ETF. An important thing to note is that the ETF is not available to US residents as it is not listed with the US Securities and Exchanges Commission (SEC). The official post also elaborated that the fund’s investment purposes are to give holders exposure to Ether and the daily market movements of the USD price of Ether, as well as the chance for long-term profit.

According to the official post, 3iQ got the approval for The Ether Fund on December 3. As mentioned earlier, The fund will trade under the ticker QETH.U. 3iQ controls The Bitcoin Fund (TSX: QBTC, QBTC.U) and the 3iQ Global Cryptoasset Fund. The private fund backs BTC, ETH, and LTC.

American stock exchange Nasdaq, setting the stage for the whole new era in the cryptocurrency trading industry.  According to the partnership agreement, the parties have collaborated to create the world’s first Bitcoin ETF or Exchange Traded Fund that will be launched on the Bermuda Stock Exchange as Hashdex Nasdaq Crypto Index ETF.  The fund will launch 3 million Class E shares, and it may go live until the end of the year; however, no further details about the long-awaited ETF are available at this stage. Commenting on the announcement, The Chief Executive Officer (CEO) of Hashdex, Marcelo Sampaio, explained that they had chosen Bermuda due to their friendly regulatory approach to the cryptocurrency industry. He also added that Nasdaq’s involvement confirms the growing institutional interest in the new type of assets.  In recent years, the various financial and cryptocurrency institutions, including Winklevoss brothers and Wilshire Phoenix and the NYSE broker Arca, filed applications for Bitcoin ETF with US Securities and Exchange Commission (SEC). The American regulator rejected all of them because the cryptocurrency market is poorly regulated and too risky at this stage.  Note: ETF, or Exchange Traded Fund, is a type of financial instrument that tracks a collection of securities, indices, or a combination of various assets. They are listed on traditional exchanges, and their shares are traded like an ordinary stock, allowing users to get exposure to individual markets and industry sectors. They involve low expense ratios and fewer broker commissions, which makes them more attractive to smaller investors.  The launch of Bitcoin-based ETH was supposed to become a significant milestone for the cryptocurrency industry, bridging the gap between digital assets and traditional finances. Many experts believed that the absence of a regulated instrument prevented large institutional investors from joining the cryptocurrency market and facilitate its mass adoption.  Bitcoin futures launched on Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) in 2018 was the first step in that direction. Many experts believe that ETFs on the cryptocurrency would become the next logical step to attract global institutional investors such as sovereign wealth funds, pension funds, and endowment funds to the crypto market. The vast majority of experts from cryptocurrency and traditional finances regard the launch of Bitcoin ETF as a significant victory and a giant leap ahead for the whole industry of digital assets.  Thus, earlier this week, former Goldman Sachs executive and fund manager Raoul Pal shared his view on the idea of Bitcoin ETF and predicted that the SEC would eventually approve it. However, Bermida’s regulator seems to be one step ahead: However, some have contrarian views. For example, Chalie Lee, the seventh-largest digital asset creator, confessed that he had been wrong about the potential impact of Bitcoin ETF. Now he believes that the launch of the financial instrument’s launch won’t become a sustainable driver for a new bullish cycle on the cryptocurrency market. Meanwhile, the cryptocurrency market reaction has been muted, to say the least. All top-10 coins are nursing significant losses on a day-to-day basis. BTC/USD is down nearly 4%, Ethereum has lost over 7%, Ripple’s XRP is 5% cheaper from this time on Monday.  BTC/USD slipped below $10,500 and returned inside the previous consolidation range that limited the price movements during the first half of September.  The pioneer digital asset may be vulnerable to further losses if it fails to regain the ground above the critical area of $10,500 in the nearest trading sessions. Read more detailed technical analysis on BTC/USD here. FX Street

Hashdex says the new cryptocurrency investment product tracks the Nasdaq Crypto Index. Brazilian fund manager Hashdex confirmed to news.Bitcoin.com on Tuesday that the company is launching a cryptocurrency ETF, co-developed with Nasdaq. A Hashdex spokesperson said that the ETF has been approved by the Bermuda Stock Exchange (BSX), elaborating: As for the launch date, “We can’t confirm any dates at this moment. However, it shouldn’t take long. We need the NCI launch first,” the spokesperson emphasized, adding that “Nasdaq will reveal more details about the index methodology once it is launched as well.” At press time, little information has been revealed about this new investment product. The BSX exchange also independently announced Friday the admission of “Hashdex Nasdaq Crypto Index ETF Class E Shares” to its official listing. The method of listing, however, is “private placement,” with Hashdex Nasdaq Crypto Index ETF as the issuer. According to its listing page on the BSX website, Hashdex Nasdaq Crypto Index ETF’s “investment objective is to provide investment results that minimize the tracking difference of the performance of the Nasdaq Crypto Index … on a 12-month window.” The index is being co-developed by Hashdex and Nasdaq Inc. The latter will administer and maintain the index on an ongoing basis. The spokesperson further clarified to news.Bitcoin.com that the upcoming ETF will not be available to American investors, therefore it does not require the approval of the U.S. Securities and Exchange Commission (SEC). Currently, the U.S. SEC has not approved any bitcoin or cryptocurrency ETF. All proposed rule changes to list and trade bitcoin ETFs have been rejected so far. There are, however, several private investment products, such as Grayscale Investments’ GBTC. According to its website, the Bermuda Stock Exchange, founded in 1971, is recognized by the U.S. SEC as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the U.K. as a Designated Investment Exchange; HM Revenue & Customs in the U.K. as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds taxation rules. What do you think about this crypto investment product? Let us know in the comments section below. REGULATION | 2 days ago REGULATION | 4 days ago bermuda stock exchange, bitcoin etf, crypto etf, cryptocurrency etf, hashdex cryptocurrency etf, nasdaq crypto etf, nasdaq cryptocurrency etf Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

Inc. shares trade on leading brokerage desks like Fidelity, Schwab, E*Trade, and TD Ameritrade. 

The OTC Markets Group Inc. is the operator of the largest OTC markets in the U.S. It trades in over 11,000 different securities.

Grayscale’s Bitcoin Trust (GBTC) ranks on the top of the list with over $250 million in trading volume. 

The number three asset, Bitwise’s crypto index, was launched only two days ago. Since then, the fund has reported higher volumes than Grayscale’s Ethereum Trust (ETHE). 

List of active markets on OTCQX. Source: OTC Markets 

Stocks that trade on OTC markets represent smaller or foreign companies and commodities. These usually fail to obtain a listing on mainstream exchanges like the New York Stock Exchange (NYSE) or NASDAQ. 

The daily volume on the OTC market is $2.3 billion. In comparison, the daily volume on NASDAQ ranges around $200 billion. 

It would now appear that traditional investors are joining.

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the world on the Bermuda Stock Exchange (BSX) in a collaboration with Nasdaq. According to a report from the local news site Infomoney, the Brazilian fund manager Hashdex has entered into a partnership agreement with the American stock exchange Nasdaq. As per the partnership agreement, they have collaborated with each other to develop the first-ever Bitcoin Exchange Traded Fund of the world which will be launched on the Bermuda Stock Exchange. This Bitcoin ETF is known as Hashdex Nasdaq Crypto Index ETF. Hashdex was looking for a secure location where it could launch its Bitcoin ETF. So, it chose Bermuda because of its cryptocurrency-friendly regulations. No details regarding the launch of the Bitcoin ETF have been disclosed so far. However, according to the report, there is a chance that the fund might be available by the end of this year. Moreover, Hashdex said that Nasdaq will release the methodology as well as the other related information on the launch of the product. The Chief Executive Officer (CEO) of Hashdex Marcelo Sampaio said that the entrance of the Nasdaq stock exchange into the cryptocurrency market indicates that institutional investors take interest in cryptocurrency. Sampaio added, “This process should also speed up the entry of institutional investors in this segment. It is a trend that increasingly becomes concrete.” This is not the first attempt that has been made for launching a cryptocurrency or Bitcoin ETF. Many managers from across the entire world attempted to develop such kind of product. However, the Securities and Exchange Commission (SEC) blocked their proposals. NYSE broker Arca and the investment banking firm Wilshire Phoenix proposed a product this year but this suggestion was also rejected by the United States Agency. SEC said that currently, publicly-traded funds are not suitable because the market is not matured enough for them.

valuations may implode once investor exuberance runs out. 

“Watching the cryptos trade, it’s EXACTLY like the internet stock bubble. EXACTLY,” Cuban tweeted on Monday before offering a silver lining to crypto enthusiasts.

Although the internet bubble didn’t end well for the vast majority of dot-com stocks, several rose from the ashes to form legitimate companies, Cuban said. Amazon, eBay and Priceline immediately came to mind.

In Cuban’s view, Bitcoin (BTC), Ethereum (ETH) and “a few others” will likely follow a similar trajectory as their value proposition and use cases continue to grow.

Cuban’s seemingly positive outlook on the top two cryptocurrencies came even as he dispelled all the narratives surrounding monetary debasement and fiat currency. These are “just sales pitches,” he said, arguing that crypto valuations are based only on supply and demand.

Cuban hasn’t quite gotten his story straight on Bitcoin. He once argued that bananas are a better medium of exchange than BTC and said the digital asset will act more like a collectible than a financial instrument.

But just last month, he praised Bitcoin’s monetary policy by arguing that public companies should “commit to not issue new shares of stock” ever. He was, of course, referring to Bitcoin’s capped supply of 21 million units hardwired into the code.

Crypto assets were in the spotlight again on Monday after the total market shed over $200 billion peak-to-trough. Zooming out, the total market capitalization has appreciated fourfold over the past year, with Bitcoin recently hitting all-time highs of around $42,000.

Following that breakout, the traders are becoming quite optimistic in the crypto’s short-term trajectory.

Two major factors are believed to have underpinned ETH’s major rally: the CME Ethereum futures listing in January 2021 and a strong technical market structure.

Based on technical analysis, the developing higher high pattern normally shows that there is strong momentum in the market since it indicates every new peak is higher than the previous top.

Ether has constantly rallied in the last week, sustaining the higher high pattern formation. One crypto trader Scott Melker said:

One full-time trader at the Amsterdam Stock Exchange, Michael Poppe, said on December 28, 2020, that $1,200 to $1,300 is likely for Ether if it manages to stay above $470. He wrote:

Ever since BTC exploded past its previous all-time high at almost $20K, ETH has stagnated against Bitcoin. Therefore, for Ether to experience a renewed rally, a sustainable breakout against BTC is crucial.

Looking at the daily chart, ETH has begun to show some gains against BTC, which may underpin the newfound demand for Ether. Santiment analysts stated that ETH miner balances are at a two-year low and the supply on the crypto exchanges is also dropping.

The combination of these two data points indicates that the selling pressure on Ethereum is plunging. They explained:

In the meantime, futures on the Chicago Mercantile Exchange (CME) are set to launch in six weeks. Based on data acquired from Bybt.com, the CME is already the biggest futures exchange for BTC with regards to open interest.

By description, open interest refers to the cumulative total amount of capital that gets actively traded on the exchange. As of December 28, 2020, the CME BTC futures exchange’s open interest is oscillating above $1.67 billion.

Some of the analysts and commentators say that the institutional demand for bitcoin will eventually spill over into the Ethereum market in 2021. If that happens, the CME Ethereum futures exchange might see considerable growth in daily volume and open interest. One researcher at Messari, Ryan Watkins, stated:

series of tweets on Monday, the owner of the NBA’s Dallas Mavericks mentioned that only a few digital assets will survive the bubble burst. He showed bullish sentiment for Bitcoin and Ethereum by comparing the top two crypto-assets to internet companies like Amazon and eBay but added that many cryptocurrencies will not survive in the end.

Cuban outlined that the crypto market is driven by the concept of supply and demand and all the other narratives are just sales pitches. In his opinion, ‘scarcity vs demand’ is the biggest sales pitch in the case of the crypto market.

Stocks to Watch This Week – Expedia Group, IncGo to article >>

“Watching the cryptos trade, it’s exactly like the internet stock bubble. I think Bitcoin, Ethereum, a few others will be analogous to those that were built during the dot-com era, survived the bubble bursting, and thrived, like Amazon, eBay, and Priceline. Many won’t. But, If you are taking on debt that you can’t afford to pay back to invest in crypto, you are a fool, and there is a 99% chance you will lose everything. Personal disaster stories are built on leverage,” Cuban mentioned on Twitter.

Additionally, he raised the issue of the valuation of crypto assets. Bitcoin and other digital currencies are up nearly 20% since the start of 2021 despite the recent crash. Bitcoin is currently trading near $35,000 and Ethereum jumped above $1,100. So, Cuban addressed the pricing and valuation issues associated with the crypto market.

“During the internet stock bubble, ‘the experts’ tried to justify whatever the pricing of the day is. Crypto, much like gold, is supply and demand-driven. All the narratives about debasement, fiat, etc are just sales pitches. The biggest sales pitch is scarcity vs demand. That’s it,” he added.

£8,000 and £9,000 mark. Today, it has reached an all-time high of more than £25,000.

Meanwhile, rival cryptocurrency Ethereum has seen its value soar by almost 400 per cent over the past year, while the likes of Litecoin, Zcash, and Polkadot have all reached record values in recent months.

The cryptocurrency boom is showing no signs of slowing down.

Amid global economic uncertainty and low interest rates across the spectrum, cryptocurrency is increasingly viewed as a safe haven, insulated from stock market volatility and the threat of negative interest rates on cash reserves.

But for P2P lending platforms, there is another reason to be optimistic about the crypto rush.

The recent surge has been fuelled by a mix of both retail investors and institutional investors. This just happens to be the same investor base that P2P lending platforms are targeting, so it bodes well to see these groups becoming more risk aware and seeking out alternative investment opportunities.

Bitcoin was created in 2009 – four years after the first P2P lending platform launched in the UK. These alternative investment options have grown up together, overlapping occasionally via cryptocurrency exchanges such as Bitfinex, and Ethereum-based lending platforms such as Aave.

These overlaps are becoming more frequent. In November, crypto-platform Sikoba partnered with blockchain provider Horizen to boost its P2P credit system. And Bitfinex has now launched Bitfinex Borrow, a P2P digital token loan exchange.

The growth of P2P may have been slowed by the Covid-19 pandemic, but this new crypto surge is evidence that there is still a huge appetite among investors for digital investment portfolios, risk-aware alternatives, and decentralised finance.

If P2P lending platforms can build on this trend, the crypto boom could pave the way for the mainstreaming of alternative finance.

fintech and Shapeshift is converting to a decentralized exchange.

Rat poison? Echoing Warren Buffett’s infamous line that bitcoin is “rat poison squared,” heavyweight investor Bill Miller said that could be true, but “the rat could be cash.” In his Q4 newsletter Miller went on to say inflation is likely in the U.S. due to unprecedented fiscal and monetary stimulus, and that bitcoin could provide a way for companies to avoid devaluing their balance sheets.

State action A ban on crypto derivatives trading went into effect today in the U.K. The nation’s financial regulator, the Financial Conduct Authority (FCA), said these products are ill-suited for retail consumers due to their outsized risks when introducing the legislation in October, while industry voices think the measure is overwrought and favors institutional investors.

Shifting shape ShapeShift is going decentralized in a bid to get rid of its know-your-customer (KYC) rules. The Colorado-based non-custodial exchange is now routing orders through decentralized finance (DeFi) applications and phasing out its centralized exchange.

Korean spreads The “kimchi premium,” the spread between South Korean’s upbit exchange and Binance, was at 4.15% yesterday, the highest since early 2018. An often-cited figure to explain retail interest in the country, CoinDesk’s Muyao Shen also thinks this premium could explain why bitcoin prices drop during Asia’s trading hours – some traders sell bitcoin at higher prices on South Korea-based crypto exchanges.

Rippled suits? In Matt Levine’s much-awaited return to his opinion-heavy Bloomberg newsletter, Money Stuff, the financial columnist wrote about the effects of securities fraud action on business environments. In the U.S., he writes, there’s a growing trend that “everything is securities fraud.” Making a bad video game that causes a gaming studio’s stock to drop: securities fraud. Harboring a culture of harassment: securities fraud. Playing up a news release for something insignificant: securities fraud. 

Though Levine’s headline calls it a “dystopian future,” his conclusion is a bit more positive. A culture where smart lawyers can find restitution for stockholders affected by negative performance is a “general” way to keep publicly traded firms from doing generically bad things, even if they are not affected by these actions in principle. 

“Everything is securities fraud, even things that aren’t actually illegal; anything that gets bad press or moral disapprobation can lead to a securities lawsuit. It is in its way an oddly principles-based form of regulation: You don’t need specific rules against specific types of bad conduct; all you need is evidence that the company did a thing and the stock dropped because of it,” Levine concludes.

There aren’t many publicly traded companies in the crypto industry this trend might apply to, though the attitude – of pursuing legal action for any perceived or real financial loss – still pervades. 

Yesterday, one of Ripple Labs’ biggest financial backers filed suit against the crypto incumbent to redeem its investment. Back in 2019, the multi-billion asset manager Tetragon Financial Group led Ripple’s $200 million Series C. 

And now that the U.S. Securities and Exchange Commission is investigating Ripple for potential securities fraud, Tetragon wants its cash back. Filed in Delaware, Tetragon said it will attempt to “enforce its contractual right to require Ripple to redeem” its preferred stock, Bloomberg reported, and even freeze Ripple’s assets until it pays up. 

Ripple rejected the lawsuit, saying its investor can only redeem its equity for cash “if XRP is deemed to be a security on a go-forward basis,” according to a court filing. 

While Tetragon isn’t claiming securities fraud on behalf of Ripple, it is an effect of an ongoing securities fraud investigation. The SEC claims Ripple raised $1.3 billion over a seven-year period by selling XRP to retail investors. Ripple is the primary holder of XRP, though it has claimed over the years the network is sufficiently decentralized like Ethereum and that it is not the crypto’s creator.

Whether XRP is a security is now up for the courts to decide, but the lawsuit has already led to material outcomes. Grayscale Investments (sister company to CoinDesk) and Bitwise both removed XRP from their crypto index funds, while several exchanges have made moves to delist or suspend XRP trading. 

One might wonder if XRP is deemed to be a security and Ripple found to have violated securities law, if exchanges might have the right to pursue legal action against the firm. Because, as Levine points out, litigiousness is baked into U.S. business culture.

The trading product is available in three different currencies including the USD, CHF and GBP.

According to the official announcement, the newly launched trading product (BTCE) tracks the price of Bitcoin and is 100% physically backed. The addition of ETC Group takes the total number of ETP providers at the Swiss Stock Exchange to 6. The exchange now offers a total of 34 ETPs.

Commenting on the recent addition, Christian Reuss, Head of SIX Swiss Exchange, said: “We welcome ETC Group to the family of ETP providers offering their products at SIX. With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio.”

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Additionally, the exchange highlighted record trading turnover in crypto products as a result of strong demand from investors. The total number of Bitcoin and crypto-related trades at the exchange reached an all-time high of 48,024 this year. In 2020, the trading turnover in crypto products reached CHF 1.1 billion, crossing the barrier of CHF 1 billion for the first time. Compared to 2017, crypto trading turnover at the exchange jumped more than 100%.

“The Swiss Stock Exchange has registered a break of the CHF 1 billion barrier in trading turnover in crypto products for the first time with CHF 1.1 billion in 2020, which surpassed the record CHF 525 million from 2017 by 112%; the number of trades reached a new record of 48,024. ETC Group lists a Bitcoin ETP, taking the number of ETP providers to six and the number of ETPs to 34, further strengthening the position of the Swiss Stock Exchange as the world’s leading marketplace for regulated crypto products,” the official announcement by SIX states.