The introduction of Europe’s first spot Bitcoin exchange-traded fund (ETF) on Euronext Amsterdam by Jacobi Asset Management, which is based in London, is a significant achievement that has helped the company reach a new milestone.
The Jacobi FT Wilshere Bitcoin ETF is governed by the Guernsey Financial Services Commission (GFSC) and will be traded under the symbol “BCOIN.” The custody of the fund is managed by Fidelity Digital Assets, and Flow Traders acts as the market maker, as disclosed by Jacobi on Tuesday. Jacobi initially obtained sanction for the ETF in October 2021 with the intention of listing it in 2022. However, the company chose to delay its introduction due to the difficult market conditions that prevailed on the cryptocurrency market in the preceding year.
Coinbase (COIN) released a study paper on Thursday stating that Bitcoin (BTC) possesses a strong investment potential despite the prevailing uncertainty in the global macro landscape.
The paper’s findings reveal that the structural factors influencing inflation are changing concurrently with the development of new technologies like generative artificial intelligence (AI). It’s possible that this will bring in a period of monetary policies that are more accommodating.
The research further highlights that the government of the United States has increased its spending, contributing to maintaining a steady pace of economic growth. Conversely, this has led to an escalation in the expenses linked to servicing the nation’s debt in the upcoming years.
On Tuesday, both Bitcoin and Ether exhibited very little fluctuation, with Bitcoin trading at $29,350 and Ether trading at $1,840 respectively. Bitcoin was trading at a higher price than Ether.
In the past few weeks, the dominant cryptocurrency, as measured by its market capitalization, has had difficulty acquiring obvious direction as it has stayed tightly bound inside a limited trading range. This has caused it to confront issues in gaining distinct direction. There is a possibility that the launch of a spot Bitcoin exchange-traded fund may act as a substantial catalyst that will move the market.
In spite of the fact that the judgment made by the United States Securities and Exchange Commission (SEC) is still unknown, market analysts predict a ruling from the court in the action brought by Grayscale against the SEC, which might come as soon as today. This legal dispute centers on Grayscale Investments’ plans to convert its bitcoin trust (GBTC) into an exchange-traded fund (ETF). Hedera Hashgraph’s HBAR token stands out with a strong performance, registering a 12% increase in price over the past twenty-four hours. This is in contrast to somewhat muted activity throughout the majority of the cryptocurrency market.