Home Business News Bitcoin falls to its lowest level in a month

Bitcoin falls to its lowest level in a month

by LLB Finance Reporter
17th Aug 23 10:32 am

Today, we witnessed the Bitcoin price drop to its lowest levels since last June 21, with it reaching the $28,331 level at around 12:30 am GMT. Likewise, for Ethereum, which fell to the level of $ 1777 at dawn today as well.

While these declines in cryptocurrencies come despite the continued adoption of these currencies at the institutional level, whether in the United States or abroad. Yesterday, we saw asset management firm Valkyrie apply to launch an Ethereum futures exchange-traded fund (ETF), called the Valkyrie Ethereum Strategy ETF.

This ETF will allow investors to benefit from the price trends of Ethereum without being directly exposed to it. This ETF hold Ethereum futures contracts located on the Chicago Mercantile Exchange (CME) for futures contracts. Valkyrie has already launched a Bitcoin futures ETF called the Valkyrie Bitcoin Strategy ETF (BTF). Valkyrie also applied earlier to launch an spot Bitcoin ETF.

Also, Coinbase has received approval to launch Bitcoin and Ethereum futures trading services for institutional clients in the United States.

These developments come in the same week that Europe’s first spot Bitcoin ETF was launched on Euronext Amsterdam under the name Jacobi FT Wilshere Bitcoin ETF. While many US asset managers are still awaiting SEC approval to launch several spot bitcoin ETF.

I believe that the growing momentum to launch more cryptocurrency related financial products reflects the growing interest and confidence in the importance of this technology to institutional investors, whether as a payment settlement method or as a trustworthy investment asset.

However, the concerns of lawmakers and regulatory hurdles will continue to hinder the launch of more of these financial products, as the crisis of confidence continues between cryptocurrency developers, legislators and law enforcement authorities around the world.

In a related context of regulatory developments, we have seen the Ripple Lab’s lawyer has filed a response in anticipation of an appeal made by SEC for the previous court decision that XRP sold to retail clients is not an unregistered investment asset. While the company’s chief lawyer said that the authority’s decision to appeal was not based on exceptional circumstances calling for it.

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