1. BITBILIHome
  2. Article

Coinbase’s shares skyrocket as Cboe Includes crypto exchange in the BTC ETF application

• 88 views

TL;DR Breakdown

  • Shares of Coinbase jumped 13% on Monday on the news that the exchange operator Cboe had refiled its applications for several spot bitcoin exchange-traded funds (ETFs).
  • Cboe has been working with Fidelity, WisdomTree, and ARK Invest to obtain a spot Bitcoin ETF approved by the SEC.
  • Microstrategy (MSTR) saw its shares rise 10% to $375, their highest level in almost a year.
  • BlackRock has also refilled the BTC ETF through NASDAQ, naming Coinbase Global Inc. as a market surveillance provider.

Description

On Monday, shares of Coinbase, the largest crypto platform in the United States, surged 13% after exchange operator Cboe announced it was collaborating with the crypto platform to launch a spot bitcoin exchange-traded fund. In addition, Bitcoin-related equities rallied in response to news that Cboe’s BZX Exchange had resubmitted its applications for multiple spot bitcoin … Read more

On Monday, shares of Coinbase, the largest crypto platform in the United States, surged 13% after exchange operator Cboe announced it was collaborating with the crypto platform to launch a spot bitcoin exchange-traded fund.

In addition, Bitcoin-related equities rallied in response to news that Cboe’s BZX Exchange had resubmitted its applications for multiple spot bitcoin exchange-traded funds (ETFs) on Friday.

Coinbase rise from the SEC shackles

Friday, Cboe resubmitted to the U.S. Securities and Exchange Commission (SEC) an application to establish a bitcoin exchange-traded fund managed by Fidelity. In this filing, Coinbase was identified as the crypto platform that would assist the exchange in policing ETF manipulation.

According to Reuters, citing a source familiar with the matter, Cboe sought to address SEC concerns that its initial filing did not identify the crypto-trading platforms that would help it detect fraud in the underlying bitcoin markets.

Cboe has been working with a number of providers, including Fidelity, WisdomTree, and ARK Invest, to finally get an application for a spot bitcoin ETF approved by the US Securities and Exchange Commission (SEC). In the meantime, BlackRock (BLK) is doing the same thing with Nasdaq.

On Monday, Coinbase shares closed up 11.7% at $79.93, having more than doubled this year.

Bitcoin, the world’s largest crypto, reached a more than one-year high last month after BlackRock and Fidelity announced plans to launch bitcoin exchange-traded funds (ETFs).

Bitcoin was up 1.32% to $31, 029, and Ethereum, the world’s second-largest crypto, was up 1.94% to $1,964.

Microstrategy (MSTR), a business intelligence company that holds more than $4.6 billion worth of bitcoin (BTC), also saw its shares surge, increasing by approximately 10% to $375, their greatest level in over a year.

The SEC rejects multiple BTC ETFs

In recent years, the SEC has rejected dozens of spot bitcoin ETF applications, citing noncompliance with standards intended to prevent fraudulent and manipulative practices and protect investors. The ETF industry is attempting to come up with a solution to this concern.

Those filings come just weeks after the SEC sued Coinbase and Binance, alleging rule violations in a major regulatory crackdown on the digital asset market. The claims are denied by both parties.

Crypto analysts view the increasing likelihood of the SEC ultimately approving a spot bitcoin ETF as bullish for BTC because it could facilitate adoption by traditional investors with stock accounts.

Nasdaq Resubmits BlackRock’s Bitcoin ETF Application to the SEC

BlackRock Inc. has refiled documents with US authorities via Nasdaq to include fresh details to its plan for a Bitcoin-focused exchange-traded fund. On Monday, the exchange filed additional paperwork with the US Securities and Exchange Commission indicating that Coinbase Global Inc. will provide market surveillance in support of the world’s largest asset manager’s proposed ETF.

Analysts believe that monitoring the crypto market will be critical to obtaining SEC clearance for a spot Bitcoin ETF. The monitoring might significantly reduce fraud and market manipulation, two of the main reasons the SEC has rejected about 30 spot Bitcoin ETF applications to date.

BlackRock’s initial filing in mid-June triggered a scramble among other issuers for comparable files, as well as a surge for cryptocurrencies in general. Bitcoin has gained more than 10% in the last month and is up more than 80% since the beginning of the year. Many lovers of digital assets are excited about the prospect of a future spot ETF since it might offer better accessibility for average investors.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Coinbase’s shares skyrocket as Cboe Includes crypto exchange in the BTC ETF application

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月5日 17:59
Next 2023年7月5日 19:21

Related articles

  • Avalanche price analysis: As bears reclaim control, the AVAX price declines to $15.13

    TL;DR Breakdown Avalanche price analysis is bearish today. The resistance is found at $15.57. The support for AVAX is found at $14.20. The Avalanche price analysis suggests a bearish outlook as the price incurred a loss once again. The price had been on an upward trend yesterday but has now reverted to a downtrend, resulting in a decrease to $15.13. Today, it’s the bears who are dominating and leading the market, but no major loss is expected at the moment as the coin seems to be in a consolidation again. This can be further validated by the fact that despite the bullish price action of the previous two days, the coin remained strictly range-bound, and today’s loss also seems controlled. AVAX/USD 1-day price chart: Bearish drift drives AVAX price to $15.13 The Avalanche price analysis chart for the day indicates a bearish movement as the price continues to move downwards, and some severe losses have been seen since the current month started. The AVAX/USD price has been trading in a very narrow range for the past few days, and today…

    Article 2023年5月19日

  • RBI survey shows households anticipate prices moderating over next 3 months

    TL;DR Breakdown The latest Reserve Bank of India (RBI) survey shows that Indian households anticipate a decrease in inflation over the upcoming months. Households also hold expectations of enhancements in the overall economic landscape, employment opportunities, and income scenarios. Description The Reserve Bank of India(RBI) has released a survey showing that the Indian households anticipate a moderation in inflation over the upcoming months. This anticipation follows a recent surge, primarily in food prices. The RBI research reveals that in a survey spanning from July 1 to July 10, involving 6,025 urban households across 19 major … Read more The Reserve Bank of India(RBI) has released a survey showing that the Indian households anticipate a moderation in inflation over the upcoming months. This anticipation follows a recent surge, primarily in food prices. The RBI research reveals that in a survey spanning from July 1 to July 10, involving 6,025 urban households across 19 major cities, the perception of current inflation saw a marginal moderation of 10 basis points. Conversely, their expectations for inflation over the next three months and the next…

    Article 2023年8月11日

  • South Korean government approves landmark bill to regulate cryptocurrency assets

    TL;DR Breakdown South Korea’s National Assembly has passed a bill requiring officials to disclose their cryptocurrency holdings. The legislation was prompted by a scandal involving a former lawmaker who held significant cryptocurrency assets. The “Kim Nam-guk Prevention Law” was initiated to ensure senior officials report any crypto holdings exceeding $760. South Korean lawmakers have taken a significant step forward in regulating cryptocurrency assets by passing a bill that requires officials to disclose their holdings. The unanimous approval of the bill by the National Assembly signifies the government’s commitment to tackling cryptocurrency-related issues. The amendments to the National Assembly Act and the Public Service Ethics Act addressed concerns over a recent scandal involving lawmakers engaging in large cryptocurrency transactions. With overwhelming support from the present lawmakers, the amendment to the National Assembly Act now mandates the inclusion of cryptocurrencies in the list of registered properties legislators hold. Additionally, the amendment to the Public Officials Ethics Act obligates high-ranking officials and members of the National Assembly to report their cryptocurrency assets. The intention behind these legal changes is to prevent illicit activities…

    Article 2023年5月27日

  • Bitrue CSO unveils the real reasons traditional finance is diving into digital assets

    TL;DR Breakdown Bitrue’s Chief Strategy Officer, Robert Quartly-Janeiro, states that growing client demand and the view of cryptocurrencies as a new asset class are driving traditional finance institutions toward crypto. The collapse of FTX and Terra Luna in 2022, along with the subsequent bear market, have lowered entry barriers, making it easier for these traditional institutions to enter the crypto market. Quartly-Janeiro suggests that the entry of traditional finance into crypto could lead to both increased trade volume and the establishment of industry standards, but also poses potential risks to existing crypto entities. Description Traditional finance institutions, commonly called “tradfi,” are increasingly seeking exposure to cryptocurrencies. According to Robert Quartly-Janeiro, the Chief Strategy Officer at crypto exchange Bitrue, growing client demand and the perception of cryptocurrencies as a new asset class are driving this change. Moreover, the collapse of FTX and Terra Luna in 2022, along with the ensuing … Read more Traditional finance institutions, commonly called “tradfi,” are increasingly seeking exposure to cryptocurrencies. According to Robert Quartly-Janeiro, the Chief Strategy Officer at crypto exchange Bitrue, growing client demand and…

    Article 2023年9月25日

  • Meta’s Horizon Worlds expands its reach to mobile and web

    TL;DR Breakdown Meta’s Horizon Worlds now extends beyond VR, launching early access for mobile and web, with experiences like the game ‘Super Rumble leading the way. In a quirky yet essential update, Horizon Worlds avatars now feature virtual legs, addressing a previously noted omission. Description In an ambitious move to extend the reach of its metaverse, Meta, formerly known as Facebook, has announced the expansion of its Horizon Worlds from a purely virtual reality domain to a wider audience of smartphone and desktop users. This step, reflecting Meta CEO Mark Zuckerberg’s expansive vision for a more inclusive metaverse, comes at … Read more In an ambitious move to extend the reach of its metaverse, Meta, formerly known as Facebook, has announced the expansion of its Horizon Worlds from a purely virtual reality domain to a wider audience of smartphone and desktop users. This step, reflecting Meta CEO Mark Zuckerberg’s expansive vision for a more inclusive metaverse, comes at a time when tech enthusiasts and analysts closely watch the race to establish a dominant space in the virtual realm. Contents hide…

    Article 2023年9月16日
TOP