Cryptocurrency lending firm BlockFi has filed paperwork with the United States Securities and Exchange Commission, or SEC, to launch a physically-backed Bitcoin exchange-traded fund, kicking off what's expected to be a big week for the crypto markets The Form S-1 filing for BlockFi NB Bitcoin ETF was submitted to the SEC on Nov. 8, according to official documents. The filing states that BlockFi will serve as custodian and that the ETF’s investment objective is to reflect the underlying performance of Bitcoin as opposed to any futures or derivatives benchmark. The filing further states that the “Trust will not purchase or …

Google’s parent company Alphabet has made a $1 billion equity investment in the Chicago Mercantile Exchange Group, the exchange responsible for many crypto derivatives products. In a Nov. 4 notice to investors, the CME Group announced the $1 billion investment from Alphabet in addition to a 10-year strategic partnership with Google Cloud aimed at accelerating the exchange’s move to the cloud and changing the way global derivatives markets operate. Google made the investment through the company’s nonvoting convertible preferred stock. "Through this long-term partnership with Google Cloud, CME Group will transform derivatives markets through technology, expanding access and creating efficiencies …

The Chicago Mercantile Exchange (CME), one of the world’s biggest derivatives marketplaces, continues expanding its cryptocurrency derivatives offerings by adding a new Ether (ETH)-based product. CME announced Tuesday that it is planning to launch a micro Ether futures contract, sized at 0.1 ETH, enabling a new type of Ether exposure to institutional and individual traders. The new product will become the fourth crypto derivatives product ever launched by CME and is expected to be rolled out on Dec. 6, 2021, pending regulatory approval. The news comes amid Ether sitting near all-time high levels after the cryptocurrency posted its highest historical …

Bitcoin (BTC) appears to lack the strength to retest the $67,000 all-time high that it reached on Oct. 20 and this is causing investors to question whether or not the bullish moment has faded. Even with the price facing these hurdles, it’s still premature to call the $58,000 support level test the beginning of a descending channel. Among the factors limiting the rally is the regulatory uncertainty in the United States. Anne Termine, a partner in the government enforcement and investigations practice at Bracewell LLP and former chief trial attorney at the Commodities Futures Trading Commission (CFTC), said that “there …

Reports are emerging that the U.S. Securities and Exchange Commission has rejected one, or possibly two, recent Bitcoin exchange-traded fund applications signaling that the regulator is not quite ready for more exotic futures products just yet. Just a day or so after Valkyrie filed for a leveraged Bitcoin futures ETF and Direxion applied for an inverse fund for bears, the SEC appears to have vetoed them both. On Oct. 28, Bloomberg’s senior ETF analyst Eric Balchunas referred to a Dow Jones alert indicating the Valkyrie leveraged fund had been shelved by the SEC. He added that the move was likely …

After reaching new all-time highs it's customary for Bitcoin (BTC) price see a bit of cooling off in the form of profit taking, consolidation and uncertainty from traders who are cautious about opening new positions at record highs. This appears to be exactly what is occuring this week as Bitcoin price struggles to hold the $60,000 level as support. Generally, most analysts still retain a bullish macro view of Bitcoin's price trajectory, to the extent that PlanB, Willy Woo and others claim that the second-half of the bull market was certified by the price hitting $67,000 last week. Here’s what …

Bitcoin (BTC) has a long history of forming local tops when events that are anticipated by the market occur. The recent Bitcoin exchange-traded fund (ETF) launch on Oct. 19 was no different and led to a 53% monthly rally to an all-time high at $67,000. Now that the price has briefly fallen below $60,000, investors are attempting to understand if the 10% correction was a healthy short-term profit taking or the end of the bull run. To determine this, traders need to analyze BTC's previous price activity to evaluate the possible similarities. The chart above depicts the day of a …

On Oct. 22, Bitcoin (BTC) price entered what some traders predict to be a "consolidation phase" as investors lock in profits following a non-stop run-up in price that began on Oct. 1, seeing BTC increase by 55% in just three weeks. Data from Cointelegraph Markets Pro and TradingView shows that a wave of midday selling on Friday dropped the price of Bitcoin from support at $63,300 down to the $60,000 level. Here’s what market analysts are saying about Bitcoin's current price action for the short-term. “Bitcoin could be ready for another leg higher” The current price action is seen as …

The long-awaited day finally came on Oct. 19 as the first Bitcoin (BTC) exchange-traded fund (ETF) went live on the New York Stock Exchange, thrusting the crypto asset into the limelight across mainstream news outlets and alternative media alike. Despite the fact that the ETF in question will hold no actual Bitcoin and is instead a futures-based instrument, investors and pundits across the ecosystem have largely hailed its launch as proof that Bitcoin has hit the big leagues and will soon surpass the coveted $100,000 price target. Many investors either don’t have access or will choose not to interact with …

The ProShares Bitcoin Strategy exchange-traded fund (ETF) is on track to reach a limit on the number of futures contracts it’s allowed after quickly becoming a little too popular. After just a couple of days of trading, the ProShares ETF has reached 1,900 contracts sold for October and there is a 2,000 front-month limit imposed by the Chicago Mercantile Exchange. There are already 1,400 contracts for November and there is an overall maximum limit of 5,000 open contracts according to Bloomberg. One solution could be to offer longer contracts, but that would carry the danger of too much distancing from …

Whipsaw price action has returned to the cryptocurrency market after Bitcoin’s (BTC) price lost steam at $67,100 and retracted to the $62,000 level. An early morning 87% flash crash in the price of BTC at Binance US saw the price briefly touch $8,200 and it may have set the market on edge, but generally, it appears to have been an isolated event. Data from Cointelegraph Markets Pro and TradingView show that bears have briefly taken control of the market with the price now fluctuating between $62,000 to $63,500. Here’s a look at what traders and analysts are saying about the …

The odds of the United States Securities and Exchange Commission (SEC) approving a Bitcoin (BTC) exchange-traded fund (ETF) before a physical Bitcoin ETF are higher than ever, courtesy of Chairman Gary Gensler’s now oft-repeated preference for the former. But here’s the issue: an ETF built around crypto futures isn’t the most efficient, economical or easiest route. Physically backed products are. They’re likely to attract more assets and open the crypto market to more investors. And they are much easier for investors to understand. This is why fund issuers are better off pressing the SEC for clarity on what’s needed to …