
Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Not so long ago, the first cryptocurrency in the world showed up at a price less than 1 cent. December 2017 changed the digital coin forever and anyone wanted to own that weird asset. However, at a price of nearly $20,000, not everyone could actually afford it. Folks were eager to derive huge benefits from the crypto asset, but without physically owning any bitcoins.
Perhaps, one of the best ways to do it is to make use of Bitcoin futures. However, the cryptocurrency community along with institutional investors was eager to get more in the form of a Bitcoin ETF. A possible approval on it has been postponed to next month. Currently, thanks to Sweden, another player has entered the American market on August 15 - a Bitcoin exchange-traded note or ETN for short.
As Bloomberg revealed, the ETN, also dubbed Bitcoin Tracker One, got down to trading on the Nasdaq Stockholm exchange in 2015. Listed and regulated in Sweden, it’s quoted in the US currency with the CXBTF ticker. It leaves a door open for American investors and also creates more awareness of the market niche.
Referred to as F-shares, anyone will have an opportunity to pay in US dollars, although the trade is going to be cleared, settled and held in custody in Sweden.
UK-based CoinShares Holdings appears to be the parent company of the entity XBT Provider AB that issues the notes. Eventually, the former purchases the required amount of BTC. To put that another way, investors are exposed to the market without the necessity to purchase any BTC. Here, the ETN serves as a debt financial instrument because it’s underpinned by the issuer and not by the investors.
By the way, after Wednesday’s launch of the ETN, the price of Bitcoin tacked on temporarily by almost $400 before concluding at $6,200.
Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.
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