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The rally in the crypto market looks overvalued, say JPMorgan Chase analysts. According to The Block, the bank noted the high expectations of traders and investors dictated by several factors. Among them, experts identified two main ones: the prospect of approval by the US Securities and Exchange Commission (SEC) of spot Bitcoin ETFs and the softening of the department’s supervisory policy, which stems from the previous paragraph. However, in both these cases, there are certain nuances, the report says. In the first, positive expectations are dictated by a likely jump in the exchange rate and an influx of capital, but the latter is unlikely, JPMorgan Chase notes: “First, instead of fresh capital entering the crypto industry to be invested in the newly-approved ETFs, we see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs, and publicly listed bitcoin mining companies, into the...

Certain analysts suggest that the narrowing of GBTC’s discount can be attributed to investors factoring in the possibility of the SEC granting approval to several pending spot Bitcoin ETF applications. Grayscale’s Bitcoin investment vehicle, known as Grayscale Bitcoin Trust (GBTC), is presently trading at its most meager discount in nearly two years. This narrowing of the discount coincides with the gradual progress of spot Bitcoin exchange-traded funds (ETFs) towards potential approval within the United States. According to the latest data from YCharts, as of October 13, GBTC ’s discount in relation to Bitcoin’s net asset value (NAV) has dwindled to 15.87%. Discount to NAV is a percentage-based metric that quantifies how much a mutual fund or ETF is trading below its net asset value. It serves as an indicator to gauge the deviation between a security’s trading price and its true intrinsic value. Data reveals that the discount associated with GBTC comm...

Bitcoin rallied to $30,000 on rumors that the Securities and Exchange Commission (SEC) has approved the iShares Bitcoin spot ETF. The price of Bitcoin (BTC) skyrocketed in a flash on Oct. 16 following speculations that the SEC approved the first spot Bitcoin ETF in the U.S. Crypto news site CoinTelegraph was the first to report the news, however, ETF analysts like James Seyffart clarified that approval has yet to be confirmed. Seyffart also debunked the news that BlackRock’s filing was approved by the SEC. Okay. Have a few different sources including Bloomberg reporters with sources at BlackRock, SEC and other places. Can confidently say that this is not true. https://t.co/QIxhP2AfoO — James Seyffart (@JSeyff) October 16, 2023 While the SEC’s website did not show an approved spot Bitcoin ETF at press time, Bloomberg’s Eric Balchunas cited two distinct headlines on the Reuters terminal pointing to possible confirmation. Whoa, Reuters is reporting SEC i...

Join Our Telegram channel to stay up to date on breaking news coverage Customers on Fidelity could soon start buying Bitcoin through the brokerage platform supported by the company. If this service is launched soon, it could promote the institutional adoption of Bitcoin. Over the past year, there has been a notable rise in institutional investors flocking toward Bitcoin. Fidelity wants to offer Bitcoin to retail investors A report by the Wall Street Journal has said that customers of investment giant Fidelity could soon be able to purchase Bitcoin. Fidelity is a Boston-based investment firm that manages more than $34.4 million in retail accounts . It is also one of the largest fund manager s globally. The WSJ reported on Monday that Fidelity wanted to offer Bitcoin to individual investors, which could further promote the adoption of the world’s largest cryptocurrency. According to the journal, the company was yet to share the plans for this new offering with its clients...

Insights into the Ethereum ETF Filing According to reports , a total of 7 new Ethereum-based ETFs have been filed including that from pioneer Volatility Shares.  advertisement Some of the big names that have joined the race to list Ethereum ETFs include Bitwise which filed its application for the Bitwise Ethereum Strategy ETF; Roundhill with Roundhill Ether Strategy ETF; VanEck with Ethereum Strategy ETF; Grayscale with the Grayscale Ethereum Futures ETF (ETHG), and; ProShares which filed two different applications including Short Ether Strategy ETF and Ether Strategy ETF respectively.  The quest for Ethereum ETF is quite justified considering the fact that the industry stakeholders are now currently anticipating the verdict on the first probable Bitcoin ETF product from the United States Securities and Exchange Commission (SEC).  A few months back, asset management behemoth BlackRock broke the stalemate when it applied to list a spot Bitcoin ETF...