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Nasdaq-listed WisdomTree has launched a physically-backed Bitcoin exchange-traded product (ETP) to be listed on Switzerland’s principal stock exchange, SIX Swiss Exchange.

In a news release published on Dec. 3, the asset manager revealed that online Swiss bank Swissquote will serve as a custody partner for the product, which is being listed at a total expense ratio of 0.95% under the WBTC ticker.

Bitcoin “not a passing trend”

Targeted at professional and institutional investors, the ETP provides exposure to Bitcoin without the need to store private keys or have a thorough grasp of blockchain financial infrastructure.

The ETP is physically-backed by Bitcoin, meaning that investors in the product have an entitlement to a determined amount of Bitcoin — yet custody is entrusted to an institutional third-party.

As the news release outlines, the ETP tracks the spot price of Bitcoin, with WisdomTree purchasing Bitcoin and creating smaller sized shares, which can then be traded and redeemed on the SIX exchange.

In a statement, Alexis Marinof, head of Europe for WisdomTree, said the company has “seen enough to believe that digital assets, like Bitcoin, are not a passing trend and can play a role in portfolios.”

WisdomTree claims that bringing cryptocurrencies into the ETP structure could provide centralization of liquidity for the asset class.

Supporting a range of crypto ETPs

As previously reported, SIX listed a pioneering multi-crypto-based exchange-traded product back in November 2018, which tracks five major digital assets. 

The exchange has since continued to support a range of crypto financial vehicles, including a new Bitcoin and Ether (ETH) ETP from fintech firm Amun this fall.

SIX has meanwhile been testing blockchain integration for its forthcoming parallel digital asset trading platform, “SDX,” which is expected to launch in Q4 2020.

Cointelegraph By Marie Huillet , 2019-12-03 13:32:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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