Day: January 12, 2024

NYDFS says Genesis Global Trading to pay $8M fine, forfeit BitLicense

The New York Department of Financial Services (NYDFS) says Genesis Global Trading will pay an $8 million fine and surrender its BitLicense.
NYDFS said in a press release that investigations found the crypto platform had significant failings in its anti-money laundering and cybersecurity programs. 
Genesis Global Trading is a subsidiary of Digital Currency Group and received its BitLicense in 2018.

The New York Department of Financial Services (NYDFS) has announced an $8 million penalty against Genesis Global Trading, a subsidiary of crypto company Digital Currency Group.

Superintendent Adrienne A. Harris also announced that Genesis will surrender its BitLicense as part of a settlement following the New York regulator’s investigation. According to the NYDFS, investigations into the crypto platform’s activities revealed significant failings in its anti-money laundering and cybersecurity programs.

Genesis Global Trading’s failure to maintain a functional compliance program demonstrated a disregard for the Department’s regulatory requirements and exposed the company and its customers to potential threats,” Superintendent Harris said.

The regulator found that the trading platform, the only Genesis entity that held the BitLicense, failed to meet the required Bank Secrecy Act and Anti-Money Laundering compliance standards. This also applied to transaction monitoring, Suspicious Activity Report (SAR) filings and Office of Foreign Assets Control (OFAC) screening, Harris added in the press release.

Genesis Global Trading, different from the Genesis Global Capital that filed for bankruptcy in 2023, received the NYDFS’ virtual currency business license in 2018. 

Read more: Genesis Global Trading closes its OTC trading platform

In its announcement today, the state regulator said the DCG subsidiary “was not involved in the Gemini Earn program.”

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Bitget to List Moon App on Bitget Innovation Zone and Web3 Zone

Victoria, Seychelles, January 12th, 2024, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, unveils its latest addition to the Bitget Innovation Zone and Web3 Zone – Moon App. This listing marks a significant step in Bitget’s commitment to supporting the development of various blockchains and ecosystems while offering users access to cutting-edge projects.

Moon App is a revolutionary DeFi trade automation and launchpad platform designed to streamline altcoin trading. This platform empowers users with a suite of tools for easy and flexible trade automation, including advanced trading techniques. With Moon App, users can effortlessly automate complex DeFi models, such as snipe liquidity trading, multi-wallet trading, and maximal extractable value (MEV), among others.

Moon App’s platform offers DeFi trade automation across various areas, including on-chain limit orders, snipe liquidity trading, multi-wallet trading, copy trading, and maximal extractable value (MEV). The user-friendly mobile interface simplifies the process of configuring trade settings, enabling users to automate their trades effortlessly. In essence, Moon App provides a service similar to trading bots but with distinct advantages.

Gracy Chen, Managing Director of Bitget, stated,

“Bitget seeks a robust way to support the growth of diverse blockchains and ecosystems. This project demonstrates our commitment to fostering innovation in the AI sector and providing our users with access to cutting-edge initiatives. We aim to create a Spot Market with a diverse selection of high-quality projects.”

Bitget has consistently expanded its market presence in both spot and derivatives trading within centralized exchanges. The addition of Moon App to the Bitget Innovation Zone and Web3 Zone reinforces Bitget’s commitment to providing users with opportunities to invest in popular and valuable projects. In 2023 alone, the platform introduced over 350 new listings, showcasing its dedication to diversifying the digital assets available in its spot market.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

Website
Twitter
Telegram
LinkedIn
Discord
Bitget Wallet

 

Contact

Rachel Cheung
media@bitget.com

The post Bitget to List Moon App on Bitget Innovation Zone and Web3 Zone appeared first on CoinJournal.

Bitget Welcomes Everdome (DOME) to its Growing List of Tokens

Victoria, Seychelles, January 12th, 2024, Chainwire

Bitget, the world’s leading cryptocurrency exchange and Web3 company, is thrilled to announce the latest addition to its platform, Everdome (DOME). Everdome, a groundbreaking project with a commitment to redefining virtual reality experiences, is now available for trading on Bitget.

Everdome envisions a metaverse where users can explore, create, and interact in an immersive virtual environment. The project is built on cutting-edge technology, as outlined in their detailed white paper. With a focus on providing a seamless blend of reality and virtual worlds, Everdome aims to revolutionize the way we perceive and engage with virtual reality.

Gracy Chen, Managing Director of Bitget, expressed, “Everdome aligns with our vision for a diverse and dynamic crypto ecosystem. We’re proud to support projects that push the boundaries of innovation, and Everdome is a stellar example. This listing reinforces Bitget’s commitment to providing our users with access to cutting-edge tokens and technologies.”

Users can now trade Everdome (DOME) on Bitget’s platform, taking advantage of its user-friendly interface, robust security features, and advanced trading tools. To start trading EDO and exploring the future of virtual reality, visit Bitget.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.

For more information, visit:

Website
Twitter
Telegram
LinkedIn
Discord
Bitget Wallet

 

Contact

Rachel Cheung
media@bitget.com

The post Bitget Welcomes Everdome (DOME) to its Growing List of Tokens appeared first on CoinJournal.

CoinShares exercises option to buy Valkyrie Funds

CoinShares exercises option to buy Valkyrie Funds following SEC’s spot ETFs approval.
The acquisition will add $110 million in assets under management (AUM) to CoinShares’ $4.5 billion.
It also allows the Europe-based asset manager to expand into the US.

CoinShares, a digital assets investment firm based in Jersey, Channel Islands, has exercised its option to buy Valkyrie Funds LLC, the crypto exchange-traded funds arm of US-based firm Valkyrie Investments Inc.

The acquisition allows CoinShares to enter the US market, and follows the US Securities and Exchange Commission (SEC)’s approval of spot Bitcoin ETFs, the company said in a press release published on Friday.

On Wednesday, SEC allowed spot Bitcoin ETFs to start trading on stock exchanges, including The Valkyrie Bitcoin Fund (BRRR). Like the other funds, which include BlackRock’s IBIT, Fidelity’s FBTC and Ark/21 Shares’ ARKB, BRRR trading went live on Nasdaq on January 11, 2024 at 09:30 am ET.

SEC’s approval provides a positive regulatory development for the crypto industry, and offers CoinShares an opportunity to expand its crypto footprint into the US market.

Exercising our option to acquire Valkyrie Funds aims at extending our European success in the U.S, offering unparalleled access to regulated digital asset products to American investors. This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space,” Jean-Marie Mognetti, CEO of CoinShares, said in a statement.

When the companies finalise the strategic acquisition, CoinShares’ current assets under management (AUM), of $4.5 billion will increase by about $110 million. 

The increase will account for the current total AUM of Valkyrie’s ETF products. These include the just approved Bitcoin Fund (BRRR) and previous offerings Bitcoin and Ether Strategy ETF (BTF) and Bitcoin Miners ETF (WGMI). 

Valkyrie Funds will maintain its operational independence until after the deal has received the necessary legal approval. The companies did not disclose the deal’s financial terms.

The post CoinShares exercises option to buy Valkyrie Funds appeared first on CoinJournal.

Bitget Wallet Supports Avalanche Token Quote to Facilitate On-Chain Swap

Victoria, seychelles, January 12th, 2024, Chainwire

As a world-leading Web3 trading wallet, Bitget Wallet (formerly BitKeep Wallet) has recently added support for tokens on the Avalanche chain on Bitget Swap, the wallet’s integrated swap feature. Following this integration, users will be able to view real-time candlestick chart data as well as detailed on-chain transaction information on both their mobile and browser extension wallets. Users will be able to view important metrics such as transaction records, as well as capital and liquidity flow. Further, users can also view leaderboards for tokens on the Avalanche blockchain, gleaming comprehensive insights on the chain’s market performance.

Bitget Wallet has aggregated over 10 leading trading protocols on Avalanche, including Trader Joe, SushiSwap V2, and 1inch. By building cross-chain bridges and integrating protocols like Swft and Bungee, it supports same-chain and cross-chain transactions for Avalanche mainnet tokens, offering users a fast, convenient, and gas-free on-chain trading experience.

Bitget swap currently supports around 30 blockchains and integrates hundreds of popular DEXs and cross-chain bridges. Having pioneered useful trading features such as gas-free transactions and automatic slippage adjustment, users can expect to easily trade any assets on any blockchain and enjoy a hassle-free trading experience.

Always at the forefront of industry innovation, Bitget Wallet was the first to introduce on-chain market data functionality. Based on full-chain DEX trading data, it provides candlestick market data and continuously optimizes its technology to enhance the overall user experience.

The current intelligent market data feature includes full-chain market overview, allowing users to overview the macro dynamics of the market and hot sectors; a multi-dimensional market rankings, offering data on hot, new, and potential tokens across the chain, as well as price fluctuation and trading lists. It also boasts a new ‘Smart Money’ feature which identifies and tracks thousands of historically high-performing ‘Smart Money’ addresses, revealing the trading directions of professional investors and whales. These features enable users to discover new assets and capture trading opportunities in the crypto market earlier, leveraging battle-tested trading strategies to make well-informed trading decisions.

About Bitget Wallet (Web3 Trading Wallet)

Bitget Wallet, formerly known as BitKeep, stands as Asia’s largest and global frontrunner among all-in-one Web3 multi-chain wallets. We offer a comprehensive range of on-chain products and DeFi services to our users, including wallet functionality, Swap feature, NFT trading, DApp browsing, and more.

With a 5-year legacy, Bitget Wallet has garnered acclaim from over 15 million users worldwide and has secured partnerships with prominent industry leaders including Bitcoin, Ethereum, TRON, BNB Chain, Solana, Base, and others. This success stems from our commitment to consistently delivering secure and convenient products and services.

In March 2023, Bitget, a leading crypto derivatives trading platform made a substantial $30 million investment in BitKeep, acquiring a controlling stake. Following this strategic move, BitKeep underwent a transformative and strategic brand evolution in August, officially rebranding itself as Bitget Wallet.

For more information, visit:

Website
Twitter
Telegram
Discord

 

Contact

Rachel Cheung
media@bitget.com

The post Bitget Wallet Supports Avalanche Token Quote to Facilitate On-Chain Swap appeared first on CoinJournal.

DEX Coins Nosedive as Regulators Swoop In; Investors Flee to Presale Coins Like $GFOX

DEXs, or decentralized exchanges, came under further governmental scrutiny in 2023. U.S. authorities have continued where they left off, initiating an investigation into Mango Markets, one of the top platforms. 

The most valuable DEX coins have suffered a sharp decline in price due to heightened regulatory scrutiny. Many investors are already searching for alternatives because it is anticipated that the pressure from regulators will only get stronger this year. 

One of the best cryptos to buy for investors trying to escape regulatory pressure is Galaxy Fox ($GFOX). This article will explain why DEX altcoins are responding to regulator pressure and why $GFOX is an excellent alternative.

>>BUY $GFOX TOKENS<<

DEX Coins Nosedive As Regulators Increase Pressure 

Over the years, DEXs have faced many regulatory challenges due to AML/KYC concerns, security token classification, and legal responsibility. Many of these challenges stem from DEX’s prioritizing user privacy.

Regulators in the United States have increased their scrutiny over DEXs. They have even opened an inquiry into the governing body of Mango Markets, MangoDAO. The report has sent a shockwave across the DEX market, causing some of the best altcoins to plunge.

The top 20 DEX coins by market cap are down double-digit on the weekly chart. THORChain and PancakeSwap are down by 16%. BakerySwap is the worst hit, dropping by almost 40%. 

Meanwhile, the Mango Markets coin has lost 25% of its value. Amidst this decline, Galaxy Fox has emerged as one of the best cryptos to buy.

Savvy Investors Escape the Crash With Galaxy Fox ($GFOX)

While DEX tokens have been on the decline, Galaxy Fox ($GFOX) has been on the increase. Due to its unique gaming model, Galaxy Fox ($GFOX) has seen a sharp increase in attention. The goal of the initiative is to improve the lives of investors while improving the meme coin market significantly. 

Galaxy Fox accomplishes this by fusing the meme coin culture with a blockchain gaming ecosystem. Galaxy Fox is thus a dual-purpose project that never gets old or boring. The ecosystem’s main focus is the game. 

Players will select from a variety of customizable unique fox characters in the Galaxy Fox web3 infinite runner game. Players will travel across an immersive virtual environment, competing and ruling worlds within the virtual world with their own foxes.

Users will get rewards for spending time playing and exploring new worlds in a play-to-earn ecosystem that features some of the coolest NFTs, an NFT marketplace, an ERC20 coin, and a merchandise store. Galaxy Fox are rewarded for participating in other parts of the ecosystem, like the game.

Another reason Galaxy Fox could be one of the best cryptocurrencies to invest in in 2024 is its distinctive business plan and income potential. The coin’s price has risen from $0.00066 to $0.001749 in the past month. However, $GFOX is still regarded as inexpensive in spite of this price increase. One of the best altcoins to buy, according to analyst predictions, $GFOX could see a 100x rise.

In Conclusion

While the price of other DEX coins is in steep decline, many astute investors have shifted  to Galaxy Fox due to its recent price surge. $GFOX has been tipped as one of the best cryptos to buy, due to its strong fundamentals and tokenomics. The best time to join the Galaxy Fox project is now to get in early on the potential returns.

Learn more about Galaxy Fox ($GFOX) here:

Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter

The post DEX Coins Nosedive as Regulators Swoop In; Investors Flee to Presale Coins Like $GFOX appeared first on CoinJournal.

Pullix on track as Vanguard’s BTC move draws criticism

Asset manager Vanguard has blocked its customers from purchasing spot Bitcoin ETFs via its platform.
That came as the ETFs began trading on Thursday and some people have said they will exit Vanguard.
Meanwhile, headlines in coming months could focus on Pullix, a new hybrid exchange currently in presale.

As crypto celebrates the approval of the first spot Bitcoin ETFs in the US, the broader feeling is that this puts the industry on the cusp of further regulatory clarity.

Within this scope are also the projections of a thriving crypto trading market, with the key sector of decentralized finance (DeFi) among those to see greater traction. It’s for this that the upcoming launch of the new hybrid crypto exchange Pullix (PLX) has the industry thrilled.

Vanguard blocks purchases of spot Bitcoin ETFs

Amid the frenzy that was the first day of trading for spot Bitcoin ETFs, reports emerged that asset manager Vanguard was blocking its customers from purchasing the crypto ETF products.

The move has seen some customers threaten to ditch the asset manager for competitor Fidelity Investments. Will this be enough to persuade Vanguard to change its stance, or will Fidelity, other providers, benefit from the status quo?

While the firm is within its rights to dictate the use of its platform, its outlook on crypto with the latest stance has agitated a number of customers. Many have posted on X that they are willing to switch to another platform, with Fidelity’s support for Bitcoin making it a likely destination.

A screenshot Bitcoin Archive shared shows several people saying they were exiting the platform.

Vanguard refuses to let customers buy #Bitcoin ETFs with their own money.

So customers are closing their accounts‼️ pic.twitter.com/11o1tOHR9S

— Bitcoin Archive (@BTC_Archive) January 11, 2024

Steven Lubka, the managing director and head of private and family offices at Swan Media, noted in a Thursday post Citi, Merrill Lynch, Edward Jones and UBS had taken a similar approach.

New hybrid exchange Pullix launching soon

Pullix (PLX), a new hybrid cryptocurrency exchange, is eyeing a major impact in the DeFi ecosystem.

Designed to offer the best of both centralized (CEX) and decentralized (DEX) exchanges, Pullix aims for dominance with a simple yet effective approach – incentivising customers to provide liquidity by offering unique rewards and capturing markets with a robust security structure.

Is it a complex platform? According to the Pullix whitepaper, the exchange will offer a user-friendly system with access to global trading assets, including cryptocurrency, stocks and commodities.

Apart from its focus on customer security and liquidity, Pullix also has a distinct revenue-sharing mechanism powered by the PLX token. In this regard, the new exchange bids to be the first platform to provide a share of daily revenue to its users as they trade and provide liquidity to market makers.

The PLX token presale is ongoing, currently in stage 6, with the community allocated 60% of the fixed supply of 200 million PLX during this sale. Afterwards, the tokens will be available on major exchanges.

Visit Pullix’s website to learn more.

The post Pullix on track as Vanguard’s BTC move draws criticism appeared first on CoinJournal.

Missed Out On Ripple and Injective’s 2023 Bullish Wave? The NuggetRush ICO Could Be Your Second Shot at Staggering Gain

TLDR

XRP and Injective were two of the biggest highlights of 2023.

NuggetRush is gearing up to steal the spotlight in 2024.

According to analysts, early NuggetRush holders could see an upside of up to 35x if price rallies after its launch.

The crypto market has been lauded by many as a gift that keeps on giving. Missing out on a token doesn’t spell doom, as there will be others. Hence, if you missed out on Ripple’s (XRP) and Injective’s (INJ) bullish wave in 2023, NuggetRush (NUGX), a top ICO, could be your second chance at significant gains.

In this post, we will take a deep dive into the Ripple and Injective ecosystems. Further, we will discuss why NuggetRush could be one of the best new crypto to invest in. Let’s get started.

>> Buy NuggetRush Now <<

NuggetRush (NUGX): The Hottest P2E Memecoin

If you have experienced the fear of missing out (FOMO) at some point, NuggetRush (NUGX) is another shot at significant gains. It stands at the intersection of innovation and growth, which makes it a promising investment.

As one of the most bullish narratives at the moment, it combines the best of the gaming and meme worlds. This makes it a P2E memecoin—the hottest at the moment. By becoming an early adopter, you can ride the potential bullish wave to the fullest.

In the fourth stage of the presale, a token costs just $0.015, which is a very low entry point given its massive upside potential. According to analysts’ forecasts, NUGX could see a staggering 35x rally in the first three months after its launch, making it one of the best new crypto to invest in now.

Besides its thrilling game, which will feature gold mining, it aims to build a strong community. This will contribute to its price increase. As one of the community-driven memecoins, it is an investment you wouldn’t want to miss out on.

>> Buy NuggetRush Now << 

Ripple (XRP): Another Bull Run?

Ripple (XRP) is among the top altcoins on the market. However, it is more than just a cryptocurrency or a store of value, as it plays an important role in the crypto scene. As a utility-backed token, it focuses on international payments or transactions. With adoption on the rise among payment services, XRP is positioned as one of the best coins to invest in.

Its real-world application has contributed to the rise in its demand and price. At its peak last year, it made the headlines on several occasions, with token holders seeing significant gains. Will we be seeing a replica of its rally last year, or more, this new year? 

While it has been underwhelming of late, analysts tip XRP for a strong rally in the coming weeks. Hence, you can accumulate more XRP tokens at its current low price and HODL ahead of its anticipated rally.

Injective (INJ): A Compelling Investment

Injective (INJ) is one of 2023’s biggest highlights, creating quite a buzz last year. It skyrocketed, with holders seeing substantial gains as it soared. With its foot still on the gas, Injective is among the altcoins to watch this new year as INJ price surges. What makes it unique, though?

Finance is the primary focus of Injective. This makes it a blockchain built specifically for finance, enabling the powering of next-generation DeFi applications, including but not limited to decentralized derivatives exchanges, lending protocols, and prediction markets. The Injective ecosystem houses over 100 projects and is backed by prominent investors like Binance. Gearing up for another bull run, it is among the best cryptos to buy now.

Conclusion

If you missed out on Injective and XRP’s bullish wave last year, becoming an early holder of NuggetRush will position you for even more significant gains. This top ICO has huge upside potential and a low entry point. If you wish to participate in the presale, click the link below.

Visit NuggetRush Presale Website

The post Missed Out On Ripple and Injective’s 2023 Bullish Wave? The NuggetRush ICO Could Be Your Second Shot at Staggering Gain appeared first on CoinJournal.

Bitbot gears up for presale amid uncertainty ahead of first BTC options expiry post ETF approval

BTC options expiry reveals short-term volatility post ETF approval.
Bitbot’s presale on Jan 17 promises unprecedented excitement with self-custodial solutions.
With a total supply of 1 billion tokens, Bitbot aims for a $1B market cap and top listings.

As 2024 signals the potential start of a new bull run, the crypto market is buzzing with excitement. The recent Bitcoin ETF approval sparks short-term volatility, while Bitbot, a revolutionary Telegram trading bot, gears up for its token presale on January 17.

In this article, we delve into the first anticipated Bitcoin options expiry post Bitcoin ETF approval and the upcoming Bitbot presale, exploring the potential for exhilarating opportunities in the evolving crypto landscape.

First BTC Options expiry post Bitcoin ETF approval

The approval of the Bitcoin Spot ETF on Wall Street has set the stage for unprecedented market movements. Despite the historical significance, Bitcoin’s price exhibits a muted response, currently trading at $46,080.

According to Greeks.Live, as of January 12, 36,000 Bitcoin options are on the verge of expiration, presenting a Put Call Ratio of 0.9. With a Maxpain point at $45,000 and a notional value of $1.68 billion, the market anticipates a short-term rollercoaster ride.

Jan12 Options Data
36,000 BTC options are about to expire with a Put Call Ratio of 0.9, a Maxpain point of $45,000 and a notional value of $1.68 billion.
262,000 ETH options are due to expire with a Put Call Ratio of 0.64, a Maxpain point of $2,400 and a notional value of $680… pic.twitter.com/LSKNGKVjrH

— Greeks.live (@GreeksLive) January 12, 2024

Crypto market post-Bitcoin ETF approval

While the adoption of the Bitcoin Spot ETF promises long-term benefits, short-term uncertainties persist. Short-term implied volatilities (IVs) experienced a peak before declining, creating an environment of caution and anticipation among investors.

Santiment’s data suggests a potential shift post-ETF approval, with a slight decrease in active Bitcoin (BTC) wallets. Although this might not significantly impact prices, traders may explore transitioning to ETF exposure, adding a layer of intrigue to market dynamics.

Bitbot’s presale buzz

As the crypto community braces for potential market shifts, Bitbot, a Telegram bot, emerges as a disruptive force, offering a self-custodial trading solution on Telegram. The Bitbot token presale, set to launch on January 17, introduces a new wave of excitement and investment opportunities.

The Telegram bot boasts a total supply of 1,000,000,000 tokens. The presale, spanning eight stages, will see 30% of the tokens distributed. An additional 20% is allocated to the Bitbot development team to fund ongoing innovation, ensuring long-term utility.

Bitbot’s ultra-flexible wallet management, powered by MPC custodial API technology, sets it apart. The MPC system replaces private keys with individual key shares, enhancing privacy and accuracy. Knightsafe, Bitbot’s custody partner, adds an extra layer of security with an open-source and decentralized digital asset self-custody service.

Is Bitbot a good investment?

Well, any cryptocurrency investment move is up to the investor. However, a thorough background check and market analysis are required due to the volatile nature of the cryptocurrency market.

As Bitbot’s presale launch approaches, it is important to note that the Telegram bot introduces an Anti MEV Bot, preventing monitoring by MEV bots and anti-rug features to thwart potential scams. Additionally, Bitbot users can copy trades of top traders, enjoy a built-in referral program, and sign up with ease, creating an enticing user experience.

Bitbot allocation strategy, focusing on development, marketing, and liquidity provision, aims to achieve a $1B market cap and secure listings on top exchanges. In addition, the upcoming $100K competition adds a layer of excitement, making Bitbot a potential gem in the evolving crypto landscape.

Conclusion

In the midst of evolving market trends and the potential for a crypto Bull Run, Bitbot and Bitcoin stand as key players.

The BTC options expiry and Bitbot’s presale create a dynamic landscape, offering traders and investors a myriad of opportunities.

The post Bitbot gears up for presale amid uncertainty ahead of first BTC options expiry post ETF approval appeared first on CoinJournal.

Grayscale applies for a covered call Bitcoin ETF

Grayscale Investments files for covered call Bitcoin ETF post-SEC’s GBTC approval.
Covered call strategy leverages options on Grayscale Bitcoin Trust, targeting income.
Grayscale’s legal triumph shapes the evolving regulatory landscape for cryptocurrency.

Cryptocurrency asset manager Grayscale Investments continues its strategic moves in the crypto market, recently applying for a covered call Bitcoin ETF.

This comes hot on the heels of the successful launch of its spot Bitcoin ETF, the Grayscale Bitcoin Trust (GBTC). The move signifies Grayscale’s commitment to diversifying its offerings and expanding its presence in the cryptocurrency landscape.

Grayscale continues crypto market forays

Grayscale Investments’ bold move follows the approval of its spot Bitcoin ETF, GBTC, by the US Securities and Exchange Commission (SEC). The covered call ETF is designed to allow investors to generate income from options on Grayscale’s Bitcoin Trust.

The Grayscale Bitcoin Trust Covered Call ETF will involve the strategic sale of call options, enhancing investor yield by combining asset purchases with option writing.

The covered call strategy incorporated in Grayscale’s ETF suits investors anticipating minimal movement in the underlying Bitcoin price over the long term. Investors employing the covered call strategy often have a long-term asset retention plan while seeking to generate income through options trading.

Grayscale’s move to introduce a covered call Bitcoin ETF aligns with the broader industry trend of expanding investment avenues in the cryptocurrency market.

Background: Grayscale’s journey to Bitcoin ETFs

Grayscale’s foray into the covered call ETF space comes on the heels of a complex regulatory journey. The asset management firm had initially faced hurdles when the SEC rejected its application to convert the existing Grayscale Bitcoin Trust into an ETF.

However, a federal appeals court ruled in Grayscale’s favour in August 2023, prompting optimism and paving the way for the recent SEC approval.

The post Grayscale applies for a covered call Bitcoin ETF appeared first on CoinJournal.


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