Category: Bitcoin Investment

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Canada-Based Purpose Bitcoin ETF Registers New ATH in Holdings

Bitcoin ETFs continue to see high demand despite the drop in the price of Bitcoin. Canada-based Purpose Bitcoin ETF (BTCC) holdings are at an all-time high. The Purpose Bitcoin ETF, which was the world’s first liquidated Bitcoin ETF, currently holds around 32,329 Bitcoins.

Purpose Bitcoin ETF Holdings Up 31% Since November

According to data from Glassnode, Purpose Bitcoin ETF holdings are currently worth more than $1.3 billion. Market analyst “On-Chain College” notes that the ETF has added around 7,700 BTC since November. This represents an increase of 31% in the period.

The Canadian ETF target #Bitcoin Spot has increased its holdings by 31%, or ~$7,700 BTC, since the end of November.

The ETF currently holds 32,329 BTC. pic.twitter.com/6URV8KgTcj

— OnChainCollege (@OnChainCollege) February 28, 2022

The new milestone comes after the ETF recently experienced one of its biggest single-day inflows. Earlier this month, the Purpose Bitcoin ETF added more than 1,750 BTC in two days. More than $64 million was spent at the time, marking some highs among investors amid a market crash.

The ETF also recently surpassed a year since it was launched on the Toronto Stock Exchange. Celebrating the day, Purpose Investments, the managers of the ETF, stated that the ETF was playing a key role in driving cryptocurrency adoption in Canada.

In a press release, Som Seif, founder and CEO of Purpose Investments, noted that the ETF had plans to expand further. The company revealed plans to launch in Australia through a partnership with Cosmos Asset Management in 2022.

 Working on the frontier of finance and technology, we are committed to driving innovation in this space and leading the next generation of asset management, wealth management and banking for SMEs, said Seif.

The US market has yet to see its first Bitcoin spot ETF

Countries like Canada, Switzerland, Germany, and Brazil received cash-settled Bitcoin products. The performance of these instruments in these countries has shown that investors prefer Bitcoin ETFs that are cash-settled.

However, the US Securities and Exchange Commission (SEC) continued to adamantly reject Bitcoin ETFs settled on the US trading venue. The commission recently requested public comment on the mess.

Seizing the opportunity, Grayscale launched a campaign for the public to submit comments to the SEC. Grayscale intends to convert its Grayscale Bitcoin Fund (GBTC), the world’s largest Bitcoin fund with over $25 billion in AUM, into an ETF. In the meantime, market participants remain vigilant as to when a Bitcoin ETF will hit the Canadian scenes. This expectation comes after Fidelity was approved as Canada’s first cryptocurrency custodian.

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Francis Suarez: Miami Coin is going nowhere

Despite its record price, the Miami Coin will be around for some time, according to Mayor Francis Suarez.

Miami currency price is low

Miami Coin is a new digital asset created for the city of Miami, Florida. The coin has only been around for a few months, but it is part of the region’s goal of becoming one of the most crypto-oriented cities in the United States. Suarez initially commissioned the coin to give residents the opportunity to pay utility bills with digital currency, though the asset has now expanded into something much bigger. The currency offers gambling opportunities and has become a staple of Miami life in many ways.

There is only one small problem… The coin is trading at an unusually low price. Since its launch six months ago in August 2021, Miami Coin has been “enjoying” the lowest share price in its short history. Despite this, Francis Suarez says the city has no plans to abandon the cryptocurrency initiatives it intends to instill, one of which is the increased use of Miami Coin.

In a recent interview, Suarez assured viewers that the coin was not a flop, explaining:

It has been a success from the point of view of what it has done for the city, hasn't it? It generated $20 million in revenue for the city because a percentage of the mining profit is set aside in a digital wallet for the city. That's $5 million that we use for rent stabilization funds. We're seeing that because of inflation, rents are going up across the country and the other $15 million, we're doing something very innovative.

That’s not the only thing we need to keep in mind.

He went on to say that while he acknowledges the low trading price, he doesn’t think price is always the best indicator of how a coin is doing, pointing to bitcoin’s dismal (and recent) drop to around $36,000 at the time. from USA I write. example. He says:

Obviously, the price has dropped significantly. I have never been obsessed with price, neither bitcoin nor Miami Coin. I think what Mark Cuban said is very accurate. This is the first entry, all of these technologies, and what's important is the rate of liquidity that can go in and out, because utility is essentially what's going to be important to whether any of these technologies will survive in the long run. . They are very useful? Do they provide people with the ability to exchange these currencies for goods in several different countries? Do you allow shipments? Do they break authoritarian regimes because they don't control the currency? I mean, there are a lot of great use cases, and whether all of them will be used remains to be seen.

Not long ago, Suarez engaged in some online banter with New York Mayor Eric Adams about which city would become the most crypto-friendly in the country.

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Instant Exchange Marketplace Swapzone Introduces Exchange API for US Residents

PRESS RELEASE. Swapzone.io, a successful crypto-to-crypto exchange aggregator, has just announced a new feature called “flat rate exchange” that is now available to US citizens. The new feature allows North American users to not just “fix” the value they exchange, so nothing can affect the value the initially shown user receives. These exchanges are protected against rate fluctuations and any changes in the market.

important details

The cryptocurrency market is known for its high levels of volatility, and this aspect can be seen as an advantage in certain circumstances. However, due to the highly volatile nature of the digital currency market and the ever-changing network fees, users may also end up with less money than they expected when trading cryptocurrencies.

To get rid of that volatility aspect and the general risk that some users don’t want to take, Swapzone has decided to implement a fixed rate exchange feature for all US citizens. The new feature is useful as it ensures that users match the amount displayed at the beginning of their transaction. In other words, the fixed fee trading feature on Swapzone will allow US users to see the amount they can earn during a transaction, regardless of all the volatility risks of the cryptocurrency; however, this stability may imply higher rates.

Swapzone.io is constantly on the lookout for new technologies and features that benefit its users, since its inception. And the fixed exchange rate feature for US citizens is a very convenient feature, especially if you don’t want to take risks and worry about the fast changing cryptocurrency rate, then fixed rate exchanges are for you.

About the exchange area

Swapzone is a cryptocurrency exchange aggregator which is a useful, progressive and transparent exchange service that combines multiple sources and offers convenience, effectiveness and a common user flow for every trade. You can search services in a single interface, compare exchange rates, and analyze and trade cryptocurrencies. All swaps are escrow free and no registration is required.

Swapzone facilitates the exchange procedure by providing a one-stop shop to locate the best quick exchange offer. We also consider as many assets and services as possible and collect all the data necessary to make an informed decision. It’s as simple as that.

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Fake Safe Haven: Bitcoin Correlation with S&P 500 Hits ATH

The data shows that Bitcoin’s correlation with the S&P 500 and thus the stock market has set a new all-time high (ATH).

Bitcoin’s correlation with the S&P 500 hits a new high

As one analyst pointed out in a CryptoQuant post, BTC’s correlation with the stock market is currently on the rise, further undermining the “safe haven” narrative.

“Bitcoin Correlation with the S&P 500” is an indicator that measures how strongly the BTC price reacts to volatility in the S&P 500, as well as the direction of the response.

When the indicator shows values ​​greater than zero, it means that there is a positive correlation between the stock market and the cryptocurrency price at the moment. “Positive” here means that BTC is moving in the same direction as the S&P 500.

On the other hand, correlation values ​​less than zero imply that BTC reacts to S&P 500 price changes by moving in the opposite direction.

Related Reading | Bitcoin Drops Below $40 As Russia Gave Its Forces the Order to Attack Ukraine

Indicator values ​​exactly equal to zero naturally mean that there is no correlation between the two assets. Now, here is a chart that shows the trend in the S&P 500 and Bitcoin correlation since the year 2013:

The indicator value throughout the history of cryptocurrencies | Source: CryptoQuant

As you can see in the chart above, the correlation between Bitcoin and the S&P 500 has fluctuated between positive and negative, although it has remained low for most of BTC’s history.

Related Reading | Why Bitcoin Won’t Fall Under New Bear Attack, Next Potential Target for BTC

However, since late 2019 and early 2020, the two assets have been strongly and positively correlated. During 2020, the metric has plummeted due to the COVID slowdown, but the indicator has risen sharply during the second half of 2021 and 2022 so far.

The correlation between Bitcoin and the stock market has now set a new all-time high (ATH) of +0.5468 this month.

Such a high correlation between assets further undermined the “digital gold” narrative, as cryptocurrency is no longer the safe haven it once was.

BTC price

At the time of writing, Bitcoin price hovers around $39,000, down 12% over the past seven days. In the last month, the cryptocurrency has gained 10% in value.

The chart below shows the BTC price trend over the last five days.

BTC price seems to have recovered in recent days | Source: BTCUSD on TradingView

A few days ago, the price of Bitcoin dropped, reaching $36,400. Since then, the coin’s value has shown some recovery, breaking above the $39K level again today. It is currently unclear whether this new uptrend will last.