According to Bloomberg experts, the SEC could end up approving the first ETF based on Ethereum futures contracts in October. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Ethereum futures ETFs coming in October
📍According to Bloomberg, the SEC plans to approve Ethereum futures ETFs in October. The business and finance outlet said the Securities and Exchange Commission (SEC) is unlikely to reject the large number of applications that issuers have sent to the regulator to launch an exchange-traded fund based on Ethereum futures contracts, the second most capitalized cryptocurrency on the market.
Bloomberg noted that the SEC is likely to approve one or more of these exchange-traded funds in October, allowing firms to offer such products to their clients.
The medium also he highlighted that this would represent a huge win for the cryptocurrency industry.
So far, the SEC has received applications from major issuers such as Valkyrie Funds, which is seeking exposure to ETH futures contracts for its investors and clients through the Valkyrie Ethereum Strategy ETF. Grayscale Investments, Volatility Shares, Proshares, Bitwise, and VanEck are also among the fund issuers applying for an Ethereum futures ETF.
The SEC has already approved several ETFs based on Bitcoin futures contracts, and even a leveraged Bitcoin futures ETF. However, the US securities regulator continues to refuse to approve an exchange-traded fund that tracks the price of BTC on the spot market.
Bitcoin price drops to $26.000
📍Over the past week, Bitcoin has lost almost 10% of its price. Bitcoin went from trading near $29.000 to $25.400 in the last 7 days. Analysts explain that the cryptocurrency and the market in general are going through one of the most bear market longer, which has affected investor interest and, with it, part of the liquidity.
Hugo Botto, founder of the Healthy Pockets channel, he pointed The low trading volume suggests that investor interest in the cryptocurrency market has waned, leading to new risks. However, Botto also noted that the price of Bitcoin is becoming more volatile and that many investors are “throwing in the towel” too soon.
In line with Botto's comments, analyst Will Clemente, co-founder of the firm Reflexivity Research, highlighted that the price of Bitcoin experiment the largest single-day increase in implied volatility of the entire year.
According to data from CoinMarketCap, the price of Bitcoin fell sharply on Thursday, after trading near $27.500 per BTC. At the time of writing, Bitcoin is trading back above $26.600. This volatility in the BTC price is being taken as a sign of a something exciting by several cryptocurrency investors.
Source: CoinMarketCap
Ledger adds support for Paypal
📍Ledger users can purchase bitcoins and ethers with Paypal. Leading cryptocurrency hardware wallet manufacturer Ledger and online payment services platform Paypal have partnered to facilitate the buying and selling of the two largest cryptocurrencies on the market, Bitcoin and Ethereum.
On X (formerly Twitter), Paypal reported which has joined Ledger Live as an on-ramp to directly purchase cryptocurrencies, thus contributing to the mass adoption of digital assets.
People don't understand CBDCs
📍The results of a survey conducted by the CFA Institute reveal that people do not have a great understanding of CBDCs. Currently, around 114 central banks around the world are developing a central bank digital currency or CBDC. However, in a survey conducted by the CFA Institute, researchers found that most people do not understand how this new form of money works and how it could benefit them.
Furthermore, the poll revealed that the percentage of people who could use central bank CBDCs is lower in developed markets than in emerging markets and that the biggest concern about these digital currencies remains financial privacy.
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