2023-11-13 17:32

Copyrighted Image by: Reuters HONG KONG - UBS has expanded its offerings with the launch of three new exchange-traded funds (ETFs) linked to Bitcoin and Ethereum, marking a significant move to cater to its wealthy clients' growing appetite for cryptocurrency investments. The ETFs, which were rolled out last Friday in Hong Kong, are part of the Swiss bank's strategic initiative to navigate the evolving financial landscape and tap into the increasing acceptance of digital assets. The introduction of these crypto ETFs aligns with Hong Kong's ambition to become a hub for digital asset trading, supported by a regulatory framework that prioritizes investor protection. The Securities and Futures Commission (SFC) of Hong Kong has granted approval for these funds, ensuring they meet the required regulatory standards. With this move, UBS joins other major financial institutions like HSBC that have also recognized the potential of cryptocurrencies in wealth management. UBS has been proactive in preparing its clients for this new venture by providing educational materials to enhance their understanding of these innovative investment products. Although the bank has not made any public statements regarding the launch, its commitment to client education reflects an awareness of the complexities associated with cryptocurrency investments. The launch of UBS's crypto ETFs is a testament to the firm's adaptability and its efforts to address diverse regulatory environments across global markets. As UBS continues to expand its international crypto offerings, client engagement and feedback will play a crucial role in shaping its strategy and long-term vision in the digital asset space. InvestingPro Insights As UBS Group AG (SIX:UBSG) ventures into the world of digital assets, it's worth taking a look at the company's recent performance and prospects. According to InvestingPro data, UBS has a market cap of $78,332.39M and a low P/E ratio of 2.46, indicating it is trading at a low earnings multiple. The P/E ratio adjusted for the last twelve months as of Q3 2023 is 7.45, still relatively low. Over the same period, UBS's revenue growth was 4.53%. InvestingPro Tips suggest that while UBS suffers from weak gross profit margins, it remains a prominent player in the Capital Markets industry. Despite expectations of a net income drop this year, the company has been profitable over the last twelve months and is expected to remain so. UBS has also maintained dividend payments for 12 consecutive years, which could be a reassuring factor for investors. For those interested in more detailed insights, InvestingPro offers a wealth of additional tips and data for UBS and other companies. https://www.investing.com/news/cryptocurrency-news/ubs-introduces-bitcoin-and-ethereum-etfs-in-hong-kong-93CH-3232790

2023-11-13 17:26

Copyrighted Image by: Reuters. NEW YORK - Bitcoin (BTC), the leading cryptocurrency by market capitalization, is currently experiencing significant price fluctuations, with investors closely monitoring its technical indicators for signs of the next major price movement. According to Jelle, an investor with a focus on cryptocurrency and stocks, Bitcoin's future performance could be influenced by its weekly Relative Strength Index (RSI). On Today, Jelle shared insights via Twitter that a major BTC bull run could be on the horizon if the RSI crosses above 70. He detailed the stages of RSI that typically precede a bull market: Rally, RSI Reset, and Bull Markets, suggesting that these patterns could sequentially lead to an upward price surge. During the past week, Bitcoin has seen consolidation with its price oscillating between $36.8K and $37.6K. It touched a high of $37,904 at one point, indicating a potential build-up for a breakout. Since the start of 2023, BTC has been on an upward trajectory, charting higher lows which points to a possible rebound off a trendline—a bullish signal often associated with continued upward momentum. This theory is further supported by the Bollinger Bands, which recently categorized BTC as overbought. However, historical data indicates that before any significant rise, Bitcoin's price might first retreat to around $29,000. Should this level be reached and not hold as support, there's a risk of the price falling below the $19k threshold. Investors and traders are advised to keep an eye on these key technical levels as Bitcoin navigates through these potentially volatile price ranges. The market's response to these technical patterns will play a crucial role in determining BTC's direction in the near term. https://www.investing.com/news/cryptocurrency-news/bitcoin-faces-potential-volatility-with-key-technical-levels-in-sight-93CH-3232783

2023-11-13 17:18

Copyrighted Image by: Reuters Digital asset investment products have experienced their seventh consecutive week of positive inflows, signaling a growing institutional interest in cryptocurrencies. CoinShares reported on Monday that last week's inflows totaled $293 million, pushing the year-to-date (YTD) figure beyond $1 billion. Bitcoin has been leading the charge with an impressive $240 million inflow last week alone, which has contributed to its YTD total of $1.08 billion. This influx is part of a broader trend where the total assets under management (AuM) for cryptocurrencies rose by 9.6% last week, reaching a peak of $44.3 billion since May 2022. James Butterfill, CoinShares' head of research, noted that the rise in exchange-traded product (ETP) trading volumes compared to Bitcoin trading volumes indicates more active participation in the rally. ETPs now account for nearly 20% of total Bitcoin volumes on trusted exchanges. Ethereum also witnessed a significant uptick with inflows of $49 million last week, marking the highest since August 2022. The increased interest in Ether-based ETPs comes amidst filings for spot Ethereum exchange-traded funds (ETFs), including an application by BlackRock (NYSE:BLK). In the altcoin sector, Solana has made a notable comeback following the collapse of FTX in November 2022. Last week, it saw inflows of $12 million and has led altcoins with YTD inflows of $121 million. Solana's price has seen a dramatic recovery, currently trading at $59, which is a 170% increase over the past 30 days and a 315% increase over the past year. The sustained inflows over these seven weeks have significantly bolstered the total AuM in crypto investment products, nearly doubling since the start of 2023. https://www.investing.com/news/cryptocurrency-news/crypto-investment-products-see-sustained-inflows-assets-under-management-surge-93CH-3232777

2023-11-13 16:58

Copyrighted Image by: Reuters. A prominent cryptocurrency analyst, known as DonAlt, has forecasted a significant rise in Bitcoin's value, potentially reaching $60,000 in the near term. Despite Bitcoin trading slightly lower today at $36,989, the analyst, who boasts a substantial social media following of over half a million, suggests that the current market conditions could lead to a "supersonic" surge. The anticipated approval of a spot-based Bitcoin ETF is highlighted as a key driver for this predicted increase. DonAlt points out that, historically, such regulatory developments have acted as strong bullish catalysts. He argues that delays in the ETF's approval process might further fuel price gains due to limited selling pressure in the market. In his analysis shared on X, DonAlt dismisses more pessimistic forecasts that suggest Bitcoin could plummet to $12,000. Instead, he believes that a push towards $100,000 is more plausible given the bullish sentiment pervading the market. According to him, there are "very few reasons to sell," and many traders are likely to hold their positions in anticipation of the ETF decision. The trader also cautioned about the complexity of trading once the ETF is approved, implying that the current run-up might be one of the "easiest things to trade." He advised against betting against Bitcoin ahead of such a clear-cut catalyst and indicated that even most bears are not willing to take a bearish stance at this juncture. DonAlt elaborated on his own strategy, stating his preference to hold onto his investments rather than sell too early and potentially miss out on further gains. His bold prediction suggests that Bitcoin's value could escalate substantially within just a month's time if the market trends continue as anticipated. Investors and traders alike are keeping a close watch on the cryptocurrency market as this narrative unfolds, with many likely weighing their options based on these bullish projections. The potential approval of a Bitcoin ETF remains a focal point of interest and speculation within the crypto community. https://www.investing.com/news/cryptocurrency-news/bitcoin-analyst-sees-potential-for-surge-to-60000-93CH-3232760

2023-11-13 16:52

Copyrighted Image by: Reuters. NEW YORK - The cryptocurrency market is witnessing a significant influx of institutional funds, with Bitcoin and other major cryptocurrencies attracting over $1 billion in less than two months. This surge in investment is largely driven by the anticipation of the United States' first spot exchange-traded fund (ETF) for cryptocurrencies. Since November 2022, the total market capitalization of cryptocurrencies has ballooned by $600 billion. In the past week, the crypto market saw substantial inflows with $293 million pouring into crypto investment products. This contributed to a seven-week cumulative total exceeding $1 billion. Assets under management (AUM) for crypto exchange-traded products (ETPs) have nearly doubled since the beginning of 2023, reaching a high of $44.3 billion, a figure not seen since the downturn following fund collapses in May 2022. Bitcoin has been the primary beneficiary of these inflows, with $240 million invested last week alone. The data indicates a strong investor sentiment towards holding long Bitcoin positions. In contrast, short-Bitcoin products experienced outflows amounting to $7 million, suggesting that long-term investors are currently dominating the volume. Bitcoin supply dynamics reveal that stored Bitcoin is now outpacing mined Bitcoin by a factor of 2.4 times. This trend comes ahead of the next block subsidy halving expected in five months, an event historically associated with price increases. The growing number of wallet entities tracked by Look Into Bitcoin further suggests an increasing adoption rate for the cryptocurrency. Year-to-date inflows into crypto investment products have hit $1.08 billion, marking the third-highest yearly inflow on record. Such robust investment activity reflects solidifying confidence in the future potential of Bitcoin and other digital assets among institutional investors and market participants alike. https://www.investing.com/news/cryptocurrency-news/bitcoin-investments-surge-past-1-billion-ahead-of-potential-us-etf-93CH-3232756

2023-11-13 16:30

Copyrighted Image by: Reuters. NEW YORK - The recent verdict in the SEC v. Ripple case has ignited a heated debate between members of the XRP community and proponents of Bitcoin, with interpretations of the ruling's implications for XRP's asset classification at the center of the controversy. On Sunday, a prominent figure known as ScamDaddy critiqued Judge Analisa Torres' decision for its lack of clarity on XRP's asset class. In contrast, Bill Morgan, an active voice in the XRP community, suggested that Judge Torres may have implicitly viewed XRP as a commodity. This interpretation was met with skepticism from ScamDaddy, who pointed to an excerpt from the ruling to support his position that the judge did not categorize XRP as such. Today, Morgan highlighted a key aspect of Judge Torres' summary judgment that differentiated between Ripple's institutional sales, which were treated as unregistered securities offerings, and the underlying XRP asset itself. Morgan argued that this distinction could serve as a counterpoint to Bitcoin enthusiasts who often label all non-Bitcoin assets as securities. The debate underscores the ongoing uncertainty and discussions surrounding cryptocurrency classifications in regulatory contexts. While the SEC continues to pursue cases against various crypto entities, the implications of such rulings are closely watched by investors and participants in the crypto market for indications of how different digital assets might be treated under U.S. securities laws. This legal distinction has become a pivotal talking point within the cryptocurrency community as it could influence future regulatory actions and market perceptions. As both sides present their arguments, observers await further clarification on how regulators will ultimately define and categorize digital assets like XRP. https://www.investing.com/news/cryptocurrency-news/ripple-ruling-sparks-debate-over-xrps-classification-as-a-commodity-93CH-3232747