Category: Bitcoin.

Paris Listing Bitcoin Mining ETF as Gold’s Record Broken

Paris Listing Bitcoin Mining ETF as Gold’s Record Broken

US’ bitcoin ETF has broken all records in surpassing $1 billion of assets under management (AUM) within two days, faster than the decades long held record by Gold’s ETF which surpassed $1 billion within three days as pictured above.

“The Proshares BITO ETF is the fastest ETF ever to get to $1 billion dollars (two days). The second fastest was the first gold ETF (GLD) which got to $1 billion in five days. 3 years after the GLD ETF launched in 2004, the AUM was $10 billion. 5 years after launch it was at $75 billion,” Bitwise’s CIO said.

There’s going to be competition however with another futures ETF, Vaneck’s Bitcoin Futures ETF, expected to start trading this Monday.

While in Paris we’re goin to get the world’s first bitcoin mining ETF. Approved in August, the Melanion BTC Equities Universe UCITS ETF is listed to start trading tomorrow, Friday 22nd of October, on Paris’ NYSE Euronext stock exchange, which has some €5.6 trillion in listed assets.

It will trade under the ticker of BTC FP with a management charge of 0.75%, lower than the above ETFs.

The Exposure index is made up of primarily bitcoin miners like Argo Blockchain, Hut 8, or Bitfarms with this effectively being a way to invest in part of the mining sector in one go.

This is a fairly direct way of investing in bitcoin as a number of these stock traded miners hold their coins. Mara for example announced a further increase in their bitcoin holdings to 7,035 bitcoin as of October the 1st, now worth $450 million.

As they can raise funds from the stock market itself, they tend to have less pressure to sell their coins to fund business operations, so increasing bitcoin’s effective scarcity.

The ETF scene thus is becoming more diverse and more competitive as bitcoin enters the world’s biggest markets.

PayPal Co-founder Peter Thiel Admits He Underinvested In Bitcoin

PayPal Co-founder Peter Thiel Admits He Underinvested In Bitcoin

Billionaire entrepreneur, venture capitalist, and PayPal co-founder Peter Thiel said he should have bought more Bitcoin. During an interview hosted by the Lincoln Network in Miami on Wednesday, he spoke about cryptocurrencies, central banks, and Artificial Intelligence.
Miami has become a hotspot for crypto investors. Several crypto startups recently announced new offices in the city. The PayPal co-founder’s venture capital firm, Founders Fund, was also an early promoter of Miami as a new tech hub.
Peter Thiel Praises Crypto
During the Miami event, Thiel praised cryptocurrencies and admitted that he may have underinvested in Bitcoin.“You’re supposed to just buy Bitcoin,” he said, adding: “I feel like I’ve been underinvested in it.” Thiel further pointed out that his only hesitation about investing was that he thought “the secret was already known by everybody.” He concluded by saying “I think the answers are still to go long. Maybe it still is enough of a secret.”
He made these statements after Bitcoin blasted to an all-time high of over $67,000 on Wednesday. Thiel deliberated whether it would rise further. “Bitcoin at $66,000. Is it going to go up? Maybe,” He also added that the surge in crypto prices, “tells us that we are at a complete bankruptcy moment for the central banks.”
Related Reading | As Bitcoin Makes New ATH, Netflow Hints BTC Will Explode Here
In the interview, the tech investor also criticized Artificial Intelligence as a disputant to cryptocurrency. He likened crypto to his political philosophy of being libertarian because it’s a “force for decentralization,”Therefore, “AI, especially the sort of low-tech, surveillance form, is essentially communist,” because it’s a force for centralization. Thiel further said that he does not want to outlaw AI. Instead, he would like the people building it to “think about how they’re working on a technology that’s going to destroy the world.”
Thiel’s Relationship With Bitcoin
The tech investor has been a Bitcoin believer for a while now. Even in 2018, when Bitcoin’s price was bottoming, Thiel maintained his stance. “I would be long on bitcoin,” he stated.
Related Reading | Billionaire Peter Thiel: Bitcoin’s Potential is Underestimated
Earlier this week, he also talked about Bitcoin at an event hosted by conservative law group Federalist Society. The PayPal co-founder suggested that Bitcoin’s current bull run points to weaknesses in the U.S. political system. “I don’t know that you should put all your money into Bitcoin at $60,000 a Bitcoin right now,” he said.“But surely the fact that it is at $60,000 is an extremely hopeful sign,” he continued. Describing Bitcoin as “the canary in the coal mine,” Thiel said, “It’s the most honest market we have in the country, and it’s telling us that this decrepit … regime is just about to blow up.”

BTC trading at over $65K | Source: BTCUSD on TradingView.com
In April, while suggesting that Bitcoin may be ‘Chinese financial weapon against the U.S.’, Thiel described himself as a “pro-crypto, pro-Bitcoin maximalist,”
Thiel explained that “From China’s point of view, they want to get — they don’t like the U.S. having this reserve currency, because it gives us a lot of leverage over Iranian oil supply chains and all sorts of things like that,”
He expressed concern with the Chinese government’s goal to weaken the U.S. dollar. However, weeks later, China defied his predictions by launching a wide-ranging crackdown on Bitcoin and other cryptocurrencies.
Featured image by Real Daily, Chart from TradingView.com

Bitcoin price flash crashes by 87% to $8K on Binance US

Bitcoin price flash crashes by 87% to $8K on Binance US

Bitcoin (BTC) crashed to just $8,100 on Oct. 21 — but only if you were trading on Binance’s dedicated United States exchange, Binance U.S.On Thursday, Binance U.S. suddenly printed a one-minute candle which took BTC/USD from $65,815 to $8,200 — a drop of 87%.”Shouldn’t be happening”In what traders call a “scam wick,” the one-minute BTC/USD differed dramatically from other major exchanges, which logged a one-minute candle with a floor around $64,200.The phenomenon has occurred more frequently in recent days, with Bitstamp also seeing freak order book events. The scope of the Binance U.S. error, however, was in a league of its own, and did not go unnoticed by market participants.”Well done Binance U.S.,” popular Twitter trader Crypto Chase summarized.”Good thing Americans are forced on to these dogshit exchanges where they can get completely scammed on unreasonably thin books. This type of shit just shouldn’t be happening. It’s not fair that some get stopped out and some stay in, some get fills and some don’t.”BTC/USD 1-hour candle chart (Binance). Source: TradingViewCrypto Chase referred to the implications sudden erratic price movements on exchanges, these serving to liquidate traders who should have retained their positions.The debacle was tinged with irony, coming just as Binance CEO Changpeng Zhao, known as CZ, warned about incoming volatility.”Expect very high volatility in crypto over the next few months,” he tweeted on the day.Leverage builds in overly long marketMeanwhile, concerns were also mounting Thursday that leveraged traders had taken on more risk than they could chew.Related: Bitcoin futures ETF hits $1B AUM in a record-breaking two daysA look at funding rates across exchanges hinted at excessive optimism, with traders going long BTC en masse — a classic indicator of a correction.Funding rates had increased significantly in the hours after BTC/USD passed its recent all-time high and went on to hit $67,100.Bitcoin funding rates chart. Source: Bybt

China’s state planning agency calls for public opinion on Bitcoin mining ban

China’s state planning agency calls for public opinion on Bitcoin mining ban

China’s National Development and Reform Commission is seeking public opinion on the inclusion of crypto mining in its list of “phased-out” industries.The call for public comments by the country’s macroeconomic planning agency was contained in a release issued on Thursday.Back on Sept. 24, the agency added digital currency mining to its list of outdated industries following sweeping crackdowns by authorities in Beijing against crypto miners.The move offered a definitive stance by the commission after seemingly going back and forth on the issue for the last two years.As part of the calls for public comments, the agency’s notice requested public feedback from “relevant units” as well as “people from all walks of life.”The public comment period will last for one month, between Thursday, Oct. 21, and Nov. 21. Members of the public interested in providing feedback on the matter will have four different avenues to make their opinions known, including emails, physical mail and comments sections on the commission’s website.In a related development, the commission also put out a post on its website stating that the United States had replaced China as the dominant Bitcoin (BTC) mining nation in the world.Related: Death knell for Chinese crypto miners? Rigs on the move after gov’t crackdownIndeed, as previously reported by Cointelegraph, the U.S. now accounts for over a third of the global Bitcoin mining hash rate distribution, with Kazakhstan and Russia in second and third place, respectively.Even before Beijing’s crackdown, crypto miners in North America had been expanding their capacity with massive hardware orders from major manufacturers such as Bitmain and MicroBT.At the height of China’s dominance, Chinese miners controlled three-quarters of the global Bitcoin hash rate.Chinese miners driven out by the ban have reportedly moved their hardware to overseas locations, including Kazakhstan, with states such as Texas and Florida looking to attract some of these companies.

Crypto Giant Grayscale Officially Files To Convert Nearly $40 Billion Bitcoin Trust Into an ETF

Crypto Giant Grayscale Officially Files To Convert Nearly $40 Billion Bitcoin Trust Into an ETF

Digital currency asset manager Grayscale Investments is announcing plans to convert its Bitcoin (BTC) trust into an exchange-traded fund (ETF).
Grayscale says it wants to transform the 2013-launched Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The value of GBTC’s assets under management is close to $40 billion, according to Grayscale.
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JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump

JPMorgan says inflation concerns, not ETFs, driving Bitcoin price jump

Bitcoin (BTC) broke its all-time high price level following the launch of ProShares’ Bitcoin Strategy exchange-traded fund (ETF), BITO, on Tuesday, but JPMorgan Chase strategists believe the key driver behind the price jump is investor concern over inflation.The BITO launch, which saw the highest-ever first-day natural volume for an ETF, is “unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” JPMorgan strategists said in a note. Instead, JPMorgan believes that as gold failed to respond to concerns over rising cost pressures in the last couple of weeks, Bitcoin’s renewed role as a better hedge against inflation in the eyes of investors is the main reason for the current bull run. The team highlighted that the shift away from gold ETFs into Bitcoin funds has bee gathering speed since September and “supports a bullish outlook for Bitcoin into year-end.”The JPMorgan strategists exemplified the waning interest after the first week following the launch of the Purpose Bitcoin ETF (BTCC) in Canada, claiming that the initial hype surrounding BITO could also fade after a week.As the first Bitcoin futures-linked ETF in the United States, ProShares’ Bitcoin Strategy ETF started trading on the New York Stock Exchange on Tuesday at an opening price of $40 per share. It enables investors to have direct exposure to cryptocurrency futures in a regulated market.Related: Bitcoin futures ETF hits $1B AUM in a record-breaking two daysJPMorgan’s comments echo others in traditional finance. Billionaire investor Carl Icahn praised Bitcoin as a great hedge against inflation as the next market crisis looms on the horizon.Bill Winters, CEO of British bank Standard Chartered, recently noted the passing of a long period of low inflation, adding that “it’s perfectly reasonable for people to want an alternative to fiat currency.”

Bitcoin gains $2K in hours after BTC price bounces near previous all-time high

Bitcoin gains $2K in hours after BTC price bounces near previous all-time high

Bitcoin (BTC) passed $66,000 again on Oct. 21 after fresh macro turbulence sparked a retest of previous all-time highs.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewEvergrande fails to hold Bitcoin bulls backData from Cointelegraph Markets Pro and TradingView showed BTC/USD recovering from a dip to $64,000 overnight.The move had come in step with a comedown in stocks, which were reacting to renewed concerns over Chinese property giant Evergrande.Nonetheless, Bitcoin managed to preserve higher levels, resulting in only a brief trip below the $64,900 threshold, which had held as the BTC record since April this year.#BTC successfully retested the orange area as support to reach a new All Time HighNow $BTC is dipping to turn its previous old All Time High into support (blue)#Crypto #Bitcoin pic.twitter.com/qJZnm8X387— Rekt Capital (@rektcapital) October 21, 2021“Markets always go higher than the majority expects. Probably what will happen in coming months,” a still bullish Cointelegraph contributor Michaël van de Poppe summarized to Twitter followers.$75,000 next targetWednesday, Oct. 20, saw new all-time highs of over $67,000 after a squeeze took BTC/USD $3,000 higher.Related: Price analysis 10/20: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNIThe monthly candle for October, analysts noted, is already larger than the entire Bitcoin all-time high from December 2017.“BTC is testing its old ATH for support,” Dutch crypto consultancy and education platform Eight wrote in its latest update on the day. “If we bounce from here some levels to keep an eye on are around 75k, 87k, and 96k, derived from recent price action using the Fibonacci retracement tool.”BTC/USD chart with Fibonacci levels. Source: Eight/TwitterAs Cointelegraph reported, Fibonacci is responsible for long-term BTC price findings, which currently put the peak of this cycle’s bull run at as much as $300,000. The trough, by contrast, could be anywhere from $47,000 to $60,000 — still an order of magnitude higher than last cycle’s $3,100 floor.

Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

Ethereum on the Brink of Catching Fire, According to Analyst Justin Bennett – Here’s His Target and Timeline

Widely followed crypto analyst Justin Bennett thinks Ethereum (ETH) is gearing up for another major rally that could launch the crypto asset by nearly 400%.
In a series of tweets, Bennett explains how Ethereum could rally to $20,000 by January 2022 if Bitcoin (BTC) allows for the right market conditions.
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Real Estate Platform Pacaso Accepts Crypto Assets for Payments, CEO Says ‘Mass Crypto Adoption Well Underway’

Real Estate Platform Pacaso Accepts Crypto Assets for Payments, CEO Says ‘Mass Crypto Adoption Well Underway’

On October 20, the day bitcoin smashed a new all-time price high, the real estate platform Pacaso announced it will be accepting cryptocurrencies via Bitpay. The CEO of the real estate firm that helps people buy and co-own a second home, Austin Allison, says the firm has seen increased crypto adoption “across the real estate industry.”
Real Estate Platform Pacaso Now Supports Crypto Payments
The firm Pacaso is a real estate platform co-founded by Spencer Rascoff and Austin Allison. Rascoff is well known for co-founding Zillow Group and co-founding Hotwire.com as well. In October 2020, Rascoff co-founded Pacaso with Allison, and the company is considered a real estate platform that makes owning a second home easier by leveraging shared ownership. Pacaso’s business model is similar to the timeshare model but it’s also a touch different.

“Forget timeshares, with Pacaso, you own a home, not just a block of time,” the company’s website details. “You can book stays throughout the year, not annually. And resale? It’s fast and streamlined, and you set the price.” Now the firm has decided to accept crypto assets via the Atlanta-based digital currency payment platform Bitpay.
“Digital currencies and the blockchains that power them are seeing increased adoption across the real estate industry, and a crypto payment option is a recurring topic in our conversations with prospective buyers of second homes,” said Austin Allison, Pacaso’s co-founder and CEO. “As we expand internationally and put second-home co-ownership within reach for more people across the globe, we’re thrilled to be able to respond to that demand and extend as many payment options as we can to our customers.”

Bitpay CEO Is Seeing More Crypto Transactions Being Made for ‘Large Purchases Like Real Estate’
The announcement detailed that Pacaso customers will be able to choose from a myriad of digital assets like bitcoin (BTC), ethereum (ETH), litecoin (LTC), bitcoin cash (BCH), dogecoin (DOGE), and wrapped bitcoin (WBTC). Alongside this, Pacaso clients can also leverage five different stablecoins as well. Stephen Pair, CEO of Bitpay said in recent times the company has seen much larger transactions such as people buying homes.
“We are seeing more transactions being made for large purchases like real estate as more crypto holders want to spend and live their life on crypto. Pacaso makes a second home a reality,” Pair explained on Wednesday. “The market potential for crypto is huge, with $55 billion as the estimated value of purchases consumers will make using cryptocurrency in the next 12 months.”
Pacaso says that paying with crypto will be just as easy as it would using fiat, as clients can leverage their crypto assets to use as a “down payment in their home, and finance the remainder of the transaction, or otherwise split payment between crypto and fiat currency.” Pacaso’s CEO sees mass adoption of crypto is “well underway” and with that homebuyers will want to utilize a variety of payment options.
“Whether you’re HODLing Bitcoin, diversifying out of a DOGE-heavy portfolio, or somewhere in between, Pacaso is here to help you realize your second-home dreams,” Allison concluded.
What do you think about Pacaso accepting cryptocurrency payments? Let us know what you think about this subject in the comments section below.

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Austin Allison, Bitcoin, bitcoin cash, BitPay, Crypto, Cryptocurrency, Digital Assets, down payment, Ethereum, litecoin, Pacaso, Properties, Real estate, real estate company, second home, shared ownership, Spencer Rascoff, Stablecoins, Stephen Pair

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Bitcoin futures ETF hits $1B AUM in a record-breaking two days

Bitcoin futures ETF hits $1B AUM in a record-breaking two days

Since the ProShares Bitcoin Strategy ETF started trading this week, it has become the fastest fund ever to reach $1 billion in assets under management (AUM).The highly anticipated launch of the first Bitcoin futures exchange-traded fund in the United States, BITO, has resulted in a number of milestone achievements.Bloomberg senior ETF analyst Eric Balchunas reported that the fund was the quickest ever to reach a ten-figure AUM after just two days of trading. BITO easily surpassed the previous record holder, a gold-based fund with the ticker GLD, which took three days to hit the billion-dollar mark in 2004.He commented that this was “poetically apropos,” presumably in reference to Bitcoin’s store of value properties and comparison to digital gold. RECORD BREAKER: $BITO assets up to $1.1b after today, making it the fastest ETF to get to $1b (2 days) breaking $GLD’s 18yr old record (3 days), which is poetically apropos. https://t.co/yGXyfwaogD— Eric Balchunas (@EricBalchunas) October 20, 2021Balchunas exclaimed “I’ve never seen anything like this. I bet ProShares is even shocked,” while retweeting a post by Bloomberg Intelligence research analyst, James Seyffart, who updated the original chart.Balchunas commented that there may not be any contracts left to buy if this volume continues, referring to a post by ETFStore President Nate Geraci stating that nearly 45% of BITO exposure is now in November futures contracts.“If $BITO keeps up this pace of inflows it won’t have any futures left to buy by the end of the month due to pos [position] limits.”The ProShares fund also broke the record for the highest-ever first day of organic volume which hit $1 billion on Oct. 19 when it launched. More than 24 million shares were traded during its debut day and since the ETF went live, it has now traded more than $2 billion in volume.Related: VanEck Bitcoin Strategy ETF will likely launch next week as crypto prices reach ATHsBalchunas has predicted that the next Bitcoin futures fund launch will be on Friday. This is likely to be the Valkyrie Bitcoin Strategy ETF which is changing its ticker back to BTF in preparation. In crypto circles, the former ticker BTFD also referred to “buy the f*cking dip,” which may not have gone down too well with the SEC.I had said this was launching tmrw it’s actually going to be on Friday. sorry about that. https://t.co/fqaGwjgscO— Eric Balchunas (@EricBalchunas) October 20, 2021

The momentum has driven Bitcoin prices to a new all-time high of $67,276 on Oct. 20 according to CoinGecko. At the time of writing, the asset had retreated slightly to change hands around the $65,230 mark.

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