The crypto exchange Coinbase is in the latest cryptocurrency news, after shutting down its institutional-investor focused index fund product. The announcement was officially confirmed by the exchange from a spokesperson.
As the spokesperson said, the Coinbase Index Fund – which launched earlier this year – will be closed by the end of this month, and the customers will be instead directed to the recently-announced Coinbase Bundle product instead. The news was first reported by The Block.
The spokesperson also said:
“After assessing demand from retail, accredited and institutional investors, Coinbase has decided to shut down Coinbase Index Fund. We will focus on providing diversified exposure to all investors through Coinbase Bundle.”
Unlike the index fund, this bundle is now open to all Coinbase customers and there is no accreditation required. The minimum required investment is only $25 compared to the $250,000 for the fund.
Alongside the shutdown, Coinbase also announced its intention to add further assets to the fund – should they be listed on any of its trading platforms as well. This comes a day after Coinbase announced that it is adding the 0x Protocol token (ZRX) to its professional trading platform, Coinbase Pro.
Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
“There is new technical work to make this possible, and that was done in conjunction with PayPal.”However, this Friday Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were required to use. As he said:
“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”The service is for now only available to customers in the United States, but could continue to be added to other nations across 2019, as Osgood wrote.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
Circle CEO: ‘’Bitcoin Will Be Worth A Great Deal More Than Today’’
“I don’t make significant price predictions. But it’s certainly going to be worth a great deal more than it’s worth today. I am long in the market.”Allaire says that the people who lost a ton of money in the bear market will only get back into the game because of the fundamentals of cryptocurrencies and that they won’t change despite the downturn in prices. He also believes that bitcoin plays a huge role as a non-sovereign store of value. Allaire continued to explain:
“The key thing with bitcoin is that it is unique in its security and its scale. As an idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion — that’s attractive all around the world.”However, he thinks that some of the digital currencies will eventually die off due to overcrowding of the market but this doesn’t mean that if one digital currency succeeds that the rest will cease to exist. When asked about the burning question of regulation, he says that the United States has one of the most transparent regulation since most of the digital currency and banking systems have already been regulated, many of which this year only. Circle is already regulated under the Bank Secrecy Act and money transmission laws and this is a very important element for all the customers and users.
Bitcoin Reaches A New Yearly Low At $3,200, Downward Trend Continues
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected. “Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote. So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen. Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
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