In the latest digital currency news that are close to regulation, the SIX Swiss Exchange, which is Switzerland’s principal stock exchange based in Zurich, recently approved the listing of a crypto exchange-traded product (ETP) with the ticker “HODL.”
What’s interesting is that just like the Coinbase Index and the Bitwise Hold 10, Amun ETP represents the value of five cryptocurrencies including Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH) as well as Ethereum (ETH).
The investors in the Amun ETP will hold a basket of cryptocurrencies which meet the requirements and criteria set by the investment firm. As the company explained:
“Unlike actual assets such as stocks or gold, an index doesn’t have its own price, but displays a value representing the prices of underlying group of assets according to its own specific calculation methodology. For example, S&P 500 is calculated by taking the sum of the adjusted market capitalization of all S&P 500 stocks and then dividing it with an index divisor, which is a proprietary figure developed by Standard & Poor’s.”
Right now, many experts are asking themselves if a move like this could increase the chance of mass Bitcoin ETF approval. And while the short answer is no because the Amun ETP is similar to an exchange-traded fund (ETF), it is still triggering some progress and allowing investors to buy and sell shares in the HODL ETP, directly investing in the cryptocurrency market.
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” was the statement that the co-founder and CEO of Amun, Hany Rashwan, gave a while ago.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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