Cryptocurrency price

Cryptocurrency Price Check: Bitcoin Rises, Invesco Bails Out Futures Product

Cryptocurrency prices were mostly higher on Tuesday as the ProShares Bitcoin Strategy ETF was due to start trading on the New York Stock Exchange, while Invesco said it was abandoning plans for a futures product bitcoin.

Bitcoin, the leading cryptocurrency by market cap, rose 3.2% to $ 62,257, according to CoinDesk, ahead of the listing of the first bitcoin exchange-traded fund based on futures contracts in the United States.

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Ether, the world’s second digital currency, rose 2.9% to $ 3,809.

Meanwhile, Invesco told Bloomberg it had “… determined not to pursue the launch of a bitcoin futures ETF in the immediate near term.”

The fund management company added that it would continue to work with Galaxy Digital “…

Separately, Facebook (FB) – Get the Class A report from Facebook, Inc. said on Tuesday that he chose Coinbase Global (PIECE OF MONEY) as a custodial partner for its pilot Novi, a new digital wallet.

Zak Killermann, fintech and crytpo expert with Searcher said the cryptocurrency’s total market cap recently exceeded $ 2.5 trillion, putting its total market cap value above Apple (AAPL) – Get the Apple Inc. (AAPL) report, Microsoft (MSFT) – Get the report from Microsoft Corporation (MSFT) and Saudi Aramco.

Tesla is among the top 10 most valued companies by market cap, and thanks to its investment of $ 1.5 billion earlier in the year, it added an additional $ 1 billion to its value with the recent recovery of 60 $ 000 per BTC, ”Killermann said.

The question of regulation hangs over cryptocurrencies, and David Lesperance, Managing Partner of Immigration and Tax Advisor Lesperance & Associates, said that “the question is not whether the United States will put in place far-reaching regulations, but whether it will do so quickly by executive order or wait for Congress to pass new laws.”

“Like watching hurricane reporting, those ‘spikes and shovels’ crypto founders who might violate the new regulations would be better prepared to protect themselves and their business when this regulatory storm hits land,” said Lesperance.

Cryptocurrency owners, he added, “should also consider the impact of incoming regulations on the volatility of specific coins … especially stablecoins.”

Winston Ma, former managing director and head of North America at China Investment Corp., said this week’s meeting of the Financial Stability Oversight Council is worth watching as it will cover the president’s task force report on the financial markets for stable coins.

“US regulators should develop bank-like regulation and supervision of stablecoin issuers,” said Ma, author of “The Digital War – How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace”.

Ma noted that on July 16, U.S. Treasury Secretary Janet Yellen called on the president’s task force to develop a regulatory framework for cryptocurrencies.

He said it could be a coincidence, but on the same day, the People’s Bank of China released a white paper on its development of the Chinese digital currency (e-CNY), where the PBoC cited the rapid growth of crypto currencies, in particular global stable coins. , as the driving force behind its e-CNY research and development.

“The United States and China don’t agree on much these days,” Ma said. “But there is one issue the two superpowers agree on: the regulation of stablecoins. . “

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