One of the strongest days for
Bitcoin (BTC) and cryptocurrency in months arrived today, as prices climbed and green arrows were plentiful in the top ten coins.
BTC’s price surged as much as 4.7% in its biggest push since the start of August, straddling the US$7100 mark. Ethereum (ETH) increased nearly 5% to trade at US$289.31 at press time. Ripple went up by 5.4% to trade close to US$0.40. Litecoin also increased by about 4% percent, trading at US$62.77.
Confidence appears to be flooding back into the market as investors await the Securities and Exchange Commission’s response to the proposed bitcoin Exchange-Traded Fund.
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It was a welcome surge after weeks of summer doldrums in the market, a period more notable for declines than any strong gaining periods.
Today’s Bitcoin boost was
attributed by Forbes to the decline in BTC short positions. Bears are dropping, according to the latest Commitments of Traders (COT) report released by the
U.S. Commodity Futures Trading Commission (CFTC). As of last week, the report shows that the net position on Bitcoin futures declined by 1,266. Short positions fell by 210 contracts to 3,426 as compared with the previous week, with long positions up by 56 contracts at 2,160.
The highest price seen was US$7,203.94 on the Einstein Exchange earlier today, with US$20 million worth of Bitcoin changing hands.
BitWise and Morgan Creek Digital Launch New Digital Asset Index Fund
Cryptocurrency index fund
Bitwise Asset Management announced earlier today it’s teamed up with
Mark Yusko’s Morgan Credit Digital to create a digital asset index fund specifically designed for institutional investors.
According to Bitwise, the
Digital Asset Index Fund will provide endowments, foundations, pensions, wealthy families, and sovereign wealth funds access to broad-based digital asset exposure. The Digital Asset Index Fund combines Bitwise’s best-in-class quantitative index rules and professional fund management with the ongoing oversight of an index committee including Yusko,
Anthony Pompliano, Partner at Morgan Creek Digital, and Bitwise Global Head of Research
Matt Hougan.
Bitwise also reported:
“The Fund holds a market-cap-weighted basket of the top 10 largest digital assets, reconstituted monthly. Assets must pass rigorous, rules-based eligibility requirements including custody qualifications, trade concentration limits and pre-mine restrictions to qualify for inclusion. All assets are kept in 100% cold storage?—?the best practice for security?—?and are audited annually.”
Bitwise then added that the index fund is now available to approve institutional investors and accredited investors, including endowments, foundations, pensions, wealthy families, and sovereign wealth funds. All digital assets must then meet multiple criteria prior to inclusion in the Digital Asset Index, including measures focused on age, liquidity, exchange concentration risk, pre-mining, and more.
