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Grayscale Investments hints at possible Bitcoin ETF

The investment manager reportedly awaited SEC’s approval for a futures-based Bitcoin ETF before filing an application for its GBTC fund

Grayscale is looking at a potential restructuring of its benchmark Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF), days after the SEC was said to have allowed trading of the ProShares Bitcoin futures ETF.

According to sources cited by CNBC, Grayscale’s plans to file an ETF application with the SEC were to begin immediately after the US regulator allowed a futures Bitcoin ETF.

The investment manager’s plans for filing for a physically-settled BTC fund were also hinted at by Digital Currency Group CEO Barry Silbert on Sunday, 17 October.

Following the SEC’s decision on the cash-settled ProShares ETF, Silbert took to Twitter to voice his opinion. Seemingly unconvinced of the futures ETFs’ overall outlook, he noted: “Friends don’t let friends buy and hold futures-based ETFs.”

Asked by InvestorsPodcast.com’s Preston Pysh when Grayscale would be converting its flagship Bitcoin Trust into a BTC-settled exchange-traded fund, the DCG founder simply said: “Stay tuned.”

Bitcoin price soars on ETF news

Once filed, the SEC will have an initial 75 days to consider the application, with possible extensions to the period given the securities watchdog’s previous dealings with similar filings.

Grayscale’s ETF, as with others filed in the past, will be backed by actual Bitcoins. It is a product many within the crypto investment community have eyed for nearly a decade, even as the SEC warms up to derivative contracts-backed funds.

Notably, though, the approval of a BTC futures-based ETF has buoyed investor sentiment around Bitcoin, with the bellwether cryptocurrency’s price soaring to highs near $63,000 on 17 October.

As of writing, BTC/USD is trading around $62,606 according to data from CoinGecko. The cryptocurrency’s value is up about 2.3% in 24 hours and could see further gains to break above its all-time high near $65,000.

The post Grayscale Investments hints at possible Bitcoin ETF appeared first on Coin Journal.

Binance Resumes DOGE Withdrawals

On November 11, 2021, the Binance cryptocurrency exchange, one of the biggest in the world, announced that it had suspended all DOGE transactions. The announcement at the time stated that problems appeared after upgrades were made to the trading platform. At the time, the announcement stated that the suspension could last up to 14 days.::Listen

On November 11, 2021, the Binance cryptocurrency exchange, one of the biggest in the world, announced that it had suspended all DOGE transactions. The announcement at the time stated that problems appeared after upgrades were made to the trading platform. At the time, the announcement stated that the suspension could last up to 14 days.

DOGE Withdrawals Resume

After around 17 days, Binance has on November 29, 2021, announced that DOGE withdrawals have resumed. The statement revealed that it was a series of unplanned events that led to the suspension. It noted that Dogecoin Core Maintainers and Binance had been working hard in the past 17 days to resolve issues due to upgrades to the DOGE wallet. The announcement also denounced any information stating that this was a planned move by the two entities. Shortly after the announcement, the price of DOGE tumbled greatly.

For around 17 days, users of the Binance exchange were unable to withdraw their DOGE. Besides that, an additional 1634 users receive old transactions. Before launching the service, they tested the service on Saturday to check if there were any issues. After examining data from the tests, they have decided to prelaunch all services to allow DOGE holders to make withdrawals.

Elon Musk Chimes In

After issues emerged with DOGE withdrawals, Elon Musk, the CEO of Tesla expressed his concerns on Twitter. Musk is known as one of the most famous proponents of DOGE on the internet. While Musk has drawn the ire of financial regulators for hyping DOGE, no laws have been broken. Since Musk began hyping DOGE, the value of the meme coin has soared. Today, DOGE is a top 10 crypto coin by market cap. It has a total market cap of over $25.5 billion.

However, the statement by Binance stated that this unfortunate incident was not the fault of anyone. Consequently, nobody was being fired over the issue.

Effects On Price

Immediately after Binance announced the suspension, the price of DOGE tumbled dramatically. Looking at the charts, the price dropped almost vertically on the day of the announcement. Since the announcement was lifted, the price of DOGE has been rising steadily. However, the price is still well below the price before the suspension of withdrawals on Binance. That might have something to do with the general bear run the crypto market has recently experienced.

How To Secure Crypto

As the latest incident has demonstrated, even one of the biggest crypto exchanges can experience unforeseen problems. Consequently, it is important that everyone only stores the amount of crypto they use to trade on exchanges. All other amounts should ideally be stored in an offline wallet. Today, there are numerous cold wallet solutions where users can store their crypto coins. While Binance is one of the safest exchanges around, it is still worth it to take measures to protect your wealth.

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The post Binance Resumes DOGE Withdrawals appeared first on Visionary Financial.

Grayscale Investments hints at possible Bitcoin ETF

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