Day: November 29, 2021

Invesco Launches Bitcoin Spot ETP With German Stock Market Operator

by CryptoPotato

Deutsche Borse – a German stock market operator – recently announced the listing of a Bitcoin Spot ETN on its digital stock exchange “Xetra.” The product comes from Invesco, an American investment management company that filed for a Bitcoin futures ETF in the US in August but recently dropped.

Invesco’s Spot ETN

Deutsche Borse revealed the new product in a press release on Monday. Accordingly, the “Invesco Physical Bitcoin” ETN (ticker: BTIC) offers “physically secured access to Bitcoin performance.”

The ETN was admitted by the Regulated Market of the Frankfurt Stock Exchange and is centrally cleared through Eurex Clearing. This will provide “significantly reduced risks in the settlement of transactions,” as reads the announcement.

ETF Stream elaborated that the ETN’s total expense ratio is 0.99%. It tracks the CoinShares Bitcoin Hourly Reference Rate index to precisely deliver the price performance of its Bitcoin holdings. Those holdings will be secured by Zodia Custody in the UK – the crypto custody platform of Standard Chartered.

Gary Buxton – head of EMEA ETFs and indexed strategies at Invesco – said that the ETP would help provide institutional access to Bitcoin:

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“Most of the discussions we have with clients are not really about bitcoin itself but more about the access to bitcoin and how you get comfortable with segregation, how you get comfortable with valuation. Really, one of the strengths of ETPs is as an access vehicle.”

Spot Over Futures ETP

Buxton further elaborates why he chose a spot-based Bitcoin product rather than a futures-based one. He expressed concerns over synthetic liquidity and how that may affect valuation over time. Alternatively, he found physically-backed Bitcoin to be a more “observable” product.

Alternatively, the Securities and Exchange Commission (SEC) has favored Bitcoin futures ETFs over Spot ETFs for months due to investor protection concerns. Invesco filed for such a futures product back in August but withdrew its application just hours before the product went live. A top executive at Invesco later explained that a futures product would harm investors by creating contango.

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How a Hacker Added Her Ethereum Wallet to Twitter’s Tip Jar

by Decrypt

In brief

  • Hacker Jane Wong has gained fame for finding features in apps before they’re announced.

  • She recently added an Ethereum tips feature that has not been announced by Twitter.

Jack Dorsey, the outgoing Twitter CEO, is known for focusing all of his crypto efforts on Bitcoin—so it’s fitting that, on the day of his resignation, one hacker has been getting attention for adding an Ethereum address to her Twitter tips button.

The hacker is Hong Kong-based Jane Wong, who has gained fame for her skills in tinkering with code on apps like Instagram and Spotify to discover features the companies have yet to announce.

In the case of Twitter, Wong was able to tweak a part of the app that lets users receive tips in the form of Bitcoin or in fiat from Venmo and a handful of other payment platforms. Those payment options for now don’t include Ethereum—but Wong found a way to add one anyways, as this screenshot shows:

“The feature has been there since at least September. But I don’t think it’s widely available yet. I did my magic to add the address to my tip jar,” said Wong in a Twitter message to Decrypt. “I tinker around the internals of the Twitter app.”

The Twitter tipping feature has been restricted to users of iOS mobile devices, though the company is starting to roll it out to Android users too. It’s unclear when (or even if) the company will formally launch the Ethereum tipping option—though skilled hackers can presumably follow Wong’s lead and do it themselves in the meantime.

In response to a request for comment about Wong’s tweak, Twitter told Decrypt that the company is looking into the matter and will reply later.

In the meantime, crypto users on Twitter have used Wong’s tweet to speculate that Dorsey’s departure may usher in a more pro-Ethereum attitude at the company.

As for Wong, she says she’s not aware of whether Dorsey has expressed an opinion on developers working on Ethereum-related features for the platform. But she added, “I think Jack leaving should make getting a green light on these easier.”

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Ethereum and Dogecoin Primed for Breakouts As Crypto Markets Gear Up for Bullish December, According to Analyst Justin Bennett

by Dailyhodl

Crypto analyst Justin Bennett says that December could bring rallies to the digital asset markets, with Ethereum (ETH) and Dogecoin (DOGE) potentially at the forefront.

The analyst tells his 91,000 Twitter followers that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is flashing a bullish signal for the crypto markets.

A weaker DXY often signals higher prices for many assets. Bennett notes that DXY may have just had a failed breakout, and could now be facing downward momentum.

“DXY looks good for a crypto rally heading into December.

Friday’s close back inside this channel indicates weakness. Now for a close below 95.80.

Let’s see.”

Image
Source: Justin Bennett/Twitter

Bennett also has his eye on the chart for the total market cap of crypto (TOTAL). According to him, TOTAL is nearing the end of a large bullish descending wedge. He also notes a divergence between the rising relative strength index (RSI) and the downward price movement. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal.

“TOTAL falling wedge and bullish divergence developing on the intraday charts.

Something to keep an eye on.”

Image
Source: Justin Bennett/Twitter

Looking at Ethereum, the analyst says that next month looks good for the world’s second-largest crypto. Bennett says ETH is “poised to do well in December,” and could already be jostling for a breakout, as long as it sees more volume.

“ETH approaching a breakout level.

Just add volume.”

Image
Source: Justin Bennett/Twitter

Also joining the rallies, according to Bennett, is leading memecoin Dogecoin (DOGE). He says DOGE is in the middle of a breakout, with its first key resistance at $0.25, and a final resistance level at all-time highs above $0.75.

“DOGE is breaking out.”

Image
Source: Justin Bennett/Twitter

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Litecoin and One Under-the-Radar Altcoin Could Be Carving Out Bottoms, Says Crypto Analyst Michaël van de Poppe

by Dailyhodl

Popular crypto strategist and trader Michaël van de Poppe is looking at two altcoins that he says are potentially flashing reversal signals.

In a new strategy session, Van de Poppe tells his 149,000 YouTube subscribers that Litecoin could be forming a bullish higher-low setup against Bitcoin (LTC/BTC) at 0.0033 BTC or $190.38.

“Even Litecoin might be a great one at this point as we are seeking for a higher low to be taking place. And when we go back in history and we create such a higher low, it is an argument to start running.

And back in history, we also know that in the first quarter of the year, Litecoin does really well.”

Van de Poppe highlights that Litecoin tends to ignite rallies at the start of the year as seen in Q1 of 2015 and the first quarters of 2017 to 2020.

Another coin on the trader’s list is Cosmos, a project dubbed as “the internet of blockchains.” According to Van de Poppe, Cosmos may be at the end of its corrective move against Bitcoin (ATOM/BTC) as it finds support at 0.00041 BTC ($23.65).

“It has seen a beautiful move. Currently correcting heavily. We might be correcting a little bit more but after such a heavy correction, as it has been doing here, the Bitcoin pair shows a period where we could be starting to have a reversal.

And as you know, December is often a beautiful period for altcoins.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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3 reasons why traders expect Bitcoin to retake $60K before November ends

by Cointelegraph

The cryptocurrency market saw a boost in sentiment after the price of Bitcoin (BTC) surged above $58,000 in a long-awaited move that rejuvenated traders who have been anxiously waiting for a resumption of the uptrend.

BTC/USDT 4-hour chart. Source: TradingView

Here’s a look at what analysts and traders are saying about Nov. 29’s price action and whether or not Bitcoin is likely to reclaim the $60,000 level.

A $60,000 retest is “on the horizon”

Bitcoin’s sudden move to $58,000 may have had caught some traders off guard, but according to independent market analyst and Cointelegraph contributor Michaël van de Poppe, the current price action is going as expected.

BTC/USD 4-hour chart. Source: Twitter

According to van de Poppe, following Nov. 28’s spike above $57,000, “You’d preferably want to see a flip of the $56,000 area to be taking place” to establish a higher support level, which would be followed by a further price breakout.

Van de Poppe said:

“If that happens, then I’d assume a retest of $60,000 is on the horizon.”

BTC is set up for a strong monthly close

Pseudonymous Twitter analyst “Rekt Capital,” suggested that November’s price action for BTC is a retest of the newly established support zone near $58,750.

Similar bullish sentiments on Bitcoin’s monthly price were shared by “Nunya Bizniz,” who posted the following charts pointing out the key support levels to keep an eye on as the month of November comes to an end.

BTC/USD 1-month chart. Source: Twitter

The analyst said:

“The month closes tomorrow. A close above these two levels should be bullish.”

Related: Key data points suggest the crypto market’s short-term correction is over

Comparisons to previous bull cycles

A look at how the current price movement seen in BTC compares with past bull markets was provided by analyst and pseudonymous Twitter user “Techdev,” who posted the following tweet looking at the price action for Bitcoin in 2017 as compared with now, as well as the 1970s price action for gold.

As discussed in the tweet, the current price projections place Bitcoin price at $150,000 by late December and $200,000 by early February 2022. The analyst further suggested that the price could potentially surpass $250,000 by early February 2022 if it follows a similar price pattern to that seen in gold in the 1970s.

The overall cryptocurrency market capitalization now stands at $2.609 trillion, and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.