Anjali Sharma
GG News Bureau
NEW YORK, 5th Jan. According to media reports on Thursday Grayscale Investments, a leading crypto asset manager, is in talks with major financial institutions like JPMorgan and Goldman Sachs about their potential roles in Grayscale’s proposed Bitcoin ETF.
In early 2024, a lot of buzz has been created in the crypto world. Options traders had been betting on Bitcoin hitting USD 50,000 buoyed by optimism surrounding the spot ETF.
Bitcoin’s market exhibits volatility, trading at a slightly higher level of USD 42,950, following a recent 5 per cent drop.
This fluctuation reflects ongoing market uncertainties, especially regarding regulatory developments.
JPMorgan and Goldman Sachs would have the authority to create and redeem the fund’s shares, a critical function for maintaining liquidity and aligning ETF share prices with the underlying assets.
The development echoed Black Rock choice of JPMorgan Securities as an authorized participant for its Bitcoin ETF.
The experts believe the development could significantly influence Bitcoin prices and further integrate digital currencies into mainstream finance.
Tuttle Capital Management has filed for six new ETFs aimed at amplifying returns relative to a standard spot Bitcoin ETF.
These ETFs, including T-REX 1.5X and 2X Long Spot Bitcoin Daily Target ETFs are designed to offer daily inverse or leveraged returns of up to 150 per cent or 200 per cent.
Cipher Mining has strategically bolstered its operations with the purchase of 16,700 Avalon miners from Canaan, scheduled for Q2 delivery ahead of Bitcoin’s anticipated April halving.
The miners will be distributed across Cipher’s Texas facilities, augmenting each site’s capacity by 30 megawatts.
According to news reports, CEO Tyler Page anticipated this expansion will significantly advance Cipher’s industry position post-halving, reflecting a broader trend in the crypto mining sector towards expanding infrastructure to influence Bitcoin’s supply-demand balance.
It said that excitement builds over the potential approval of a Bitcoin ETF by the US Securities and Exchange Commission.
This approval could attract a broader range of investors, including large institutional players.
There are bold predictions for Bitcoin’s price as Mark Mobius predicts a rise to USD 60,000, cited heightened interest due to a potential Bitcoin ETF.
