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A $14 million closed-end bitcoin fund has been listed on the Toronto Stock Exchange, allowing investors to gain exposure to the flagship cryptocurrency without having to manage private keys. It tracks the price of bitcoin using the MVIS CryptoCompare Institutional Bitcoin Index.
Bitcoin SV, a cryptocurrency created through a fork of the Bitcoin Cash blockchain, went through its first block reward halving, one month ahead of Bitcoin’s reward halving.
Bitcoin Cash, which underwent its block reward halving yesterday, April 8, has seen its hashrate plummeting following the event. It now appears to be recovering.
Top stories in the Crypto Roundup today:
- Toronto Stock Exchange Lists $14 Million Bitcoin Fund
- Bitcoin SV Went Through Its First Block Reward Halving
- Bitcoin Cash’s Hashrate Drops After Block Rewards Halved to 6.25 BCH
At the time of writing, bitcoin (BTC) is trading at $6,948.07 (-5.40%) with a daily Top Tier volume of $3.01 bn. As for ether (ETH), it is trading at $158.85 (-8.04%) with a daily Top Tier volume of $1.18 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 2,487.79 (-6.05%).
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Toronto Stock Exchange Lists $14 Million Bitcoin Fund
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The Toronto Stock Exchange (TSX) has listed a $14 million closed-end fund that gives investors exposure to the flagship cryptocurrency bitcoin.
Canadian investment manager 3iQ received the green light for the fund, called The Bitcoin Fund (ticker: QBTC.u), in October 2019. The Bitcoin Fund works as an exchange-traded product (ETP), giving investors exposure to the underlying asset.
The Bitcoin Fund follows the price of bitcoin using a feed co-developed by MV Index Solutions (MVIS) and CryptoCompare, the MVIS CryptoCompare Institutional Bitcoin Index. It’s a rules-based index, intended to give investors a means of tracking the performance of Bitcoin on selected top tier exchanges. These exchanges include Binance, Bitflyer, Bitstamp, Coinbase, Gemini, itBit and Kraken.
Commenting on the fund’s listing, Quynh Tran-Thanh, Chief Product Officer at CryptoCompare, said:
“We are delighted to see our Institutional Bitcoin Index used as the underlying index for The Bitcoin Fund. We believe that our robust Digital Asset Indices will continue to service the growing demand for regulated digital asset investment products.”
The fund is attractive for investors who either can’t or don’t want to buy its underlying asset, bitcoin, but want to add exposure to it to their portfolios. Its launch comes after three years of 3iQ working with the Ontario Securities Commission.
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Bitcoin SV Went Through Its First Block Reward Halving
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Bitcoin SV (BSV), a cryptocurrency created through a fork of the Bitcoin Cash (BCH) blockchain, has finished its first block reward halving after being created. On the BSV blockchain, block rewards are now of 6.25 BSV per block, down from 12.5 BSV.
The cryptocurrency’s halving comes shortly after that of Bitcoin Cash, and ahead of Bitcoin’s own halving, expected to occur in about a month. As with BCH, the halving’s immediate effects are a drop in revenue for miners competing for the block rewards. Some analysts believe these events may lead to price rises, as demand doesn’t drop, but supply is abruptly cut in half.
Bitcoin SV’s price rallied up until the halving, but shortly after it plunged by about 12% amid a wider crypto market sell-off. While ahead of BCH’s halving the number of transactions being processed went up, those on the BSV blockchain didn’t suffer any significant changes.
Bitcoin SV is now trading at $192. It hit an all-time high close to $450 earlier this year but last month’s coronavirus-induced market crash, which saw all major U.S. stock indices enter the bear market territory, saw it hit al ow of $114.
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Bitcoin Cash’s Hashrate Drops After Block Rewards Halved to 6.25 BCH
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Blockchain data shows that the hashrate of the Bitcoin Cash network has dropped right after it underwent its first-ever block reward halving, with each block now rewarding miners with 6.25 BCH instead of 12.5 BCH.
Data from Coin.Dance, which tracks various metrics for BTC, BCH, and BSV, shows the cryptocurrency’s hashrate fell below its typical variance after the halving, going from 4,500 PH/s to around 1,900 PH/s. Notably, the cryptocurrency’s hashrate event hit a 420 PH/s low before recovering, and is now seemingly back to 3,700 PH/s.
On the Bitcoin SV blockchain, hashrate also appears to be dropping, as it went from about 3,500 PH/s ahead of the halving to 2,300 PH/s at press time. It’s unclear whether miners moved their hashrate to other SHA-256 cryptocurrencies because of the drop in block rewards.
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The Flipside Crypto Disparity Ratio is a tool helping you find out which cryptoassets are under and overvalued. The crypto disparity ratio scores cryptoassets based on market capitalization and FCAS ratings, with a score over 1 showing it’s undervalued, and under 1 showing it’s overvalued.
XYO, an ERC-20 token used for a decentralized network of devices that anonymously collects geospatial data, tops the undervalued list with a score of 1.46. It’s followed by the Raiden Network (RDN), an off-chain scaling payment solution to perform ERC20 compliant token transactions, at 1.40.
Next comes IoTeX’s IOTX, an ERC20 token used in a decentralized platform of privacy-centric blockchain for vendors to build dApps on. The undervalued list has at its bottom Polymath (POLY), a blockchain-based system to coordinate and incentivize participants to collaborate and launch financial products on the blockchain.
On the overvalued side we have Qubitica (QBIT), a community of over 1,000 developers, IT companies and investors working to advance blockchain technology. Its community is working on blockchain and AI projects, and the QBIT token represents participation shared in Qubitica and related projects. Qubitica’s value ratio is 0.34.
It’s followed by Crypterium (CRPT), a cryptobank platform leveraging the Ethereum blockchain to provide an instant processing engine for both fiat and crypto transactions at 0.34, and next to it is THETA, a decentralized video delivery network powered by users. At the bottom of the overvalued side is Monacoin, the once-popular cat meme cryptocurrency which has even been used to buy land in 2014, comes in third at 0.38.
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State of the Crypto by Top Tier Exchange Volume
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