Singapore-based fund manager Fintonia Group, regulated by the Monetary Authority of Singapore (MAS), has launched two bitcoin funds for professional investors. One is a “physical” bitcoin fund, while the other is a yield fund.

El Salvador’s President Nayib Bukele has revealed on social media that the country’s government bought 100 more bitcoin while the price of the cryptocurrency fell to around $54,000.

A trio of political parties in Germany has struck an agreement that will see them assemble a national governing coalition. Part of that agreement includes a call for European countries to work together to monitor activities in the cryptocurrency space.

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Top stories in the Crypto Roundup today:

• Singapore Approves Bitcoin Fund Trading Physical BTC
• El Salvador Buys 100 More Bitcoins After BTC’s Price Drop
• German Political Coalition Calls for ‘Joint European Supervision’ of Crypto
• Bitcoin Products’ AUM Drops While Ether and Other Cryptos See Inflows
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Singapore Approves Bitcoin Fund Trading Physical BTC

Singapore-based fund manager Fintonia Group, regulated by the Monetary Authority of Singapore (MAS), has launched two bitcoin funds for professional investors. One is a “physical” bitcoin fund, while the other is a yield fund.

The offerings are geared toward professional and institutional investors who are looking for direct or passive bitcoin exposure, as well as a way to obtain loans on their BTC holdings. Adrian Chng, founder and chairman of Fintonia Group, said:

“The fund acquires ‘physical’ bitcoin, meaning we will buy the actual bitcoin [rather than] a derivative instrument on bitcoin.”

The firm’s “physical” bitcoin fund, the Fintonia Bitcoin Physical Fund, aims to provide investors with  “quick, safe, and cost-efficient” BTC exposure, with the coins being held by a “licensed and insured custodian.” The Fintonia Secured Yield Fund, provides BTC holders with direct loans, allowing them to leverage their BTC holdings to access cash.

El Salvador Buys 100 More Bitcoins After BTC’s Price Drop

El Salvador’s President, Nayib Bukele, has revealed on social media that the country’s government bought 100 more bitcoin while the price of the cryptocurrency fell to around $54,000.

In a tweet, Buleke said that “El Salvador just bought the dip. 100 extra coins acquired with a discount.” Bitcoin, it’s worth noting, became legal tender in El Salvador in September, three months after the country’s legislature passed the Bitcoin Law.

Earlier this month, Bukele said El Salvador is set to build an entire city based on the flagship cryptocurrency. The ‘Bitcoin City’ will be located along the Gulf of Fonseca near a volcano.

The government plans to create a power plant by the volcano to provide energy for the city and bitcoin mining operations. According to Bukele, the Bitcoin City will have both residential and commercial areas, restaurants, an airport, a port and a rail service.

German Political Coalition Calls for ‘Joint European Supervision’ of Crypto

A trio of political parties in Germany has struck an agreement that will see them assemble a national governing coalition. Part of that agreement includes a call for European countries to work together to monitor activities in the cryptocurrency space.

The call is a minor aspect of the 177-page document made public this week after the agreement was revealed. The coalition includes the Social Democrats, the Greens, and the Free Democrats.

The three parties, according to a rough translation of the document, pledged to make Germany a hub for companies in the technology sector, particularly those focused on fintech. It calls for a “level playing field” in Europe for digital-centric business models, including those featuring cryptoassets.

They also called for “joint European supervision for the crypto sector”:

"We oblige crypto asset service providers to consistently identify the beneficial owners.”

The parties also seemingly agreed to, in the long-term, work on introducing a digital euro.

Bitcoin Products’ AUM Drops While Ether and Other Cryptos See Inflows

Bitcoin investment products have seen their assets under management drop by 9.5% in November, their largest month-on-month pullback since July. Ethereum and other cryptocurrency products saw their assets under management rise 5.4% and 10.4% respectively.

Bitcoin and Ethereum saw their prices hit a new all-time high on the 10th of November but endured a slight correction over the month. For digital asset investment products, the correction resulted in a marginal month-on-month drop in assets under management from $74.7 billion to $70 billion.

Average daily trading volumes across all digital asset investment product types fell by an average of 13% from October to $732 million per day. While volume dropped, BTC-based products were outperformed by Solana and Litecoin-based products.

Find out more on CryptoCompare’s recent Digital Asset Management Review report.

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