The Crypto Roundup: 10 June 2024

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

The first bitcoin-linked exchange-traded fund (ETF) is officially debuting today, October 19. The much-anticipated ETF will give investors exposure to the cryptocurrency while tracking the bitcoin futures market and will trade on the NYSE under the “BITO” ticker.

Invesco has dropped its bitcoin futures ETF application hours before a competing product from ProShares is set to start trading on the New York Stock Exchange, according to an announcement from the company.

Global brokerage firm Interactive Brokers has announced the launch of cryptocurrency trading for registered investment advisors (RIAs) in the United States. The firm is offering trading and custody of BTC, ETH, LTC, and BCH.

Sponsored: Buy bitcoin and 100+ cryptocurrencies with 20+ fiat currencies. New users can enjoy 0% credit/debit card fees on all crypto purchases made in their first 30 days. Join 10 million users and download the Crypto.com App now.

Top stories in the Crypto Roundup today:

ProShares Bitcoin Futures ETF Starts Trading Today
Invesco Drops Bitcoin Futures ETF Application
Interactive Brokers Launch Cryptocurrency Trading for Investment Advisors
Coin of the Week: Polkadot (DOT)
Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

ProShares Bitcoin Futures ETF Starts Trading Today

ProShares confirmed the listing, with its CEO Michael L. Sapir saying the firm believes “a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts to launch one,” he added:

"BITO will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider ... or are concerned that these providers may be unregulated and subject to security risks."

Other bitcoin futures ETF applications are hoping to move forward with trading this month, so a second futures-based bitcoin ETF could launch in the near future. A bitcoin ETF being approved in the U.S. is the culmination of a nearly decade-long campaign to list such a product.

Crypto advocates have been looking to list an ETF ever since Cameron and Tyler Winklevoss, the founder of the Gemini exchange, filed the first Bitcoin ETF application in 2013.

Invesco Drops Bitcoin Futures ETF Application

An Invesco spokesperson said in a statement that the firm has determined “not to pursue the launch of a Bitcoin futures ETF in the immediate near-term,” but would like to keep working with Galaxy Digital to offer investors products with exposure to “this transformative asset class.”

Those products, the spokesperson said, include a “physically backed, digital asset ETF.” As mentioned above, ProShares’ bitcoin futures ETF is set to start trading today.

Interactive Brokers Launch Cryptocurrency Trading for Investment Advisors

According to the company, RIAs will be able to manage their client’s positions in cryptocurrency in addition to stocks, options, futures, bonds, ETFs, and mutual funds from all over the world in a single platform.

Cryptocurrency trading on the platform is facilitated by Paxos which has commissions of 0.12% to 0.18% of the trade value depending on monthly volume with a $1.75 minimum per order. The firm added it plans to offer the service to financial advisors in other parts of the world in the future.

Coin of the week: Polkadot (DOT)

Polkadot (DOT) saw its price jump this week after the launch of the highly anticipated parachain auctions, which will allocate slots to projects building on the Polkadot network, were finally scheduled. The date was set through a governance vote and will kick off an important milestone for the cryptocurrency.

Polkadot’s DOT token jumped from around $33 at the beginning of the week to a $42 high before it started correcting. The cryptocurrency is at the time of writing trading just under the $40 mark.

What is Polkadot?

Polkadot is a blockchain network often described as a “blockchain of blockchains,” as it allows users to launch and operate their own blockchains on top of the main Polkadot blockchain. This main blockchain, called the relay chain, does not support smart contracts, but other blockchains connected to it can support them.

As a result, Polkadot is set to become a growing ecosystem of cryptocurrencies that competes with other smart contract networks such as Ethereum, the Binance Smart Chain, and more.

What Is DOT Used For?

DOT is the native cryptocurrency of the Polkadot network and serves as its governance token. DOT holders can stake their tokens to vote on network upgrades and help decide the future of Polkadot by actively participating in its governance.

DOT holders can influence the project’s governance by voting on changes, and by electing the Council members. These are responsible for proposing changes and determining which ones are made to the software.

Who created Polkadot?

The Polkadot project was founded by Ethereum co-founder Gavin Wood, along with Peter Czaban and Robert Habermeier in 2016. Wood is the developer behind Solidity, the coding language used to write smart contracts on Ethereum and has experience as a research scientist at Microsoft.

Crypto.com - The World’s Fastest Growing Crypto App

Buy bitcoin and 100+ cryptocurrencies with 20+ fiat currencies. New users can enjoy 0% credit/debit card fees on all crypto purchases made in their first 30 days. Join 10 million users and download the Crypto.com App now.

Learn more here

Press Release

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.

Download our App from the google play store