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Switzerland Approves First Bitcoin-Cryptocurrency ETF with Ticker $HODL

The Bitcoin ETF $HODL, offered by Amun Crypto, will begin trading on Switzerland’s Six Swiss Exchange beginning next week. The ETF’s earnings will be linked to five different cryptocurrencies.


The ETF is being offered by Amun Crypto, a U.K. based fintech company. It will begin trading on Six Swiss Exchange next week. Six is Switzerland’s chief stock exchange, as well as the fourth largest in Europe.

According to the Financial Times, the ETF “[…] has been designed to track an index based on the movements of five leading cryptocurrencies.”

Roughly half (48%) of the ETF’s assets will be invested in Bitcoin (BTC) 00. The rest will be put towards bitcoin cash, XRP (30%), ethereum, and litecoin.

New Kid On the Block

Financial Times‘ writer Matt Flood notes that the ETF has been crafted in close accordance with the standards expected from traditional exchange-traded funds. This is according Hany Rashwan, Amun’s top executive.

Rashwan describes the aims of the ETF:

The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments

The Times reports that while competitors like CoinShares and Grayscale exist, they differ in legal form, whilst only being linked to one cryptocurrency. Seeding for the ETF will be fostered by Jane Street and Flow Traders, and it will trade using the ticker $HODL.

The Financial Times highlights the ETF’s arrival amid the lowest drop in BTC price 00 in over a year. The ETF is has been particularly the source of much hype in the cryptocurrency space. An exchange-traded fund product is expected to facilitate institutional buying of bitcoin.

Switzerland seems to be perpetually fixed in the crypto news cycle whether its happenings in Crypto Valley or the present ETF. Progress seems to abound.

In October, Bitcoinist reported on Crypto AG’s recently-granted cryptocurrency asset management license. A month earlier, Bitcoinist also wrote on Switzerland’s status as a top global Bitcoin destination.

What are your thoughts on the Bitcoin ETF $HODL? Share your thoughts below!


Images and media courtesy of Shutterstock, Twitter (@boscryptocnn, @MANT121266), YouTube (ThinkCrypto).

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Major Swiss Stock Exchange SIX Lists World’s First Multi-Crypto ETP Amidst Market Collapse

The fourth largest European stock exchange, SIX Swiss Exchange, will list the world’s first multi-crypto exchange-traded product next week.

Switzerland‘s principal stock exchange SIX Swiss Exchange will list the world’s first multi-crypto-based exchange-traded product (ETP) next week, the Financial Times (FT) reported Saturday, Nov. 16.

Backed by the Swiss startup Amun AG, the first global multi-crypto ETP will be listed under index HODL, and will track five major cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

According to the article, each cryptocurrency will acquire a certain market share within the upcoming ETP, with Bitcoin accounting for around half of the ETP’s assets. The rest are set to be divided in fractions, with 25.4 percent in now-second cryptocurrency XRP, and 16.7 percent in Ethereum, while Bitcoin Cash and Litecoin will acquire 5.2 and 3 percent of the market, respectively.

Amun’s co-founder and chief executive Hany Rashwan commented that the upcoming ETF is organized in a way to comply with the same strict policies that are required by traditional ETPs. According to Rashwan, this will provide a well-regulated tool for trading cryptocurrencies for both institutional and retail investors that are limited in the field by crypto-unfriendly environments.

The Amun ETP index will be managed by the German index unit of investment management firm Van Eck, according to major Swiss news agency Finews.com. While Amun AG is based in the Swiss “crypto valley” town of Zug, it is reportedly a branch of Amun Technologies, a U.K.-based fintech company. The firm first announced their plans to introduce a crypto ETP in late September this year, according to Bloomberg.

According to Amun’s official website, SIX Swiss Exchange is the fourth largest stock exchange in Europe with a market capitalization of $1.6 trillion. On Wednesday, Nov. 14, head of securities and exchanges at SIX Thomas Zeeb claimed that blockchain-based digital exchanges will entirely replace conventional ones in “about ten years,” citing a large interest in cost advantages of the technology by brokers, banks, and insurance firms.

ETPs represent a type of security that is priced derivatively and trades intraday on a national securities exchange, based on investment tools such as commodity, a currency, a share price, or an interest rate, according to New York City-based investing and finance website Investopedia. ETPs can reportedly be actively managed funds, including exchange-traded funds (ETFs), and others.

Some experts have predicted that adoption of Bitcoin ETFs will be a “way bigger deal” than a cash settlement Bitcoin futures contract, and hence will be a bigger basis for the growth of crypto markets.

In Sweden, XBT Providers already have a Bitcoin ETP called Coinshares, which has attracted around $1 billion since 2015 when it was listed on major Swedish exchange Nasdaq Stockholm.

Recently, the U.S. Securities and Exchange Commission (SEC) stopped accepting public feedback on their Bitcoin ETFs policy review, following the previous denial of nine applications to list and trade various BTC ETFs from three companies, including ProShares, Direxion, and GraniteShares.

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Tom Lee’s Big Bitcoin Price Prediction Dropped to $15,000

Fundstrat’s Tom Lee, often referred to as the ‘crypto bull’, has revised his end of year Bitcoin price prediction from $25,000 down to $15,000, which is still pretty optimistic looking at the state of things today.

Bitcoin at $15k By Year End

Speaking to CNBC the co-founder of Fundstrat Global Advisors said that the key issue was Bitcoin’s ‘break-even point’, a level where mining costs match the trading price. For Bitmain’s flagship S9 Antminer the level is down to $7,000 from an earlier estimate of $8,000 according to analysts.

Lee’s prediction is that Bitcoin should be at around 2.2 times the new break-even price of $7,000 which puts it at just over $15,000. This week has been one of the worse for Bitcoin and cryptocurrencies in 2018. BTC fell to a new yearly low of just below $5,400 on Thursday and has failed to rebound much from there. At the time of writing it is trading at $5,540, almost three times lower than Lee’s year end level.

Bitcoin bull Lee is still predicting a recovery citing previous long bear markets in 2014 when BTC never sustained a move below break-even.

“While bitcoin broke below that psychologically important $6,000, this has led to a renewed wave of pessimism. But we believe the negative swing in sentiment is much worse than the fundamental implications,” he added.

Some of the blame has been put at the recent ‘crypto war’ that has broken out on Twitter between opposing Bitcoin Cash factions. The verbal mudslinging and hash power battles that ensued have shown weaknesses and divisions in the crypto community – a group of technology and computer science experts that really should all be striving for the same thing regardless of the specifics of forked chains or ideologies.

Lee added that “part of a broader creation of infrastructure necessary for institutional involvement,” has been orchestrated by the involvement of Fidelity and the launch of Bakkt. The fundamentals for cryptocurrencies have generally been pretty good for the latter half of the year yet the bears have still pushed markets to their lowest levels for over 12 months.

Cryptocurrency markets are currently down again on the day and total market capitalization is hovering above $180 billion which is over 78% lower than its January peak of $830 billion. Coincidentally, or not, the crypto winter of 2014 saw markets plummet by exactly the same amount, 78%, when they fell from over $15 billion to a low of $3.3 billion over a 13 month period.

Image from Shutterstock

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Off-The-Grid Bitcoin Transactions Now a Reality

Following October’s news that Samourai Wallet was preparing to enable internet free bitcoin transactions, somebody only went and tried it. A Twitter user from New Zealand documented his off-line experiments online.


Another Fine Mesh

The ability to send bitcoin (BTC) 00 without internet or data connection relies on the goTenna mesh network. First, Samourai wallet creates a signed transaction and passes it to the TxTenna app. This then broadcasts the transaction to nearby mesh nodes via a paired goTenna mesh device.

The mesh nodes relay the transaction data until they find a node running TxTenna with an internet connection, which forwards it to the bitcoin network.

Out In The Field

Twitter-user Coinsure decided he would try to use his four goTennas to send a bitcoin transaction 19.2km. goTenna lists the maximum range in open environments as 6.4km, so this is the theoretical limit achievable.

First, he needed to plot suitable high ground points around 6.4km apart, where he could place his camouflaged goTenna nodes. Range drops dramatically in built-up areas, requiring more nodes to cover the area with a mesh network.

Lucky Girl

His girlfriend got to stay at home with another goTenna and receive the transactions, thus acting as a relay from the radio mesh network to the internet — and a recipient of the bitcoin being transferred. The phone sending the transactions had no connection other than a paired goTenna.

The first attempt was directly from the source device to the receiving device, at a distance of 5.61km. After confirming this was a success, Coinsure left a goTenna in the location and moved to the next, 7.06km away. He again managed to successfully broadcast a bitcoin transaction, this time a total of 12.67km.

Sadly, the third attempt, at an additional 7.15km distance was not successful, but this may have been down to an app crash on his girlfriend’s phone rather than a failure of the mesh network.

Pretty Cool

Coinsure did note that there was no confirmation or acknowledgment of the transaction until the wallet reconnected to the internet. Because of this and the risk of spending coins more than once, you are limited to just one transaction whilst offline. But yeah, that’s still pretty cool.

He also estimated that just 37 well-placed goTenna nodes could cover 1120 sq. km of Auckland and the surrounding area — which is also pretty cool.

What are your thoughts on offline transactions and a node-surrounded Auckland? Don’t hesitate to let us know in the comments below!


Images and media courtesy of Shutterstock, Twitter (@Coinsurenz, @Nic__Carter)

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Why the BCash Proxy War Could Be Very Bullish for Bitcoin Price

Despite Bitcoin Cash ABC looking like it will win the BCash civil war with notable support from  John McAfee and Bitstamp, the ugliness of the sideshow could actually have a bullish impact on Bitcoin (BTC) price. 


Pledge of Allegiance

Yesterday, John McAfee came across as if he had just binge-watched several ‘Game of Thrones’ box-sets as he pledged his allegiance to Jihan Wu and Roger Ver’s vision for Bitcoin Cash (BCash).

John McAfee Binance

His Tweet proclaimed, “I will not let my ego destroy me by making me think I could challenge the only real power in this space.” Still, that was just the hors-d’oeuvre. Attached to the Tweet was a screenshot of an email from McAfee to Wu. It contained the following:

I see you are going to war. I am the oldest warrior still standing on the battlefield… if I can serve you, you have my sword and my loyalty.

The main protagonist in this war would be Craig Wright pushing ‘Satoshi’s Vision’ of Bitcoin with his Bitcoin Cash SV fork. Needless to say, Wright did took this latest development in stride.

Dubbing McAfee ‘McFee’ (a reference to paid ICO endorsements), he accused him of being a conman and a scammer.

Bitcoin Cash ABC is Winning

Luckily for Bitcoin Cash ABC, one of the oldest exchanges in the industry, has also openly announced its support for Bitcoin Cash ABC. On the company’s web page it states that:

We will only support Bitcoin ABC during the fork… Initially, we will not support any alternative chains, but will monitor the situation…

Now, Bitcoin Cash ABC appears to be winning and is over 50 blocks ahead at press time, according to data from Coin.dance.

In addition, other versions like Bitcoin Unlimited and Craig Wright’s Bitcoin SV appear to not be mining blocks at this time. This also implies that three new coins could emerge if these other chains survive.

Meanwhile, Binance announced that it will not only support trading of these potential new tokens but will also retain the tickers of BCHABC and BCASV.

History Rhymes

So what does this Bitcoin Cash squabble have to do with Bitcoin? Well, touting itself as the ‘real’ Bitcoin, the Bitcoin Cash (or BCash) that prides itself on cheap, reliable and quick transactions has been anything but.

With even Dogecoin beating it at its own game, this latest ‘upgrade’ could prove to be the nail in the coffin for “Satoshi’s Vision” as the network has been unusable for the past few days. It may also force the Bitcoin Cash community to rethink their policy of scheduled hard-fork upgrade and address mining centralization.

In other words, there will be less confusion (if there is still any) about which is the ‘real’ Bitcoin, at least according to Binance CEO, Changpeng Zhao.

As of today, Bitcoin Cash price 00 has erased it’s pre-fork gains and is currently trading at the lowest price against BTC since October 2017.

Interestingly, one of the events that possibly served as last year’s catalysts was a Bitcoin Cash ‘upgrade’ that removed EDA (estimated difficulty adjustment), which was not only destabilizing the BCH network, but also affecting  Bitcoin’s hash rate.

Bitcoinist Bitcoin SV Hashpower

Worthy to keep in mind is that Bitcoin (BTC) price 00 was hovering at around these levels exactly a year ago as it began its historic bull-run.

Thus, last year’s ‘upgrade’ that occurred on November 13th, 2017, not only stabilized BCH but also sent the BTC hash rate to record highs as it more profitable to this day to mine bitcoin. This saw BTC price go to $10,000 by the end of the month.

Will this year be any similar? Much like last year, which saw recognition by Wall Street with the launch of Bitcoin futures in December, there are plenty of events on the horizon that could reverse the market in an instant.

Undoubtedly, all eyes will be on the launch of Bakkt next month as the next potential spark that could wake up Bitcoin price.

What are your thoughts on BCash ABC, as well as McAfee’s take? Let us know in the comments below.


Images courtesy of Bitcoinist archives, Shutterstock, Twitter (@realmcafee).