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    Valkyrie CIO Foresees Ripple, Ethereum ETFs in Market

    In a conversation with Bloomberg TV, Steven McClurg, the Chief Investment Officer of Valkyrie Funds, expressed that the emergence of a spot exchange-traded fund (ETF) for Ripple and Ethereum would not be viewed as unexpected.

    McClurg suggested that the existence of Ripple or Ethereum spot ETFs would not come as a surprise. He further mentioned that the inclusion of XRP by Grayscale in their publicly traded options serves as evidence of the existing interest.

    McClurg holds the belief that Wednesday will mark the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission.

    During an interview, McClurg stated that the ETFs would be considered effective by the SEC at the end of business on Wednesday, with trading scheduled to commence on Thursday morning.

    Dozen Applications in Pipeline 

    Multiple spot Bitcoin ETF contenders are presently slashing their management fees in a bid to outpace rivals, thereby indicating a forthcoming approval. Almost twelve such hopefuls are partaking in this strategy.

    James Seyffart, an ETF analyst at Bloomberg Intelligence, reports that Fidelity has recently reduced its fees from 0.39% to 0.25%, and is now providing a remarkable fee waiver of 0% until the end of July.

    After receiving input from the U.S. Securities and Exchange Commission on January 8th, a total of 11 issuers decided to amend their fee structures or implement temporary waivers. This includes Fidelity, along with four other issuers.

    Bitwise has slashed its already market-leading fee from 0.24% to an even more enticing 0.20%, while also granting a waiver to a negligible 0% for either six months or an impressive sum of 1 billion. For its part, Wisdomtree has opted to reduce its previous charge of 0.50% to a comparatively attractive 0.30%, also accompanied by a waiver to 0% for half a year or a colossal amount of 1 billion.

    SEC’s X Account Hacked

    In the brief hours of today, a moment of elation swept through the crypto community as news circulated that the SEC’s X account had heralded the long-awaited acceptance of a spot Bitcoin (BTC) ETF in the United States. However, such jubilation was swiftly crushed when Chair Gary Gensler hastily disclosed that the SEC’s X account had fallen victim to a breach, rendering the tweet spurious and unendorsed.

    As a reaction to an erroneous statement by the SEC, the market of cryptocurrency increased its vigilance towards regulatory actions. Bitcoin suffered a significant price drop, sinking to $46,000 and with an almost 1.5 per cent decline on Wednesday.

    Frequently Asked Questions:

    Does Ripple and Ethereum have ETFs that can potentially make their way into the market?

    In his prediction of the market entry for Ripple and Ethereum, Valkyrie Funds CIO Steven McClurg believes that exchange-traded funds (ETFs) may be launched by both cryptocurrencies.

    What factors contribute to Steven McClurg’s projection regarding the future of Ripple and Ethereum exchange-traded funds (ETFs)?

    Steven McClurg’s forecast is built upon the surging curiosity surrounding cryptocurrencies, exemplified by Grayscale’s recent step of introducing XRP to their list of publicly available offerings. This action indicates an expanding desire for digital assets that extends beyond Bitcoin and Ethereum.

    What impact did the inclusion of XRP by Grayscale have on the possibility of Ripple ETFs?

    Adding XRP to Grayscale’s public offerings is being viewed as a promising indication for the potential endorsement and acknowledgement of Ripple ETFs, demonstrating the increasing range of digital assets in the investment field.

    What does Stephen McClurg expect the SEC to rule on regarding the authorization of spot bitcoin ETFs?

    Steven McClurg is very confident that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin ETFs in due time. He noted that by Wednesday’s close of business, the SEC will officially declare these ETFs active.

    What is Steven McClurg’s expected commencement date for spot Bitcoin ETF trading?

    According to McClurg, the initiation of spot Bitcoin ETF trading is anticipated to occur on Thursday morning after the SEC’s stamp of approval, indicating a remarkable breakthrough for the realm of cryptocurrencies.

    Currently, a myriad of Bitcoin ETF aspirants are actively navigating the process, but what approach are they adopting to stand out from the crowd?

    At present, there exist nearly twelve upcoming Bitcoin ETF candidates. To outdo their rivals, numerous of these contenders are largely slashing their management charges, thereby showcasing the fierce competition and eagerness surrounding the endorsement of these investment instruments.

    How have influential entities like Fidelity responded in terms of modifying fees with the pending approval of a Bitcoin ETF?

    In preparation for the potential approval of a spot Bitcoin ETF, prominent industry participants such as Fidelity have taken proactive measures to modify their fees. Fidelity has opted to slash its fees significantly, decreasing them from 0.39% to 0.25%. Additionally, they have gone a step further by offering a fee waiver, effectively eliminating fees until July 31st.

    Did the SEC’s feedback lead to changes in the fee structures or temporary waivers from any of the issuers?

    Out of the 11 issuers, five have taken immediate action in updating their fee structures or providing temporary waivers, demonstrating the industry’s promptness in addressing regulatory concerns. This swift response was prompted by the SEC’s feedback on January 8.

    How did the cryptocurrency market respond to a deceptive tweet made by account X of the SEC?

    The cryptocurrency market’s vulnerability to regulatory-related information was starkly demonstrated when a deceptive tweet surfaced, allegedly posted by the SEC’s X account, falsely implying the endorsement of a spot Bitcoin ETF. This misleading information sparked a wave of sensitivity and apprehension across the market.

    In response to the deceptive declaration and unsanctioned tweet by SEC’s account X, what was the impact on Bitcoin’s price?

    Bitcoin’s value took a significant plunge, descending to $46,000 after an erroneous proclamation, which demonstrated an approximate 1.50% setback on Wednesday. This occurrence underscores how promptly the market reacts to both regulatory measures and false information.

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