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Tag: Futures

  • SEC delays decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

    SEC delays decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

    SEC delays decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF
    • SEC postpones decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF to June 24, 2024.
    • The ETF plans to invest 80% in Bitcoin and 20% in Carbon Credit Futures-linked financial instruments.
    • Gemini has been named custodian for the ETF.

    The United States Securities and Exchange Commission (SEC) has announced a delay in its decision regarding the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, a proposed exchange-traded fund focused on carbon credit futures contracts and Bitcoin (BTC).

    The delay was announced in a filing made on Thursday and it extends the timeline for the U.S. SEC to evaluate the proposed exchange-traded fund until June 24, 2024.

    During the extended timeline, the SEC aims to thoroughly review the proposal before making a final determination, citing the need for sufficient time to consider the potential impacts of the proposed rule change.

    The 7RCC Spot Bitcoin and Carbon Credit Futures ETF

    The 7RCC Spot Bitcoin and Carbon Credit Futures ETF plans to allocate 80% of its assets to Bitcoin and the remaining 20% to financial instruments linked to Carbon Credit Futures. This unique investment strategy aims to provide investors with a diversified portfolio that encompasses both digital assets and environmental sustainability.

    The ETF’s approach is aligned with the evolving landscape of finance, offering a single-trade solution for those seeking exposure to both innovative technologies and progressive environmental initiatives. Gemini, a leading crypto exchange, has been named as the custodian for the ETF, signalling a significant partnership in the burgeoning digital asset space.

    The postponement news reflects the ongoing scrutiny and evaluation by regulatory bodies like the SEC in navigating the intersection of traditional finance and emerging technologies.

    As the deadline approaches, stakeholders eagerly await the SEC’s decision, which will have implications for the future of investment opportunities in both the digital asset and environmental sectors.

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  • Injective (INJ) up as Helix unveils pre-launch futures

    Injective (INJ) up as Helix unveils pre-launch futures

    • Injective (INJ) price rose to highs of $8.20 on Wednesday.
    • The gains came as the layer-1 blockchain network’s DEX platform Helix unveiled its pre-launch futures product.
    • Celestia (TIA) is the first pre-launch futures token to list on Helix.

    Injective (INJ) is seeing a nice uptick in price today as the layer-1 blockchain adds to last week’s upside. While the altcoin‘s price is currently just 3.5% up in the past 24 hours, the gains were much more notable earlier in the day when INJ/USD touched highs of $8.20.

    INJ traded to highs of $9.40 in April this year before the early 2023 momentum faded alongside the lull across the crypto market. In 2021, the price of INJ hit the all-time high of $24.89.

    Helix unveils pre-launch futures

    Injective’s price gains came as the Injective blockchain added to last week’s network milestones, which included integration with NFT marketplace Dagora and new Launchpad InjMarket. 

    The latest milestone was achieved via Helix, a decentralized exchange (DEX) on Injective that introduced its pre-launch futures on Wednesday. The product allows customers to trade popular tokens before their official launch.

    “Pre-Launch Futures are futures markets for tokens that have yet to launch. Effectively, this enables users to trade pre-launch markets that are typically reserved for early contributors, VCs or wealthy insiders,” the Helix team said in a blog post on Wednesday.

    The first token on the Helix pre-launch futures market is Celestia (TIA), the native token of the modular data network developed by Celestia Labs. The platform’s recently launched airdrop that concluded today might have aided the overall sentiment in the Injective market.

    TIA, which is expected to go live on a major crypto exchange in coming weeks, will be used for transaction fees. The token also has a fee burn mechanism akin to Ethereum’s EIP-1559.

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  • Bitcoin soars as SEC allows first leveraged Bitcoin Futures ETF

    Bitcoin soars as SEC allows first leveraged Bitcoin Futures ETF

    • Bitcoin rose to above $31,450 on Friday, its highest level since June 2022.
    • BTC price spiked to the year-high level after the SEC allowed the Volatility Shares 2x Bitcoin Strategy ETF, or BITX.
    • This is the first leveraged Bitcoin Futures ETF in the US and comes after this week’s BlackRock-fueled bullish sentiment for the crypto market.

    Bitcoin smashed past the $31,000 level on Friday afternoon as the market reacted to the latest news about the US market’s first leveraged Futures Bitcoin exchange traded fund (ETF).

    The upside pushed BTC price to highs of $31,458 on crypto exchange Bitstamp, with the flagship cryptocurrency’s price setting a new year-to-date high and its highest level since June 2022. BTC traded at $31,170 at the time of writing, about 4% higher in the past 24 hours but an impressive 87% up YTD.

    SEC approves first leveraged Futures Bitcoin ETF

    On Friday, June 23, the US market entered a new chapter in crypto investing when the first leveraged Bitcoin Futures ETF became effective. The Volatility Shares 2x Bitcoin Strategy ETF, or BITX, will begin trading on Tuesday 27 June and will allow its investors an exposure to Bitcoin with daily returns.

    Instead of investing directly in Bitcoin, BITX will “seek to benefit from increases in the price of Bitcoin Futures Contracts,” per details of the Fund in the prospectus filed with the SEC. The 2x Bitcoin Strategy ETF will align with the CME Bitcoin Futures Daily Roll Index.

    Bitcoin has led the market higher over the past week or so, riding on the bullish sentiment triggered by $9 trillion asset manager BlackRock’s filing for a spot Bitcoin ETF. BlackRock has a very high rate of success with ETF applications, the reason for the market’s optimism. 

    Analytics platform IntoTheBlock pointed out what a spot ETF would mean for Bitcoin adoption and price.

    Indeed, the asset manager’s filing paved way for a frenzy of spot ETF applications from several other Wall Street giants and global financial institutions. With BTC price in bullish momentum, its likely the market could see many more mega moves by smart money.

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