Blockchain Info: BTC Drops on Japan ETF Approval
BLOCKCHAIN INFO – On Tuesday, Bitcoin and other cryptocurrencies declined in Asia. Further, this was amid the divided decisions of global regulators about their approach to cryptocurrencies, according to reports. Meanwhile, Japan has approved the crypto exchange-traded funds (ETFs) while there was a European Central Bank policymaker who described cryptocurrency as “nonsense.”
As of 12:22 AM ET (05:22 GMT), Bitcoin lost 1.1% to $3,958.0. Moreover, Ethereum declined 4.59% to $147.15, and XRP decreased 1.3% to $0.35848. There was a decline of 0.7% to $37.920 in Litecoin.
Based on a Bloomberg report, Japan’s Financial Services Agencies may give a nod about the ETFs in tracking digital tokens. Bloomberg cited a reliable source for the report.
As of now, the Japanese financial watchdog is seeking into industry interests in ETFs and probably green light the funds. This was according to the said report. Meanwhile, the Liberal Democratic Party, the ruling party of Japan, is planning to submit draft legislation on March this year. Further, it aims to make it a law by 2020 earliest.
This is a change of focus in the attitude of the watchdog towards cryptocurrency. As per Japan’s watchdog last December, it refused revisions regarding the securities law of the country. Further, it contradicted the possibility to include crypto futures and options on major financial exchanges. It stated that these certain products would only cause speculation.
Meanwhile, other crypto market participants believe that ETFs could promote legitimacy in crypto products. In fact, Switzerland became the first country to approve the Amun Crypto Basket Index ETP.
On one hand, Japanese regulators are becoming soft towards cryptocurrency. A European Central Bank policymaker, on the other hand, believed that the cryptocurrency bubble has started to burst.
Blockchain Info: Crypto surges as CoinFLEX offers crypto-futures contracts
On Monday, cryptocurrency prices fell in Asia. This followed after reports revealed that the UK-based CoinFLEX plans to offer future contracts for Bitcoin and other digital coins.
Bitcoin increased 5.34% to $4,002.9. Moreover, there was an increase of 2.11% to $152.68 in Ethereum.
XRP climbed 2.56% to $0.36116. Further, Litecoin surged 8.53% to $37.73.
Based on a Bloomberg report, a British Bitcoin exchange named Coin Futures and Lending Exchange (CoinFLEX). Based on a Bloomberg report, CoinFLEX will likely offer futures contracts for Bitcoin, Bitcoin Cash, and Ethereum that can go up to 20 times.
Further, the report stated that CoinFLEX will be physically delivered. This is primarily to offer owners the underlying virtual currency and not a cash payment, the report added.
“Crypto derivatives could become an order or magnitude larger than spot markets and the main thing that’s holding back that growth is the lack of physical delivery. Volumes are reduced because of a problem of trust when it comes to cash-settled trades,” said CoinFLEX CEO Mark Lamb.