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ByAuthor J.D. SmithPosted on
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First Bitcoin ETF in North America Has Massive Opening Day, $80,000,000 Traded in Just One Hour

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The first Bitcoin exchange-traded fund in North America is launching with a bang.

On day one, investors exchanged $165 million worth of shares of the Purpose Bitcoin ETF after its debut on the Toronto Stock Exchange on Thursday, according to data from Bloomberg.

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ETFs are regulatory-compliant investment vehicles available to both retail traders and institutions.

Purpose Investments, the fund’s issuer, says the ETF will invest directly in physically settled Bitcoin (BTC), and not derivatives. Like physically-backed gold and silver products, the ETF will also be directly backed by physically-settled Bitcoin holdings.

In a statement, Purpose CEO Som Seif says investment opportunities come with the increased recognition of BTC as a new asset class.

“We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset.”

The launch of the ETF comes as Bitcoin extends its bull run, soaring past $52,000 to hit a new all-time high this week.

In the states, the investment management firm VanEck has renewed its efforts to launch a Bitcoin ETF, which would trade on the Cboe BZX Exchange. So far, the SEC has denied all attempts to launch a BTC ETF in the US.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Maciej Bledowski

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Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

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The fast-moving prices and 1,000% annual percentage yield on staked tokens elicited cheers from investors when the market was going up, but the recent selling pressure seen as Bitcoin’s (BTC) price dropped below $45,000 shows that the highest fliers are often the quickest to fall as traders rush to exit their positions and lock in their gains.

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On Feb. 22, Bitcoin’s price entered a sharp corrective phase that saw the top digital asset pull back by more than 20% from its all-time high of $58,274. As this occurred, the majority of altcoins also saw double-digit corrections, and DeFi tokens…

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As Visa and Mastercard raise fees, merchants may look to crypto

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Credit card providers charge merchants a cut of the payments they accept, called interchange fees or swipe fees. With two major card providers aiming to elevate rates, could crypto become an alternative? 

“Visa Inc. and Mastercard Inc. are planning to raise swipe fees for some types of credit-card purchases in April,” the Wall Street Journal reported on Wednesday, adding:

“Though invisible to consumers, they [interchange fees] are glaring to merchants, which often end up paying fees of about 2% of their customers’ credit-card purchases. The fees are set by the card networks, such as Visa and Mastercard. Merchants pay them to the banks that issue the cards.”

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Golem (GLM) price rallies 230% to hit a 3-year high after protocol upgrade

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Over the past few weeks, the price of Golem’s GLM network token saw a strong rally that pushed the token to a three-year high at $0.65. 

The altcoin also underwent a strong pump on Feb. 19, but most of the gains evaporated as Bitcoin (BTC) corrected below $45,000 during the past three days. Nevertheless, GLM still holds a 230% gain in February alone.

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CME Bitcoin futures numbers saw a 57% uptick in January

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