Bitcoin Price Rallies After Institutions Show Confidence At Consensus Invest

After what can only be described as a miserable few weeks for crypto markets. bitcoin has had some respite, posting an impressive 8.72% gain in the past 24 hours, with $2.59 billion traded across bitcoin markets, according to data from CryptoCompare.

Bitcoin price chart

There has been a flurry of positive developments in the past week, culminating with some positive news coming from the Consensus Invest conference this week in New York. Most of the significant announcements signal clarity and confidence from institutions building cryptoasset financial products.

VanEck - the investment management firm and one of the largest ETP providers in the world - alongside their index provider MVIS have been at the forefront of many of the announcements.

Nasdaq Bitcoin Futures

CryptoGlobe reported on Tuesday that Nasdaq still plans to launch bitcoin futures despite a delay in the release schedule. Gabor Gurbacs, Director for Digital Asset Strategy at VanEck/MVIS, announced at Consensus Invest that VanEck is partnered with Nasdaq to "bring a regulated crypto 2.0 futures-type contract" to market.

 

Cryptoasset data provider CryptoCompare will provide data for the new futures contracts in partnership with VanEck’s subsidiary MVIS (MV Index Solutions).

SEC on Bitcoin ETF

SEC Chair, Jay Clayton was interviewed at Consensus Invest where he shed light on the highly anticipated Bitcoin ETF proposed by VanEck. Mr Clayton was skeptical whether the Bitcoin ETF would be approved until there the underlying markets were “free from the risk or significant risk of manipulation.”

In an effort to quell fears of price manipulation, VanEck recently announced that their Bitcoin ETF price index would use data from three of the largest Bitcoin OTC markets - Cumberland, Genesis Trading and Circle Trade - as they believe this index will be less susceptible to market manipulation.

World's First Multi-Asset Crypto Index ETP Launched

The Amun Crypto Basket ETP started trading on the Swiss Six exchange last week and it appears to have been received well by the market.

The ETP tracks the price of 4 cryptoassets -  bitcoin, ether, XRP and litecoin - backed with an index provided by MVIS. Currently the ETP is trading over $400,000 a day which, although small compared to the larger american ETPs, ranks highly in the Swiss ETP markets.

Su Zhu, an FX hedge fund CEO, noted that a high proportion of investors are using the ETP to hold and not trade. He also sees the HODL5 ETP as a ‘barometer of natural interest’.

Senior market analyst at eToro, Mati Greenspan, saw the positve reception of the HODL5 ETP as a sign of insitutional interest:

The new Swiss crypto ETP is now one of the most popular products on Switzerland's primary stock exchange…Let there be no questions, institutions are here!

Mati Greenspan

Top Cryptocurrency Coin Mixer Seized; Grayscale Investments 'Big News' Today; More Records for CME's Bitcoin Futures

Major crypto headlines from the past 24 hours: European authorities enforce a world-first seizure of a leading cryptocurrency coin mixer; New York-headquartered Grayscale Investment set to drop "big news" today; and the all-time highs continue for CME Group's bitcoin futures contracts.

The cryptocurrency market has endured some significant selling over the past day. At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $7,588.2 and $234.5; a 4.3% and 8.6% decline over the past 24 hours, respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,594.3 (-2.2%).

‘First Law Enforcement Action of its Kind’ Sees Top Crypto Coin Mixer Shutdown

The Dutch Financial Criminal Investigative Service (FIOD) – with the assistance of Europol and Luxembourg authorities – announced the seizure and closure of one of the three largest cryptocurrency mixer services in the world, Bestmixer.io.

This marked the “first law enforcement action of its kind against” a cryptocurrency mixer service, according to a press release from Europol. “A cryptocurrency tumbler or cryptocurrency mixing service is a service offered to mix potentially identifiable or ‘tainted’ cryptocurrency funds with others, so as to obscure the trail back to the fund’s original source,” the statement explained.

Despite the apparent victory for law enforcement, “authorities will come to regret the chain reaction that they are starting here,” according to Cornell associate professor of computer science, Emin Gün Sirer. Explaining his rational, Sirer tweeted “this kind of shutdown creates selective pressure for tumblers that cannot be shutdown. And we know, from the research world, that it’s possible to build much better ones.”

CEO of Cryptoasset Investment Giant Teases ‘Big News’ Today

Grayscale Investments – one of the world’s leading cryptoasset management firms – will be dropping some “big news” at 13:00 (UTC), its founder and chief executive Barry Silbert teased on Twitter.

Grayscale - a Digital Currency Group subsidiary - has been noticeably active on the publicity front in recent times. On May 1, it launched the largest mass media campaign the industry has ever seen and, in the time since, Silbert has been doing the rounds on the media circuit, appearing for interviews on the likes of Bloomberg, FOX Business, and Yahoo Finance.

Records Continue for CME Group’s Bitcoin Futures

CME Group – a world-leading derivatives marketplaces that also offers bitcoin futures contracts – revealed “May is shaping up to be the strongest month ever for CME Bitcoin Futures” in a client email sent on Tuesday.

According to the Chicago-based CME Group, they facilitated the trading of a staggering 33,677 bitcoin futures contracts on May 13; a new daily record. In U.S. dollar terms, this roughly equates to $1.3 billion. The firm also told clients the number of accounts trading its bitcoin futures contracts has risen to over 2,500 – also a new record high.