Fresh Van Eck Bitcoin Note Gives Traders Hope

Spread the love

Van Eck Associates Corp. has introduced a bitcoin exchange-traded note on a German crypto exchange. The trading platform is known as the Deutsche Boerse Xetra Exchange, and the company is trying to take advantage of the crypto wave that has been swelling and getting higher over the past few months.

Van Eck Continues to Move Forward

Van Eck has always been there to push bitcoin when people most need it. Last year, the company was widely considered the frontrunner when it came to getting a bitcoin exchange-traded fund (ETF) approved by the Securities and Exchange Commission (SEC). Sadly, things didn’t quite work out the way the company or crypto traders had planned, but executives have clearly shown that they’re not giving up, and they’ll always be there to ensure crypto gets its moment in the spotlight.

This time is no different. Over the past six or seven months, cryptocurrency has been viewed as a “safe haven” of sorts considering all the economic challenges the globe has been facing. The coronavirus pandemic came knocking on financial institutions’ doors in March, causing stocks, precious metals and of course, bitcoin, to come crashing down within a matter of weeks.

However, with everything else relatively slow to recover, the digital asset was quick to capitalize on the chaos and lack of order that was making its way through modern society, and it wasn’t long (only about two months) before the currency returned to form, jumping from below the $4,000 mark to about $9,000 in early May.

RECOMMENDED READ:  Ethereum 2.0 Is Likely to Boost DeFi Further, Even After Parabolic Rally

From there, people have viewed cryptocurrency in a new light. They now see it as a hedge tool; something that can potentially diversify their portfolios and keep their wealth steady during times of inflation and economic strife. Fiat currencies continue to suffer while the stock market has been up and down. Bitcoin and crypto, however, have remained relatively stable for some time.

Keeping Things Steady

Van Eck’s new crypto note is fully invested in bitcoin, and presently holds about $2 million in total assets at the time of writing. It is partially insured and held in cold storage to ensure it is safe and protected against hacks and malicious actors. Gabor Gurbacs – director of digital asset strategy at Van Eck – commented in a recent interview:

The next phase of growth in bitcoin and digital assets requires well-regulated access vehicles that fit into the established financial markets.

Crypto has been shooting up especially since October, given that this was the month where bitcoin established a newfound relationship with PayPal. The digital payment platform announced that it would allow users to purchase crypto through its system and potentially purchase items and services with digital assets. At the time, bitcoin was trading for just over $10K following a particularly bearish September, though it wasn’t long before the asset rose to $13,000.

 362 Interactions,  2 today

READ ALSO:
Bitcoin on-chain results show no bull market peak at $60K, and trading interest is decreasing.

According to Bitcoin on-chain results, speculators and long-term investors have become more secure in higher prices as their trading activity Read more

RECOMMENDED READ:  Winklevoss twins’ crypto exchange launches interest offering up to 7.4%
A bitcoin mining corporation has opened a branch in Austin, following in the footsteps of Tesla.

Tech firms such as Oracle, Tesla, Hewlett Packard, and now Blockcap are relocating to Austin, prompting others to refer to Read more

Romanian university intends to consider cryptocurrency payments for admissions fees.

The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign Read more

Binance Coin (BNB) market capitalization surpasses Santander and UBS — What comes next?

Binance Coin has risen 900 percent to date, giving the token a $64 billion market value, surpassing Santander, Bank of Read more

Why is XRP seeing such a massive rally because Ripple is only worth $3 billion on the secondary market?

Ripple is currently valued at $2 to $3 billion, but its XRP assets are worth around $70 billion. The equity Read more

The price of Solana (SOL) is rising as airdrops draw new subscribers to the network.

This month, the price of Solana has increased by more than 50% as new ventures perform airdrops on the SOL Read more

Filecoin, IOTA, Enjin coin Price Movement Analysis for 11th April, 2021

The altcoin industry has been adjusting to the Bitcoin market's boom, and the valuation of most cryptocurrencies has risen in Read more

Stellar Lumens, Aave, Cosmos Price Movement Analysis for 11th April, 2021

Stellar Lumens moved within a bull flag pattern, but the pattern may be reversed if $0.58 -help is not sustained. Read more

Algorand, Bitcoin Cash, FTX Token Price Movement Analysis for 11th April, 2021

Algorand wasn't yet able to ascend above its horizontal channel. If the bulls can prevent a collapse in the coming Read more

Cardano, Bitcoin SV, Compound Price Movement Analysis for 11th April, 2021

Cardano observed a pattern of declining exchange rate, indicating that the market was likely in a delivery process. However, in Read more

Why retail Bitcoin traders should foresee a price increase

Big Bitcoin wallet inflows indicate a bullish pattern turnaround in the coming week. The price is currently about $60000; but, Read more

Leave a Reply

Contact Us