Major Swiss Stock Exchange SIX Lists World’s First Multi-Crypto ETP Amidst Market Collapse

Switzerland‘s principal stock exchange SIX Swiss Exchange will list the world’s first multi-crypto-based exchange-traded product (ETP) next week, the Financial Times (FT) reported Saturday, Nov. 16.

Backed by the Swiss startup Amun AG, the first global multi-crypto ETP will be listed under index HODL, and will track five major cryptocurrencies: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

According to the article, each cryptocurrency will acquire a certain market share within the upcoming ETP, with Bitcoin accounting for around half of the ETP’s assets. The rest are set to be divided in fractions, with 25.4 percent in now-second cryptocurrency XRP, and 16.7 percent in Ethereum, while Bitcoin Cash and Litecoin will acquire 5.2 and 3 percent of the market, respectively.

Amun’s co-founder and chief executive Hany Rashwan commented that the upcoming ETF is organized in a way to comply with the same strict policies that are required by traditional ETPs. According to Rashwan, this will provide a well-regulated tool for trading cryptocurrencies for both institutional and retail investors that are limited in the field by crypto-unfriendly environments.

The Amun ETP index will be managed by the German index unit of investment management firm Van Eck, according to major Swiss news agency Finews.com. While Amun AG is based in the Swiss “crypto valley” town of Zug, it is reportedly a branch of Amun Technologies, a U.K.-based fintech company. The firm first announced their plans to introduce a crypto ETP in late September this year, according to Bloomberg.

According to Amun’s official website, SIX Swiss Exchange is the fourth largest stock exchange in Europe with a market capitalization of $1.6 trillion. On Wednesday, Nov. 14, head of securities and exchanges at SIX Thomas Zeeb claimed that blockchain-based digital exchanges will entirely replace conventional ones in “about ten years,” citing a large interest in cost advantages of the technology by brokers, banks, and insurance firms.

ETPs represent a type of security that is priced derivatively and trades intraday on a national securities exchange, based on investment tools such as commodity, a currency, a share price, or an interest rate, according to New York City-based investing and finance website Investopedia. ETPs can reportedly be actively managed funds, including exchange-traded funds (ETFs), and others.

Some experts have predicted that adoption of Bitcoin ETFs will be a “way bigger deal” than a cash settlement Bitcoin futures contract, and hence will be a bigger basis for the growth of crypto markets.

In Sweden, XBT Providers already have a Bitcoin ETP called Coinshares, which has attracted around $1 billion since 2015 when it was listed on major Swedish exchange Nasdaq Stockholm.

Recently, the U.S. Securities and Exchange Commission (SEC) stopped accepting public feedback on their Bitcoin ETFs policy review, following the previous denial of nine applications to list and trade various BTC ETFs from three companies, including ProShares, Direxion, and GraniteShares.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, Nov. 14

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Market data is provided by the HitBTC exchange.

After months of stability, cryptocurrencies are under a renewed bear attack, as total market capitalization has again dipped below $188 billion. The current sell-off comes after months of range bound trading on markets. This is a negative sign because it shows that, after a period of relative balance, sellers have gained the upper hand.

None of the cryptocurrencies were spared in the carnage as most of the top ten tokens by market capitalization are down anywhere between 9-18 percent. This shows that selling has been broad-based. Though the exact reason for the fall is unknown, CEO of BKCM Brian Kelly believes that it might have been triggered by uncertainty surrounding the Bitcoin Cash fork.

How should traders approach this new development? Is it time to do some bottom fishing or is it best to sit and wait until the decline plays out? Let’s see.

BTC/USD

Bitcoin crumbled today as the break below the trendline attracted sharp selling, plunging prices to new year-to-date lows. As prices broke below $5,900, it triggered our stop loss suggested at $5,900. Currently, the bulls are trying to push prices back above $5,900 but every small pullback is being met with a fresh wave of selling.

BTC/USD

If the bears sustain prices below $5,900, the next drop should take the BTC/USD pair to $5,450 and below that to $5,000. Contrarily, if the bulls stage a successful pullback, the digital currency might attempt to climb above the trendline once again.

At times, the first move from a consolidation is a fake out. Hence, the next couple of days are very critical for the digital currency as it will dictate the next direction. If the bears exploit the breakdown and sink prices lower, then it is best to sit out until the decline ends. However, if the bears fail to capitalize on the fall, it shows strong demand at lower levels. Therefore, we suggest traders wait for the next couple of days, as it will give us a better clue about the next direction.

ETH/USD

Though Ethereum broke below the immediate support at $188.35, it did not slide through the Sept. 12 intraday lows of $167.32. Currently, the bulls are staging a comeback, having pushed prices back above $188.35, which shows demand at lower levels.

ETH/USD

If the ETH/USD pair sustains above $188.35, it is a bullish sign as it rejects the lower levels. On the other hand, if the current pullback attempt is met with another round of selling, then traders can expect the fall to extend to the next lower supports of $136 and $110. Though we like that it has not made a new low today, it is still too early to go out and buy. Therefore, we suggest traders wait and watch from the sidelines.

XRP/USD

The rebound from the breakout levels faded and Ripple has turned down. It broke below the moving averages and the support zone, plunging to $0.40. In doing so, it triggered our stop loss suggested at $0.45.

XRP/USD

Currently, the XRP/USD pair has recovered some of its losses and is trying to climb back above the moving averages. It will pick up strength if the bulls breakout of the small downtrend line.

On the downside, the critical support to watch is $0.37198. If this level breaks, the next support is much lower at $0.24508.

BCH/USD

Bitcoin Cash had one of the worst falls among the top cryptocurrencies. Selling increased as it broke below the 61.8 percent Fibonacci retracement level of $500.3425 and the 50-day SMA. Our recommended stop loss triggered at $480. Panic dragged the BCH/USD pair down to an intraday low of $423 where some buying emerged.  

BCH/USD

Considering the uncertainty of the hard fork on Nov. 15, we advise traders to stay away from initiating any fresh positions now. Traders can wait for the dust to settle before taking any trading positions.

EOS/USD

EOS plummeted below the tight range and fell to the critical support at $4.4930. This triggered our stop loss proposed at $4.90.

EOS/USD

Currently, the bulls are trying to provide support at $4.4930. If the level holds, a pullback towards $5 is likely. However, if the support breaks, a retest of the critical support at $3.8723 is probable.

The 20-day EMA has started to turn down and the RSI has reached close to oversold territory, which shows that the bears have an upper hand. We suggest traders wait for the EOS/USD pair to stabilize before initiating any long positions again.

XLM/USD

Stellar is currently trading inside an ascending channel, having declined from the top of the channel to the bottom. We anticipate strong support around the $0.22–$0.225 mark from the support line of the channel and the downtrend line of the descending triangle.

XLM/USD

If the XLM/USD pair breaks below the channel and re-enters the descending triangle, it will be a negative sign. Therefore, traders who are long on our recommendation can keep their stops at $0.22.

If support from the channel holds, the bulls will again attempt to gradually move towards the top at $0.30. The moving averages have flattened out and the RSI has marginally dipped into negative territory, which points to consolidation in the near term.

LTC/USD

Litecoin has plunged to a new year-to-date low. Today, the price sliced through the critical support zone at $49.466–$47.246 and fell to a low of $42.758. As the price had dipped below $50 on Nov. 13, our recommended stop loss was triggered.

LTC/USD

If the bears sustain prices below $47.246, the LTC/USD pair has a lower target objective of $40 and $32.

On the other hand, if the bulls attempt to bounce and climb above $49.466, it will indicate buying at lower levels, which is positive. Currently, however, the digital currency remains negative, hence, we are not suggesting any trades.

ADA/USD

Cardano could not scale the 50-day SMA for the past five days, attracting sellers. It easily broke below the support from the tight range at $0.068989 and reached close to the critical support at $0.060105 where some buying emerged.

ADA/USD

If the support at $0.060105 breaks, the ADA/USD pair can slide to $0.043722. Currently, the bulls are attempting to push prices back above the $0.068989 level. If successful, the virtual currency will remain in a range, oscillating between $0.060105–$0.082207.

XMR/USD

Selling in Monero intensified as it broke below the immediate support at $100.453. It plunged to an intraday low of $85.039 where some buying emerged.

XMR/USD

Currently, the XMR/USD pair is attempting to climb back above $100.453. If successful, the range bound action is likely to continue.

However, if the bounce is met with strong selling at higher levels, a retest of the $81 level is likely within the next couple of days. The 20-day EMA is turning down and the RSI has dipped into negative territory, which suggests an advantage for bears in the short-term. We recommend traders wait for prices to stabilize and show an upward trajectory before initiating any long positions.

TRX/USD

TRON broke below the bottom of the range and fell close to the critical support at $0.0183. This level had held twice before, hence, we anticipate the bulls to defend it once again.

TRX/USD

However, if the $0.0183 level breaks down on a closing (UTC time frame) basis, the TRX/USD pair might slump to the next lower level at $0.00844479.

If the support holds, the digital currency will extend its stay in the range between $0.0183–$0.02815521.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

US Man Fined $1.1 Million, Sentenced to 15 Months for Fraudulent Bitcoin, Litecoin Schemes

U.S. citizen Joseph Kim of Phoenix, Arizona has been fined $1.1 million and sentenced to 15 months in jail for misappropriating Bitcoin (BTC) and Litecoin (LTC) from several people, the U.S. Commodity Futures Trading Commission (CFTC) reports Friday, Nov. 9.

The CFTC found out that Kim defrauded his employer, a Chicago-based proprietary trading firm, transferring approximately $601,000 worth amount of BTC and LTC to his own accounts in 2017. When asked about missing cryptocurrencies, Kim falsely claimed that security issues made him transfer digital currencies to several accounts. Shortly after, the misappropriation was discovered and Kim was fired.

Kim reportedly then defrauded private investors in order to return funds to his employer. According to the CFTC, he lured around $545,000 worth of cryptocurrencies from five individuals, falsely stating that he had left the company voluntarily to start his own trading company. Kim later lost all the investors’ funds following a high-risk bet.

Given the circumstances of the case, the CFTC has ordered Kim to pay $1.1 million in restitution to his company and customers. Moreover, the commission has imposed a permanent trading and solicitation ban on him.

In a separate criminal action brought by the U.S. Attorney for the Northern District of Illinois, Kim pleaded guilty to defrauding his employer and misappropriating private investors’ funds, and has received a 15 month sentence.

The CFTC Director of Enforcement, James McDonald, says the commission will continue to cooperate with the U.S. Department of Justice (DoJ) and the FBI in order to prevent crypto-related crimes.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with operating an unregistered securities exchange. He agreed to pay up to $400,000 in fines for an 18 month operating period.