With an initial financing of 985,000 AUD, the VanEck Bitcoin ETF becomes the first to trade on the Australian Stock Exchange (ASX). ASK is assisting other issuers with their listing so they may take advantage of the exchange’s increased liquidity.
Spot Bitcoin (BTC) ETFs are seeing interest in the international market following their successful launch in the US. Today, June 20, marks the VanEck Bitcoin ETF’s debut on the Australian stock exchange. The main stock market in Australia will list its first Bitcoin ETF with this one.
The VanEck Bitcoin ETF has an initial investment of A$985,000 ($657,000) and will begin trading on the exchange run by ASX Ltd. This exchange-traded fund (ETF) is the feeder fund for the $647 million VanEck Bitcoin Trust that operates in the US.
Check Out the Latest Prices, Charts, and Data of BTC/USDT
Australia planning to introduce more Bitcoin ETF offerings very soon
DigitalX Ltd. and BetaShares Holdings Pty., both located in Sydney, are reportedly trying to list their ETF products on Australia’s premier stock market. VanEck is the sole application to receive permission thus far, according to an ASX representative, and the exchange is still in contact with issuers throughout this period.
The other exchange in the nation, CBOE Australia, is now hosting certain cryptocurrency exchange-traded funds (ETFs). Together, the three funds—Global X 21Shares Bitcoin, Global X 21Shares Ethereum (ETH), and Monochrome Bitcoin—manage around $90 million in assets.
The US BTC ETFs caused a large surge in inflows into the cryptocurrency market once they went online in January of this year. Nonetheless, throughout the last several trading sessions, many Bitcoin ETFs have seen withdrawals due to the present Fed uncertainties.
Along with the US, the top crypto-friendly jurisdictions in the Asia Pacific region have also shown keen interest in offering Bitcoin ETFs. In a note, Bloomberg Intelligence Senior ETF Analyst Rebecca Sin wrote: “The Asia-Pacific region’s potential for virtual-asset ETFs may hit more than $3 billion in the next few years”. There’s likely to be an even split within the top three regions – Hong Kong, Australia, and South Korea.
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Top banks to approve BTC ETFs
Leading banks and storage facilities are reportedly “cusp of approving” some of the best Bitcoin exchange-traded funds (ETFs). The bears say that spot Bitcoin ETFs are “done” for the time being as they start to lose traction.
Opponents contend that institutional involvement in ETFs is restricted to basis “cash and carry” trades rather than net long holdings, and that individual investors dominate the initial allocations. According to a letter sent to customers on Tuesday by Gautam Chhugani and Mahika Sapra, this suggests that ETF flows are not “real.”
Stablecoins to represent 10% of the world economy in a decade: Circle CEO
According to Jeremy Allaire, CEO of stablecoin issuer Circle, stablecoins will make up 10% of the world economy in the next ten years.
Allaire recently offered his positive outlook on the developing cryptocurrency industry on social media, emphasizing the growing acceptance and incorporation of stablecoins into the international financial system.
I’m more bullish than I have ever been about crypto.
I have been building @Circle for over 11 years, and at no time have I been more optimistic than right now.
I also believe that the overwhelming majority of people have an extremely narrow and limited understanding of what’s…
— Jeremy Allaire (@jerallaire) June 19, 2024
Internet technology advanced by crypto
Highlighting how stablecoins are being used for more and more financial services and transactions, Allaire underlined how quickly blockchain technology is developing and how these developments might have a big influence on the economy in the coming ten years.
“I’m more bullish than I have ever been about crypto,” said Allaire. “I have been building @Circle for over 11 years, and at no time have I been more optimistic than right now.”
He said that a great wave of open networks, open protocols, and open software had emerged on the internet, revolutionizing both business and daily life. “On the cusp of catapulting society and the economy forward in tremendously powerful new ways,” according to Allaire, is cryptocurrency.
The internet’s potential was constrained and centralized entities became more prevalent as a result of the lack of a mechanism to guarantee completely trustworthy data and transactions. By offering a reliable and decentralized foundation, cryptocurrency provided a solution.
Stablecoins’ promising future in 10 years
“How far have we come?…Digital assets have become an accepted part of the emerging global financial system, with virtually every major government in the world setting clear rules for how digital assets can be issued, used and traded,” stated Allaire.
Stablecoins have become a major application of cryptocurrency due to its quick growth and broad use. They promote the global usage of digital currency and aid in the growth of the on-chain economy.
“By the end of 2025, stablecoins will be “legal electronic money” almost everywhere, which sets them up to become a larger and larger portion of the $100T+ market for electronic money,” the CEO predicted.
“What does it look like when 10% of global economic money is stablecoins…?” asked Allaire. He believed that all his envisions would be achieved over the next 10+ years and it is hard now to be optimistic about the crypto economy.
TON ecosystem reaches new milestones as Toncoin price falters
Future hope is sparked by the TON ecosystem’s TVL hitting $600m despite the drop in Toncoin’s price to $7.
The TON ecosystem reached a noteworthy milestone on June 17, 2024, when its total value locked (TVL) reached $600 million. This expansion contributed to the blockchain’s 130% growth in less than a month. Many in the cryptocurrency world believe that the popularity of the network’s small applications has played a major role in its present attractiveness and expansion.
But Tuesday saw a sharp decline in the price of Toncoin despite this significant breakthrough. It dropped to $7, the lowest point, over 10%. Its current standing is its lowest since June 12. Consequently, Toncoin has declined from its peak by about 15%.
However, Toncoin fans think that this is only a temporary setback and expect good things to happen for the coin and ecosystem in the future.
Additionally, analysts believe that Toncoin may soar to new heights due to the expanding TVL and the impending introduction of TapSwap, the well-liked Telegram tap-to-earn platform.
A Tap-2-Earn Telegram mini-app called TapSwap has amassed more than 26 million social media followers. Toncoin’s quickness and inexpensive transaction fees are the reasons for their decision, according to TapSwap’s creators.
🚀 @tapswapai, the Tap-2-Earn Telegram Mini App with 26M+ social media followers, will launch on #TON!
Launched on Feb 15, 2024, it has seen massive growth. Users earn in-game tokens by tapping and completing missions and tasks. Today, the app boasts over 50M users worldwide and… pic.twitter.com/DJiZi39wDd
— TON 💎 (@ton_blockchain) June 18, 2024
Simple-Ton is a fresh initiative that strives for an explosive run on the ecosystem and is another intriguing startup that has started on the TON blockchain. Inspired by the beloved SpongeBob world, Simple-Ton Coin uses the Jetton Smart Contract to provide its community with an entertaining experience.
The Simple-Ton team has employed two strategies to guarantee the integrity of Simple-Ton Coin as part of their dedication to openness and security. First up is relinquished ownership. Since the ownership of the contract has been completely abandoned, no one party is able to manage or change it.
Secondly, in order to remove the possibility of rug pulls and give the community a safe trading environment, the team destroyed the liquidity pool.
Hello @ton_blockchain $TON https://t.co/EADl2iT1O1
— Simple Ton Coin (@simpletoncoin) June 17, 2024
The popularity and growth of Simple-Ton today are similar to those of Resistance Dog (REDO), another popular memecoin on the TON platform. REDO, which has a market value of $109.76 million and a 24-trading volume of $5.74 million, has experienced significant growth over the last week, earning a spot in the portfolios of both novice and seasoned investors.
Aiming for significant expansion, Simple-Ton is following suit with its present strategy and strong security measures. It’s still unclear, though, what this project’s future holds.
