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Breaking: Spot Ethereum ETFs to begin US trading on July 23

The approved spot Ether ETF applicants included BlackRock, Fidelity and Grayscale, and are expected to bring billions of dollars into the ecosystem.

Spot Ether (ETH) exchange-traded funds have been given the final approval to begin trading in the United States on July 23.

On July 22, the United States Securities and Exchange Commission approved the final S-1 registration statements necessary for their launch on their respective stock exchanges, including the Nasdaq, New York Stock Exchange and Chicago Board Options Exchange.

The successful spot Ether ETF issuers include BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck and Invesco Galaxy.

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Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

BlackRock sets spot Ether ETF fee at 0.25% amid rush of S-1 filings

BlackRock’s iShares Ethereum Trust will start at a 0.12% fee until 12 months passes or after it amasses $2.5 billion in net assets, whichever comes first.

Asset management firm BlackRock has set the fee for its spot Ethereum exchange-traded fund at 0.25% ahead of a potential launch next week.

BlackRock’s S-1 registration statement, filed on July 17, explains its fee will be accrued daily at an annualized rate equal to 0.25% of the fund’s net asset value and is payable at least every three months in US dollars, in-kind or a combination of both.

It could “waive all or a portion” of the fee for certain periods, it said, adding that it plans to do this upon launch.

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Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

NYSE gauges interest in 24/7 stock trading like crypto: Report

While cryptocurrencies can trade and settle all day and night, stock trading has traditionally followed office hours.

The New York Stock Exchange (NYSE) is reportedly getting a gauge on whether traders would embrace 24-hour stock trading, similar to how cryptocurrency markets operate.

To test market sentiment, NYSE’s data analytics team put out a survey asking market participants whether they would support 24/7 or 24-hour weekday trading and if so, what systems should be put in place to protect traders from overnight price swings, according to an April 22 report from the Financial Times.

NYSE — along with the Nasdaq and Chicago Board Options Exchange — currently trade Monday to Friday between 9:30 am to 4:00 pm Eastern Time.

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Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

New York Stock Exchange Considers 24-Hour Trading, Partially Prompted by Crypto: Report

New York Stock Exchange Considers 24-Hour Trading, Partially Prompted by Crypto: Report

The largest stock exchange in the world is reportedly gauging interest in becoming an around-the-clock operation. According to the Financial Times, the New York Stock Exchange’s (NYSE) analytics team is surveying interest in after-hours trading. FT says the interest is largely driven by the 24/7 world of crypto trading, which saw huge increases in retail investors […]

The post New York Stock Exchange Considers 24-Hour Trading, Partially Prompted by Crypto: Report appeared first on The Daily Hodl.

Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

NYSE Considers 24-Hour Trading Model in Response to Crypto Market Trends

NYSE Considers 24-Hour Trading Model in Response to Crypto Market TrendsCryptocurrency markets operate continuously, trading every day of the week, around the clock. In a similar vein, reports indicate that the New York Stock Exchange (NYSE) is exploring the possibility of shifting to 24/7 operations. The data team at NYSE has conducted a survey among its investors, revealing a strong interest in the availability of […]

Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

Former NYSE President Says This Catalyst Will Trigger Flood of Cash Into Bitcoin and Other Crypto Assets

Former NYSE President Says This Catalyst Will Trigger Flood of Cash Into Bitcoin and Other Crypto Assets

The former president of the New York Stock Exchange (NYSE) says that one catalyst will inundate cash into Bitcoin (BTC) and other crypto assets. In a new interview with CNBC Television, Tom Farley, the former president of NYSE and current chief executive of the crypto exchange platform Bullish, says that Bitcoin exchange-traded funds (ETFs) will […]

The post Former NYSE President Says This Catalyst Will Trigger Flood of Cash Into Bitcoin and Other Crypto Assets appeared first on The Daily Hodl.

Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

Nearly All Cryptocurrencies To Be Regulated As Securities, Says CEO of NYSE’s Parent Company

Nearly All Cryptocurrencies To Be Regulated As Securities, Says CEO of NYSE’s Parent Company

The head of NYSE parent company Intercontinental Exchange Inc (ICE) reportedly says that the collapse of the FTX exchange will likely have an enduring effect on how the crypto market will be regulated. According to a new report from Reuters, ICE CEO Jeffrey Sprecher says that nearly all crypto assets will likely be regulated under […]

The post Nearly All Cryptocurrencies To Be Regulated As Securities, Says CEO of NYSE’s Parent Company appeared first on The Daily Hodl.

Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

Twitter monetization and free speech drove Binance’s $500M injection: CZ

Binance will also assist Twitter’s integration into Web3 by implementing crypto payments and deploying a dedicated team of on-chain specialists to stop spam bot accounts.

Binance CEO Changpeng “CZ” Zhao has explained the reasoning behind its $500 million co-investment into Elon Musk’s Twitter, citing monetization potential, crypto community free speech, and the opportunity to eventually “help bring Twitter into Web3.” 

CZ’s comments came from an Oct. 31 CNBC Squawk Box segment, where he explained what drove his co-investment with Elon Musk to acquire the social media platform noting:

"I believe Twitter has not been monetized well, it has not grown well, there's many tactical problems like bots that spam my comments, there's scammer accounts on there, it's not been run well."

“But I think the platform has huge value in itself, and especially now with Elon at the helm, we’re very confident,” he added.

Binance has not wavered in its support for Musk's acquisition of Twitter since it first announced its support in May 2022. Other co-investors include Sequoia Capital Fund, Fidelity Management and Research Company.

The Binance CEO said Twitter’s difficult price valuation didn’t impact its investment decision as they considered the long term prospects to be strong, while giving crypto a “seat at the table” when it comes to free speech:

"We're long-term investors, we believe in strong entrepreneurs, we believe in strong platforms, we believe in free speech [...] we look at this from a 10, 20, 50, 100-year basis, so a little price fluctuation on a monthly basis doesn't bother us."

However, decisions as to what Twitter accounts are re-activated won’t lie in the hands of Musk, who said that a new “content moderation council” will bear the duty to determine what banned user accounts are restored.

However, the billionaire entrepreneur confirmed in a tweet that the council will exercise its discretion with “widely diverse viewpoints.”

CZ says it invested as it also hopes to play a part in Twitter’s eventual transition to Web3, such as adding cryptocurrency-based payments on to the social media platform.

“We want to help solve those immediate problems like charging for memberships [....] that can be done very easily by using cryptocurrencies as a means of payment.”

According to a Reuters report on Oct. 28, the crypto exchange plans to create a dedicated team to work on potential crypto and blockchain-based solutions for Twitter.

The new team will explore how to build on-chain solutions to address issues such as spam bot accounts.

Related: Twitter’s top brass gutted as Elon Musk’s takeover begins

Binance’s $500 million investment into Twitter makes them the fourth-largest shareholder in the social media platform amongst 19 investors.

Twitter is also no longer a publicly-traded company, having been delisted from the New York Stock Exchange (NSYE) on Oct. 28, following Musk’s decision to take the company private.

Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

New York Stock Exchange Files Trademark for Offering Trading Services in the Metaverse

New York Stock Exchange Files Trademark for Offering Trading Services in the MetaverseThe New York Stock Exchange (NYSE) has registered a trademark application to offer digital currency and NFT trading services in the metaverse. The application, filed on February 10th, constitutes the first foray of the company into the concept of the metaverse. The organization might be competing with other exchanges and established NFT marketplaces in the […]

Bitcoin open interest tops chart after hitting $75K ‘sweet spot’ 

Bitcoin price eyes $65K breakout as BTC exchange reserves fall to 2018 lows

Decreasing reserves mean a decline in Bitcoin supply for selling, altcoin purchasing and margin trading.

Bitcoin’s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges.

According to data provided by CryptoQuant — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC.

Bitcoin reserves across all exchanges. Source: CryptoQuant

CryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins purchasing, and margin trading.” Additionally, that also reflected traders’ intention to “hodl” the cryptocurrency.

Demand for Bitcoin grows among whales and fishes

On the other hand, the cryptocurrency’s demand appears to have been increasing across retail and institutional traders, with the number of wallets holding more than $100 and $10 million worth of BTC reaching their record high of 16.67 million and 10,510, respectively.

Bitcoin addresses with balance greater than $100 and $10 million. Source: Messari, Coin Metrics

On-chain analyst Willy Woo published a report in August 2021 that discussed Bitcoin’s “supply shock” against its rising demand, concluding that the cryptocurrency’s per-token worth should be at least $55,000

The “conservative” target remained lower than pseudonymous analyst PlanB’s $135,000 price projection by the end of 2021, based on his stock-to-flow model.

Meanwhile, PlanB’s Bitcoin price prediction for November 2021 sits around $98,000, above $70,000, the most preferred strike target for the options expiring on Nov. 26, as shown in the chart below.

BTC options OI by strike price (expiry Nov. 26, 2021). Source: Bybt

BTC price macro fundamentals

Bitcoin’s bullish on-chain fundamentals are likely to see further strength from Wall Street adoption. 

On Tuesday, ProShares became the first exchange-traded product firm to launch a Bitcoin futures-based exchange-traded fund (ETF) on the New York Stock Exchange. In a milestone for Bitcoin investing opportunities, the listing opened a new road for institutional investors to gain exposure to BTC.

For instance, Fundstrat Global Advisors co-founder Tom Lee said he anticipated Bitcoin ETFs to attract at least $50 billion in the coming 12 months, reasserting his team’s year-end $100,000 price target for BTC.

Technically, Bitcoin appeared to be heading toward its record high near $65,000, now acting as a resistance level.

BTC/USD daily price chart featuring Fibonacci retracement levels. Source: TradingView

On the flip side, Bitcoin’s relative strength index (RSI), a momentum indicator that analyzes an asset’s overbought/oversold signals, reported the cryptocurrency price as excessively high on the daily candle chart, suggesting that a pullback is on the table. 

Related: Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs

Should a correction happen, Bitcoin’s next support target could be near $57,500, which serves as the 78.6% Fib level of the Fibonacci retracement graph, drawn between the $65,000 swing high and the $30,000 swing low.

The level also coincides with Bitcoin’s 20-day exponential moving average (the green wave in the chart above). The said level has earlier acted as strong support during Bitcoin’s uptrend. 

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

Bitcoin open interest tops chart after hitting $75K ‘sweet spot’