Cryptocurrency Heard for the Month – 1 July 2023

Since January 2, and as of June 30, 2023 our Crypto-currency suggested portfolio is up on average 18.96%, versus 5.86%, in June 15, 2023. For those who follow KEYSOFT Crypto blog, in our June 15 Crypto article, our technical analysis suggested a new good buying opportunity, after the recent crypto selling, prior June 15. Indeed, those who have doubled the investment, as of June 15 are up 13.1%, in just two weeks of trading!

Suggested Crypto-currency Portfolio Review

The following were our suggested entry price for:

 Bitcoin (BTC):  $16,526.92

Dogecoin (DOGE):  $0.068

Polygon (MATIC):   $0.76

Cosmos (ATOM):  $9.33 

Ethereum (ETH):  $1,194.68

Binance (BNB):  $244.97 

Polkadot (DOT):  $4.30 

Tether (USDT):  $1.00

Bitcoin (BTC) Current Price:  $30,805.00 UP 86.39.08%

Dodge Coin (DOGE) Current Price:  $0.07 UP 2.94%

Polygon (MATIC) Current Price:  $0.66 DOWN 13.16%

Ethereum (ETH) Current Price:  $1,887.16 UP 57.96%

Binance Token (BNB) Current Price:  $239.12 DOWN 2.39%

Polkadot (DOT) Current Price:  $5.16  UP 20.00%

Cosmos (ATOM) Current Price:  $9.32 DOWN 0.11%

Tether(USDT):  Current Price:  $1.00 UP 0.00%

In the news, Cathie Wood’s ARK Adds Surveillance-Sharing Agreement to Bitcoin ETF Application

Cathie Wood’s investment management firm, ARK Invest, is on the growing list of US-based firms that filed for spot Bitcoin exchange-traded funds (ETFs) approval with the SEC.

The investment manager, alongside crypto asset manager 21Shares, filed an amended spot BTC ETF proposal and added a surveillance sharing agreement.

This amendment followed almost two weeks after BlackRock’s spot Bitcoin ETF filing that generated a loud buzz within the crypto ecosystem.

ARK’s Revised Spot BTC ETF Proposal Could Meet SEC Requirements

BlackRock’s ETF filing contained the surveillance agreement, implying that ARK and 21Shares added the latest revision to match BlackRock’s.

ARK Invest and 21Shares submitted their spot Bitcoin ETF proposal to the SEC in April, nearly two months before BlackRock’s application came along. Theoretically, the duration and amendment move could place the firms ahead of BlackRock in obtaining the SEC’s approval.

Bloomberg Intelligence senior ETF analyst Eric Balchuna said ARK and 21 shares should receive approval first since they filed before BlackRock.

A clause in ARK Invest’s filing mimics a statement in BlackRock’s spot BTC ETF application. The filing states that ARK Invest expects to enter the surveillance agreement, dubbed “Spot BTC SSA,” with the Chicago Board Options (CBOE) BZX Exchange.

For context, CBOE is a leading US-based securities and derivatives market offering fully collateralized Bitcoin and Ethereum futures. A surveillance-sharing agreement requires exchanges to share information with regulators to prevent potential market manipulations.

The SEC has adamantly rejected many Bitcoin ETF proposals citing market manipulation as one of its concerns.

Also, the commission had said that previously rejected ETF applications did not have an adequate surveillance system. In a June 2022 SEC order rejecting Bitwise’s spot Bitcoin ETF, the regulator said the exchange must demonstrate that it meets certain obligations under Exchange Act to prevent fraud and manipulation.

According to the order, the exchange must “provide a comprehensive surveillance sharing agreement with a regulated market of significant size related to the underlying bitcoin assets.”

Synder also mentioned that the crypto industry has been considering a surveillance-sharing agreement for years.

She touted it as a feat that could make regulators more comfortable with the crypto industry.

Notably, BlackRock’s spot Bitcoin ETF filing in mid-June generated a buzz that caused massive rallies in the crypto market.

Since the news of the filing, Bitcoin price has surged over 21%, even climbing over $31,000.

 

 

Investment Diversification

Before investing in any financial vehicle, please note diversification is key to any good investment strategy, and this holds true, when you are investing in cryptocurrency. Do not put all your money in Bitcoin, for example, just because that is the name you know or most hear on the street.

There are thousands of options, and it is better to spread your investment across several currencies. Hopefully, the following articles in the subject will help you make better investment decisions, when investing in Cryptocurrencies, which are in nature a speculative investment.

 Until next article, wishing all of you wealthy trading!

 

 

 

July 4, 2023Tags: Asset Management, Automated Trading, bitcoin, Cryptocurrency, mam, Money Management, Multi Account Management, PAMM