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British Crypto Investment Firm Launches Avalanche, Cosmos, Polygon ETPs

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British Crypto Investment Firm Launches Avalanche, Cosmos, Polygon ETPs



Crypto ETP issuer ETC Group has announced the launch of three crypto exchange-traded products tracking the performance of Avalanche, Cosmos, and Polygon.

New Crypto Investment Vehicles

According to a report by ETF Stream, the latest investment vehicles – ETC Group Physical Avalanche ETP (AVAL), the ETC Group Physical Cosmos ETP (ATME), and the ETC Group Physical Polygon ETP (MTCE) – will track the price of the AVAX, ATOM, and MATIC.

The three new products were unveiled via white-label ETF issuer HANetf and listed on the Six Swiss Exchange and the Deutsche Boerse with total expense ratios (TERs) of 1.95%.

The latest addition by ETC Group takes its tally of crypto ETPs to eight. The British firm earlier launched ETPs tracking the value of Bitcoin Cash (BCH), Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), and Litecoin (LTC).

Following the development, Bradley Duke, founder and co-CEO of ETC Group, commented,

“Investors are increasingly interested in adding some of the newer, innovative cryptocurrencies to their portfolios – especially those amassing large market cap. The addition of these ETCs offers investors high quality, physically-backed digital assets, underpinned by our partnerships with liquidity providers to deliver liquidity and tight trading spreads.”

ETPs Dominate in Europe

ETPs are slowly becoming a very popular way for institutional investors in Europe to gain access to the cryptocurrency industry. Much of the interest has been fueled by the meteoric rise of Bitcoin in the past few years.

The continued embrace from establishments such as Ruffer Investment Company or financial institutions like – JPMorgan, Goldman Sachs, UBS – which have purchased these investment vehicles for an increasing number of clients, has also driven the interest in crypto exposure. With growing demand, the types of ETPs being listed have also amplified.

Earlier this month, ETC Group and HANetf unveiled Europe’s first metaverse ETF – ETC Group Global Metaverse UCITS ETF – under the ticker “METR.” It was listed on London Stock Exchange.

More recently, asset manager Fidelity International announced the launch of two new Bitcoin ETPs on the Zurich-based SIX Swiss exchange. The head of ETFs at Fidelity, Nick King, stated that the products will enable its clients in Europe to obtain access to the cryptocurrency “in a secure and convenient way.”

While ETFs have struggled to impress stringent regulatory compliances, ETPs, on the other hand, are dominating in Europe because their structure is often the only option that accommodates the guidelines.

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Litecoin

Price analysis 12/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Price analysis 12/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI


The current weakness in BTC and major altcoins shows that investor sentiment remains negative and that bears are active at higher levels.



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Litecoin eyes $100 after ‘rare’ LTC price breakout

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Litecoin eyes $100 after 'rare' LTC price breakout


Litecoin (LTC) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days.

LTC’s not-so-bearish symmetrical triangle

LTC’s price broke out of what earlier appeared to be a bearish symmetrical triangle.

Symmetrical triangles are trend continuation patterns, meaning breaking out of their range typically prompts the price to move in the direction of their previous trend. 

Litecoin formed a symmetrical triangle pattern between May and November after dropping 70% to nearly $40 in the prior trading sessions. Ideally, the LTC/USD pair could have resolved the pattern by breaking below its lower trendline.

But instead, it broke above the upper trendline in early November, as shown below. According to Edwards and Magee, the authors of Technical Analysis of Stock Trend, the breakout move is rare, given only 25% of symmetrical triangle breakouts have historically resulted in trend reversals.

LTC/USD three-day price chart. Source: TradingView

Litecoin followed up with its symmetrical triangle reversal move decisively and now eyes a run-up toward $100, or another 20% by December 2022.

This upside target is measured after calculating the distance between the triangle’s upper and lower trendline and adding the output to the breakout point (around $58 in Litecoin’s case).

Why is Litecoin price up?

Litecoin’s symmetrical triangle breakout move started in late October. It coincided with MoneyGram’s announcement that it would enable users to purchase, store, and use LTC alongside Bitcoin (BTC) and Ether (ETH) for payments.

LTC/USD three-day price chart. Source: TradingView

The LTC breakout lost momentum due to the FTX collapse in the first week of November and its negative impact on the broader crypto market. But, Litecoin resumed its upward trend amid speculations about its reward halving in the summer of 2023.

Related: Litecoin hits fresh 2022 high versus Bitcoin — But will LTC price ‘halve’ before the halving?

“Litecoin tends to rally in the months leading up to the halving,” noted market analyst, The Digital Trend, in his SeekingAlpha op-ed, adding:

“Then, the price tends to stabilize before entering a lengthier and more substantial bull market. Then, around halfway through the cycle, Litecoin enters a bearish/distribution phase like Bitcoin.”

LTC/USD price performance before and after halving. Source: TradingView/The Digital Trend

Litecoin’s price could reach $180 by July 2023 if the halving fractal plays out as intended, as Cointelegraph covered here.

The bearish take

Conversely, Litecoin can see a short-term correction as its three-day relative strength index (RSI) is turning “overbought.” The trigger for the downside move could be the RSI crossing above 70 from its current reading of 68, as shown below.

LTC/USD three-day price chart. Source: TradingView

LTC’s price downside target comes to be at around $40 in the event of a correction trend, down about 50% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.