Bitwise Asset Management has withdrawn its application with the SEC to list an exchange-traded fund (ETF) that would be indexed to the market capitalization of Bitcoin and Ether. The firm said the decision was made given concerns over “market structure and investor protection issues.”
Cryptocurrency Ether has triggered a so-called “death cross” as its price dips beneath a major long-term support level. Analysts are warning that this could be a major indicator of a further decline in its value.
Despite a significant surge in BTC trading prices and transactions, Ethereum’s Ether has remained relatively flat while its founder Vitalik Buterin transfered $1M to Coinbase. This transfer has been seen as yet another indication of the booming cryptocurrency market.
Yesterday, an unidentified trader reportedly lost $55M after placing a large long position on Ether. The trader’s reckless gamble has shaken market expectations of crypto volatility and is likely to have caught the attention of institutional players.