DigitalX, a cryptocurrency fund manager in Australia, has been granted regulatory approval for its exchange-traded funds (ETFs) to be listed on ASX. ASX, the largest and most prominent exchange in Australia. DigitalX’s BTC ETF spot will be the ASX’s second BTC ETF after VanEck BTC ETF debuted on the exchange in the last month.
The press release states that the ETF’s ticker will be BTXX, and it will begin trading on Friday.
Also Read: Bitcoin (BTC) ETF Now On Australia’s Main Stock Exchange
DigitalX CEO Lisa Wade stated, ‘Our offer will allow Australians to easily invest in Bitcoin without the need to maintain digital wallets. It is also cost-effective and safe.‘
Wade further stated ‘It is a great pleasure to be able now to offer and deliver this Bitcoin ETF spot to the Australian Market. The Australian market for digital assets and our company are at a turning point. DigitalX Bitcoin ETF is a spot-ETF product which provides ASX users with direct Bitcoin access via a regulated, liquid fund structure.‘
What will Bitcoin do after the launch of BTC ETF in Australia?
Yesterday, BTC fell under $55,000. BTC’s price has continued to rise and has reclaimed $57,000, gaining 3.4% over the past 24 hours. The current market downturn is partly due to the outflows of BTC ETFs. If it attracts people, the launch of DigitalX’s BTC-ETF could be a game changer for BTC.
Also Read: German Govt. Moves 1000 Bitcoin Worth $55 Million: Another Slump?
VanEck’s BTC ETF launched in Australia didn’t do much to drive BTC’s value. It is possible that DigitalX will follow a similar trend.
In the last month alone, Bitcoin’s average mining costs surpassed $86,000. Ali Martinez, a cryptocurrency analyst, says that BTC has always outperformed its mining costs. According to Martinez’s research, BTC could reach a new high of upwards $86,000.
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Source: watcher.guru