March 2 (Reuters) – CBOE international markets is looking for approval from the U.S. Securities and Trade Fee (SEC) to checklist a bitcoin Trade Traded Fund (ETF), in line with a submitting, the most recent try to launch such a product in the US.
The submitting got here as Citi analysts mentioned the most well-liked cryptocurrency was at a “tipping level” and will turn into the popular forex for worldwide trades, whereas Reuters reported that Goldman Sachs Group Inc had restarted its cryptocurrency buying and selling desk.
Bitcoin rose as a lot as 10% on Monday, amid a broader rise in danger property.
Whereas its value has risen considerably over the previous yr, bitcoin stays extremely risky. The digital forex smashed by way of $58,000 on Feb. 21 then fell again by as a lot as 25%.
In Asian buying and selling Tuesday morning it struggled to discover a clear path, hovering round $49,700
The SEC has beforehand rejected a number of makes an attempt to checklist Bitcoin ETFs.
The CBOE’s submitting late Monday U.S. time mentioned investing in Bitcoin through an exchange-traded product would provide benefits to retail buyers, together with entry to raised custody. Storing bitcoin safely is a standard downside for buyers.
Canada’s Objective Bitcoin ETF final month grew to become the world’s first exchange-traded fund bodily settled within the cryptocurrency, with asset managers within the nation dashing to launch their very own bitcoin ETFs. (Reporting by Alun John; enhancing by Richard Pullin)