Update: An earlier version of this article incorrectly reported that capital inflows into Grayscale Bitcoin Trust declined due to a lack of Wall Street interest. However, Seres Lu, vice president of Grayscale, updated Cointelegraph via email that the capital inflow stopped because the firm closed some of its trusts for administrative purposes. The article has been updated accordingly. There is a reason why Grayscale Bitcoin Trust (GBTC) emerged as a benchmark to measure institutional interest in Bitcoin (BTC). Grayscale no longer the only option for investors The digital currency investment product was among the only ones that offered hedge funds, …

Bitcoin (BTC) has crashed by around 44% from its all-time high of $64,899, signaling an end to its second-largest bull run that started in March 2020. Many analysts, including those from BiotechValley Insights, see "terrible technicals" in the Bitcoin market, noting that the flagship cryptocurrency could extend its ongoing decline until $20,000. Nevertheless, Glassnode Insights, a weekly newsletter issued by on-chain data analytics service Glassnode, anticipates a Bitcoin price recovery in the sessions ahead, based on an on-chain indicator that serves as a metric to gauge institutional interest in the cryptocurrency. Enough with discounts Dubbed as Grayscale Premium, the metric …

Edward Evenson, head of business development at Slush Pool owner Braiins, reported that a large number of Chinese Bitcoin (BTC) mining machines equivalent to Quebec’s entire output will be moving to North America and Europe. For those interested in the #Bitcoin mining news coming out of China I’ve had 300-400MW of mining machines contact me to help them distribute their machines across NA and some parts of EU. Some have also begun shipping machines to Kazakhstan. — Edward Evenson (@WillHash4Coins) May 27, 2021 In a Twitter thread on Friday, Evenson revealed that some Chinese BTC miners also have their eyes …

The Bank of Canada does not see a strong reason for issuing a central bank digital currency at the moment. Timothy Lane, the Bank of Canada’s deputy governor and head of research at the bank’s fintech and crypto department, spoke on CBDC issues at a Wednesday panel, Reuters reports. According to the official, the Canadian central bank is now focused on CBDC implementations in more concrete terms, thinking about how it might work and look. However, the Bank of Canada has not found any solid case for issuing a CBDC. Lane said: “In terms of where we are with the …

TechX Technologies Inc., a publicly traded company out of Vancouver, Canada, is in the process of acquiring a fiat-to-crypto gateway that it says will help strengthen synergies between traditional fiat currencies and emerging crypto assets. Mobilum, the acquisition target, is a licensed fiat-to-crypto gateway for exchanges, wallets, liquidity providers and brokers. The company processes up to $250,000 CAD worth of transactions each day, which is equivalent to roughly $206,000 at current exchange rates. To acquire Mobilum, TechX is paying $16 million CAD, or $13.2 million. Peter Green, CEO of TechX, believes Mobilum’s technology can “speed up the mass adoption of …

Canadian securities regulators have initiated a regulatory action against major global cryptocurrency exchange Poloniex. On Tuesday, the Ontario Securities Commission published a statement of allegations against Polo Digital Assets, also known as Poloniex, alleging that the firm has failed to comply with Ontario securities laws. According to the statement, Poloniex has never been registered with the agency, while encouraging Canadians to use its platform and allowing Ontario residents to trade crypto derivatives and securities. “Poloniex has never filed a prospectus with the Commission or obtained an exemption from the prospectus requirement,” the OSC wrote. As Poloniex is incorporated in the …

Following a major cryptocurrency sell-off, Canada’s central bank stated that digital assets like Bitcoin (BTC) remain a highly risky asset despite their adoption by institutional investors. The Bank of Canada issued on Thursday its financial system review, an annual report outlining the most important financial risks and economic vulnerabilities. As part of the review, the central bank paid specific attention to cryptocurrencies, stating that crypto volatility is an emerging vulnerability to Canada’s financial system: “Price volatility stemming from speculative demand remains an important obstacle to the wide acceptance of crypto assets as a means of payment. Despite the broadening institutional …

Ninepoint Partners LP, one of Canada’s Bitcoin (BTC) exchange-traded fund issuers, has announced plans to offset the carbon footprint of its BTC ETF product. According to a release issued on Monday, Ninepoint has inked a partnership with carbon offsetting service provider CarbonX. As part of the partnership, Ninepoint will dedicate an undisclosed portion of its management fees to purchase carbon credits to neutralize the environmental impact of the Bitcoin mining process of the BTC held in its fund. As previously reported by Cointelegraph, Ninepoint announced plans to convert its Bitcoin trust to an ETF back in March, with the fund’s …

After putting the matter to a vote among the unitholders of its Bitcoin trust, Toronto-based investment manager Ninepoint Partners has filed its final prospectus for a Bitcoin exchange-traded fund. According to an announcement from Ninepoint on Thursday, the securities’ regulatory authorities in each of the 10 provinces and 3 territories of Canada have acknowledged a receipt for its application to establish a Bitcoin (BTC) exchange-traded fund, or ETF. The firm said in March, it would allow its unitholders to vote on whether to convert its existing BTC trust to a Bitcoin ETF on the Toronto Stock Exchange, or TSX. Ninepoint …

Unlike its neighbor to the south that continues to procrastinate, Canada seems to be fast-tracking crypto assets — as evident again last week in its regulatory green light for three new Ether (ETH)-based exchange-traded funds, North America’s first. “Having an easily accessed ETF in Canada changes the competitive landscape,” Campbell Harvey, professor of international business at Duke University’s Fuqua School of Business, told Cointelegraph. The United States Securities and Exchange Commission will feel pressure to approve a cryptocurrency-based ETF soon, perhaps within months, said Harvey. “It is increasingly hard to make the case to exclude crypto,” he further explained, adding: …

Canada-based investment fund manager 3iQ’s Bitcoin exchange-traded fund created in partnership with Coinshares is now available for trading. In an announcement from 3iQ today, trading for the 3iQ Coinshares Bitcoin exchange-traded fund, or ETF, began on the Toronto Stock Exchange today. The fund’s units are trading in U.S. dollars under the ticker “BTCQ.U” and Canadian dollars under the ticker “BTCQ.” Trading opened at $11.89 for BTCQ before dipping to $11.51 and recovering, while units of the Bitcoin ETF in U.S. dollars opened at $9.39 and have since risen 0.4% at the time of publication. The investment fund manager said the …

While gaining exposure might still be difficult south of the US-Canada border, Canadian investors will shortly have a host of options to choose from to gain exposure to Ethereum (ETH) via an ETF as regulators have approved three different Ethereum ETFs in a single day. Purpose Investments, Evolve ETFs, and CI Global Asset Management were all approved by Canadian regulators to launch Ethereum-backed ETFs today. The ETFs will be the first ETH ETFs in North America, and among the first in the world. Some observers noted that all three being approved at once may have been part an effort not …