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- Crypto winter is harshly upsetting crypto products globally.
- Bitcoin is the most affected crypto product amidst the crypto winter.
An official letter released on November 2 notes that the firms behind Cosmos Purpose Ethereum Access ETF, the Cosmos Purpose Bitcoin Access ETF, and the Cosmos Global Digital Miners Access ETF filed a request on Cboe Australia to have their quotations canceled.
According to the information, The conclusion to cancel the quotes mirrors the crypto winter’s effect on demand for crypto assets, not the management team’s faith in the space future. All these three funds individually have a net asset value under $1 million.
As of Monday, October 31, 2022, Cosmos had asked that trading of its Bitcoin and Ether ETFs be discontinued. One Managed Investment Investment Funds Ltd also requested a separate trading halt for the Digital Miners ETF.
ETFs are speculations that exchange on a standard trade, like ordinary stock. They can follow the cost of a solitary stock, product, resource, or container. A Bitcoin ETF would permit individuals openness to BTC’s cost without purchasing the real digital currency.
In April 2022, TheCoinRepublic reported that ETFs are ready to debut in Australia, and Cosmos collaborated with Purpose Investment in February.
For listing the first Bitcoin ETF in Australia, Cosmos roped in a minimum of four market participants to support the 42% margin requirement required to cover the risk.
Monthly reports of CryptoCompare quoted that crypto products like ETNs(Exchange Traded Notes) and ETFs(Exchange Trade Funds) severely declined in October 2022.
The ETNs and ETFs product mirror a decline in AUM (Asset Under Management) for three continuous months, falling 0.76% and 1.59% to $1.68bn and $2.12bn, respectively.
The downfall is still more reasonable than in September, which saw ETN and ETF products dip by 10.5% and 21.1%, respectively.
The crypto market has been battling with crypto winter and massive volatility for several months, and the volatile market has impacted all sorts of crypto products.
Crypto markets recovered in October on anticipation of a less aggressive stance by the Federal Reserve after two successive months of downfalls, with Bitcoin and Ethereum increasing by 3.38% and 9.90%.
Crypto winter is known as the time in which crypto products struggle the most, where the prices of cryptocurrencies do not show any significant hike; instead, some witnessed a sharp downfall in their trading price.
Some crypto analysts predicted that there is some chance of Bitcoin’s crash in 2022. Still, Capo, a crypto investor, thinks that Bitcoin may touch $21,500 after Fed chair Jerome Powell’s speech on November 2, 2022, declaring another interest rate hike.
While writing this, Bitcoin is trading at $20,592.71 with a 24-hour trading volume of $44,449,657,132.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
