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Australia Greenlights Second Cryptocurrency ETF on Leading Stock Exchange

According to a statement released by the company on Tuesday, Sydney-based asset manager DIGITALX has received approval from the Australian Securities Exchange (ASX) to launch a Bitcoin ETF (exchange-traded fund), making it the second such product to be approved by the country’s leading stock market. The DigitalX Bitcoin ETF, with the ticker BTXX, is scheduled to be listed on July 12.

In collaboration with K2 Asset Management and 3iQ, DIGITALX has introduced the Bitcoin ETF to meet the increasing demand for cryptocurrency investments linked to the largest cryptocurrency in the market. CEO Lisa Wade of DIGITALX believes that the launch of the Bitcoin ETF will attract new market participants and allow institutional investors to include Bitcoin and digital assets in their strategic asset allocations. She emphasized the long-term perspective behind the decision, acknowledging the ongoing process of integrating cryptocurrencies into traditional investment portfolios.

The ASX had also recently approved VanEck’s Bitcoin ETF (VBTC) three weeks ago and BetaShares Holdings, a fund manager from Sydney, has applied to launch Bitcoin and Ethereum ETFs on the ASX. While the DigitalX Bitcoin ETF and VanEck’s ETF will be the second pair of Bitcoin ETFs to be approved by the ASX, Australia has previously seen the introduction of two other Bitcoin ETFs in the last two years.

The established Bitcoin ETF market in the United States experienced a significant inflow of nearly $300 million on Monday, resulting in a 3% surge in the cryptocurrency price within a 24-hour period. Despite a recent 20% price drop from its peak of $70,000 to as low as $53,500, Bitcoin has demonstrated resilience. The influx of funds into the ETF market signals investors’ interest in accumulating the digital asset at potentially discounted rates, indicating a positive sentiment in the market.

July has historically been a favorable month for Bitcoin, with average returns of 7.98% and a median return of 9.60%. This positive trend is expected to continue, supported by optimistic macroeconomic indicators and a renewed interest in Bitcoin ETFs.

The chart from TradingView.com shows BTC’s price recovery in the past 24 hours, highlighting the positive market sentiment. Featured image from DALL-E, chart from TradingView.com.

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