Bitcoin Spot ETFs Boost Futures Trading; Global Crypto Talks Planned; Bukele Claims El Salvador Election Win
Summary:
ProShares reports that the introduction of Bitcoin spot ETFs has bolstered futures trading, according to Simeon Hyman, a top executive. Concurrently, South Korea's Financial Supervisory Service (FSS) chief, Lee Bok-Hyun, plans to discuss cryptocurrencies with global regulators. Further, Salvadoran President Nayib Bukele, a well-known crypto advocate, appears to have won his country's general elections as per initial but unconfirmed outcomes.
ProShares, an exchange-traded funds (ETFs) issuer, has reported that the introduction of Bitcoin spot ETFs has fortified, not dampened, futures trading of Bitcoin, says Simeon Hyman, a top executive at ProShares. Concurrently, Lee Bok-Hyun, who heads South Korea's Financial Supervisory Service (FSS), announced intentions to engage in discussions with global counterparts about cryptocurrencies. Further, according to initial unconfirmed outcomes, Salvadoran President and cryptocurrency advocate Nayib Bukele appears to have come out victorious in his country's general elections.
ProShares, known for its Bitcoin Strategy ETF (BITO), a futures-based investment tool, affirmed that recent developments with Bitcoin spot ETFs had no adverse implications on its operations. Despite the active participation in spot ETF trading, BITO, that began trading just last year, is witnessing robust trading volumes. Hyman also shed light upon how these spot Bitcoin offerings may actually reinforce the futures market.
In fact, Hyman argued that the futures market has been bolstered by the entry of spot ETFs. The enhanced participation in Bitcoin witnessed with spot ETFs, he reasoned, eventually improved the already well-regulated and competent futures market.
South Korea's FSS head, Lee, has unveiled his plans to connect with Gary Gensler, chief of the U.S. Securities and Exchange Commission (SEC), to examine aspects related to Bitcoin spot ETFs. As part of FSS's 2024 business plan, Lee will explore significant financial markets including New York, to discuss variegated facets of South Korean finance. He confirmed a meeting with Gensler, slated later this year, to converse about digital assets and Bitcoin spot ETFs, citing the global financial policy transformations, following the SEC's sanction of Bitcoin spot ETFs.
Exit poll data from El Salvador's general election signals a likely win for President Bukele, a known Bitcoin advocate, having secured 87% of the votes sneak peaked. Yet, the official annunciation of results are pending. Ahead of formal voting outcomes, Bukele, using in-house party data, announced his victory, claiming over 85% of the votes and a minimum of 58 seats in El Salvador's Legislative Assembly. Rival candidates, Manuel Flores and Joel Sanchez, gathered meager 7% and 4% votes respectively, as per other sources like CID Gallup.
Bukele, known for legalizing Bitcoin as tender in El Salvador since September 2021, backs multiple other crypto ventures. On February 1, VP Félix Ulloa confirmed that even if re-elected, Bukele's support for Bitcoin would remain unwavering.
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Published At
2/5/2024 11:27:03 PM
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