Fidelity and Galaxy Set Bitcoin ETF Fees amidst Unauthorized Breach at Orbit Chain and Bitcoin's Value Surge
Summary:
Asset management firms Fidelity Investments and Galaxy/Invesco have established charges for their prospective Bitcoin exchange-traded fund (ETF) trading. Announcing they will waive these fees for the first six months, this comes prior to the possibility of an approval by the U.S. Securities and Exchange Commission. Bitcoin's value exceeded $45,000 for the first time in almost two years, in anticipation of a spot Bitcoin ETF approval. Meanwhile, Orbit Chain, the cross-chain bridge, has confirmed an unauthorized breach to its ecosystem, warning its users about false reimbursement offers circulating on social media.
Asset management firms, Fidelity Investments and Galaxy/Invesco, have set their rates for Bitcoin exchange-traded funds (ETF) trading, assuming their applications receive approval. Fidelity proposes an annual charge of 0.39% for its planned Wise Origin Bitcoin Trust, as noted by Fortune, while Galaxy together with Invesco plans to charge an annual rate of 0.59% for their BTCO fund. They announced that these fees would be waived for the fund's first 6 months of operation. While several Bitcoin ETF applications have been turned down by the U.S. Securities and Exchange Commission, experts think the probability of approval has risen since Grayscale's legal triumph over the regulator in August. The formal window for the SEC to sign off on various ETF plans opens on Jan. 4.
In the lead up to a probable ETF approval, Bitcoin’s price climbed above $45,000 for the first time in nearly two years. It saw a significant rise from $42,000 on the first day of January to more than 6% in just 24 hours, a year-on-year surge of 170%, according to CoinMarketCap data. The cryptocurrency markets are anticipating the SEC's authorization for either or multiple of the 14 applications pending for a spot Bitcoin ETF product. The cryptocurrency last achieved the benchmark of $45,000 almost 20 months ago, in April 2022, before it fell into an extensive bear market, reaching a low of $15,600 as per TradingView data.
In other news, the cross-chain bridge, Orbit Chain, verified that it faced an unauthorized access breach to its ecosystem on Dec. 31 at 08:52 PM +UTC according to a social media post. Orbit Chain is currently executing a thorough investigation of the breach's cause in collaboration with the cybersecurity startup, Theori, and is actively in touch with international law enforcement agencies. Arkham Intelligence, the blockchain analysis platform, reported an approximate loss of $81.68 million in various cryptocurrencies. Orbit Chain also cautioned its users about false refund offers doing rounds on social media via similar name accounts.
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Published At
1/3/2024 12:35:27 AM
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