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State Street and Galaxy Digital Launch Crypto ETFs for Trading
State Street Global Advisors and Galaxy Digital have launched three new exchange-traded funds (ETFs), providing mixed exposure to blockchain-related companies and cryptocurrencies via futures and other ETFs. Trading under the tickers DECO, HECO, and TEKX, these actively managed funds aim to offer investors diversification without the volatility of single-currency crypto investments. DECO and HECO focus on cryptocurrency exposure, while TEKX includes options strategies to manage volatility. The launch follows the firms' push for more comprehensive digital asset exposure, beyond spot Bitcoin ETFs, highlighting the growing interest in crypto-related investments.
UAE Regulators Permit Dubai-Licensed VASPs to Operate Nationwide
The UAE's Securities and Commodities Authority (SCA) and Dubai's Virtual Assets Regulatory Authority (VARA) have signed an agreement to streamline crypto licensing and enhance regulatory cohesion across the country. The deal allows Dubai-licensed Virtual Asset Service Providers (VASPs) to operate nationwide under mutual supervision, while VASPs outside Dubai must still obtain a separate SCA license. The agreement covers regulatory oversight, penalty enforcement, information sharing, and employee training. This move, part of the UAE's broader crypto-friendly approach, aims to bolster the virtual assets ecosystem and enhance investor confidence through strict Anti-Money Laundering (AML) enforcement.
Lufthansa and Deutsche Telekom Launch DePIN Blockchain Nodes
Lufthansa and Deutsche Telekom have launched blockchain nodes on the Peaq network, signaling a major move towards enterprise adoption of Decentralized Physical Infrastructure Networks (DePINs). DePINs bridge physical infrastructure with decentralized technologies, using native tokens to incentivize participation and enhance network security. By operating Peaq nodes, these companies contribute to network decentralization and help verify transactions. This initiative, part of Peaq’s Enterprise Adoption program, highlights the growing interest from major industries in DePINs, which experts predict could revolutionize sectors like telecommunications and aviation, offering new opportunities for collaboration and innovation.
Trading Desk Insights
Technical Analysis:
Over the past 24 hours, Bitcoin has rebounded from the $56,600 support level. This movement aligns with a bullish crossover observed on the 4-hour chart, where the 20-day and 50-day Exponential Moving Averages (EMAs) intersected. Additionally, oscillators in the same timeframe show bullish divergence, signaling a potential short-term upward reversal. While technical indicators offer insight into price trends, they are not sufficient on their own to predict future movements with certainty. It remains to be seen if this bounce will propel Bitcoin past the $60,000 mark and towards the upper end of the six-month trading range.
Crypto Market News:
U.S. cryptocurrency-related stocks experienced a downturn in early Wednesday trading following the presidential debate, where Democratic candidate Kamala Harris challenged her Republican opponent, Donald Trump, who has been a strong supporter of cryptocurrencies. Trump, a proponent of Bitcoin, has suggested that his return to office could benefit the industry, which has been critical of current regulatory policies.
"After Harris's debate performance and potentially influenced by Taylor Swift's endorsement, Trump's chances of returning to the White House as a crypto supporter seem slightly diminished," commented Susannah Streeter, head of money and markets at Hargreaves Lansdown. PredictIt, an online betting platform, saw Harris's odds of winning rise to 56%, up from 53%, while Trump's chances fell from 52% to 48%.
Stablecoins:
Stablecoins are increasingly becoming a key player in the global financial ecosystem, with settlement volumes reaching $3.7 trillion in 2023, according to a report titled “Stablecoins: The Emerging Market Story,” sponsored by Visa and produced by Castle Island Ventures and Brevan Howard Digital. In the first half of 2024, stablecoin settlements amounted to $2.62 trillion, positioning the market on track to achieve $5.28 trillion by year-end. Despite the broader crypto market downturn and a reduction in exchange volumes over the past two years, stablecoin usage has continued to grow, reflecting its expanding role beyond trading.
A survey of over 2,500 crypto users across countries like Nigeria, Indonesia, Turkey, Brazil, and India revealed that while crypto trading and non-fungible tokens (NFTs) remain popular uses for stablecoins, non-crypto applications are gaining traction. Among respondents, 47% cited dollar-based savings as a primary motivation, 43% highlighted improved currency conversion rates, and 39% sought to earn yield. These insights highlight the growing non-crypto utility of stablecoins in emerging markets. The survey also found that 57% of users had increased their stablecoin usage over the past year, and 72% expect further growth in their usage in the near future.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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