1INCH token price rose 100%, and Direxion and Valkyrie await approval to launch ETF on BTC futures
The cost of 1INCH has increased by 100%
Today, October 27, the rate of the 1INCH crypto coin has grown by more than 100%. Within a few hours, the token price reached $7.7 on the Binance platform. In May 2021, the asset price reached $7.8.
The value of the 1inch DeFi project token began to increase rapidly after it became known about the listing of the crypto coin on the Korean exchange Upbit. The token is available for trading in pairs with BTC and South Korean Won.
According to Coinmarketcap at 10.50 GMT, the price of 1INCH was $6.6. The token, unlike the top 10 most popular cryptocurrencies, is in the green zone.
Direxion and Valkyrie Await Approval of Bitcoin Futures ETF Launch
Direxion, a financial product management company, is awaiting approval to launch an exchange-traded fund for bitcoin futures. The document states that the Bitcoin Strategy Bear ETF fund intends to invest in BTC futures on the CME platform. It is planned to open only “short” positions.
According to Bloomberg analyst Eric Balchunas, Direxion previously opened a similar fund in Canada called BITI. The expert said that while the fund “performs averagely”, however, during a sharp drop in the price of bitcoin, it is an excellent tool.
Valkyrie is also awaiting SEC approval. It applied to launch an exchange-traded fund with leverage of 1.25x. This means that the price of the fund’s shares will increase when the BTC rate and the value of futures fall.
“I’m not shocked issuers are already onto leveraged products — this is what happens when you have a hit. What’s intriguing about this one is it’s 1.25-times, which is like Diet Coke — it’s really minor. We all know tracking Bitcoin using futures has a roll cost so not only will this attract traders who might want a little extra pop, but it’s possible if Bitcoin goes on a run, that little bit of leverage could offset the roll cost. On the flip side, if there’s volatility, it will likely corrode the returns medium and long term,”said Balchunas.
Sequoia Capital will restructure to invest in digital currencies
The well-known American venture capital fund Sequoia Capital will change its structure in order to start investing in cryptocurrency projects and other “emerging assets”. According to the top manager of the company, Roelof Botha, the existing system, under which investors entered the capital of the fund for 10 years and only after this period received payments, has become completely outdated.
“Our industry is still beholden to a rigid 10-year fund cycle pioneered in the 1970s. As chips shrank and software flew to the cloud, venture capital kept operating on the business equivalent of floppy disks. The best founders want to make a lasting impact in the world. Their ambition isn’t confined to a 10=year period. Neither is ours, ” said the top manager at Sequoia Capital.
Sequoia will also receive the status of a registered investment advisor. This will help the fund not be limited to venture capital assets, but open access for investments in cryptocurrencies and IPOs.
