Here’s what happened in crypto today

The launch of spot Bitcoin exchange-traded funds (ETFs) has enhanced BTC futures trading, not hindered it, according to a ProShares executive. Meanwhile, South Korea’s Financial Supervisory Service (FSS) chief, Lee Bok-Hyun, revealed plans to meet global regulators to discuss crypto, and Salvadoran President Nayib Bukele has declared victory in the El Salvador general elections, though official results have yet to be released. 

ProShares “pretty darn happy” with spot BTC ETFs

Fund issuer ProShares sees no negative side effects to its business from the recently approved spot Bitcoin ETFs.

ProShares operates the Bitcoin Strategy ETF (BITO), a futures-based product that began trading in 2021. Despite the rapid rise in spot ETF trading, the company’s futures product continues to see “very efficient” trading volumes, according to its global investment strategist, Simeon Hyman.

“We’re pretty darn happy with the commercial impact so far,” he said, adding that spot Bitcoin products will actually enhance the futures market.

Update for the #Bitcoin ETF Cointucky Derby. Flows from Friday were +$80 million. $GBTC leading the volume today. pic.twitter.com/Lqz7gRCRTx

— James Seyffart (@JSeyff) February 5, 2024

“With the entrance of spot ETFs, the futures market is getting better — even better,” he said. “It was already a well-functioning and regulated place, but it’s actually gotten a little better when with the spot guys because there’s just more people around Bitcoin again.”

S. Korea regulator to discuss spot Bitcoin ETF with SEC chief Gary Gensler

A top South Korean regulator is planning to visit the SEC’s Gensler to discuss spot Bitcoin (BTC) exchange-traded funds (ETFs).

FSS chief Lee presented a business plan 2024 at the Financial Supervisory Service in Seoul on Feb. 5, including visits to major advanced financial markets, such as New York, in the second quarter of the year to discuss various aspects of South Korean financial markets.

The FSS chief revealed that he plans to meet Gensler later in 2024 to discuss digital assets and spot Bitcoin ETFs, among other issues. He added that the SEC’s recent approval of spot Bitcoin ETFs had a major impact on the world’s financial policies.

El Salvador exit polls show Nayib Bukele to win election

Bitcoin advocate Nayib Bukele is largely expected to win the El Salvador general election after new exit poll data indicates that he has won 87% of the votes. However, official results are yet to be released.

In an X post, Bukele proclaimed victory before any official results were announced. He said internal party data shows he had won the election with more than 85% of the votes and at least 58 of 60 deputies in the Legislative Assembly of El Salvador.

His closest competitors, Manuel Flores and Joel Sanchez, only have 7% and 4% of the votes, respectively, according to separate data from CID Gallup.

Nayib Biukele es reelegido como presidente en El Salvador (CID Gallup – Boca de Urna) #EleccionesElSalvador2024 #cidgallup #bocadeurna pic.twitter.com/27LNpVknqj

— CID Gallup (@cidgallup) February 5, 2024

Bukele made Bitcoin legal tender in El Salvador in September 2021, among other initiatives supporting the cryptocurrency. On Feb. 1, Vice President Félix Ulloa reportedly confirmed Bukele’s Bitcoin strategy wouldn’t change if he is reelected.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Here’s what happened in crypto today


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *