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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Brazil approves Bitcoin ETF – SkyBridge files for its own

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin ETF

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Brazil Securities and Exchange Commission (CVM) approved Latin America’s first Bitcoin Exchange Traded Fund (ETF). Requested by firm QR Asset Management, their Bitcoin ETF will trade under the ticker QBTC11 on exchange B3.

This platform is the world second to launch a ETF backed by the cryptocurrency, after Canada greenlighted one in February.

The QBTC11 will track Bitcoin’s price performance and will use Chicago Mercantile Exchange’s Bitcoin futures index and CF Benchmarks price as a reference. Upon the approval, QR Capital stated:

QBTC11 places Brazil at the epicenter of state-of-the-art financial regulation. In addition to being the first 100% Bitcoin ETF in Latin America, QBTC11 is the fourth in the world and comes a few weeks after the launch of the three Canadian ETFs.

The Brazil Securities and Exchange Commission and the Securities Exchange Comission (SEC) are member of the The International Organization of Securities Commissions (IOSCO). Therefore, CVM’s decision could positively influence a similar action by the U.S. regulator. QR Capital claimed:

This is important because the clearance of QBTC11, like the first three Canadian Bitcoin ETFs, can and should serve as substance for ETF orders in the United States.

This common move between regulatory authorities is referred to as the Benchmark Regulation.

More institutions file for a Bitcoin ETFs

In the United States, Bitcoin ETF petitions are piling up. SkyBridge Capital, founded by Anthony Scaramucci, and First Trust Advisors are the latest firms to introduce an S-1 for this financial product with the regulator. The “First Trust SkyBridge Bitcoin ETF Trust” would offer shares traded on the exchange NYSE Arca.

Meanwhile, SEC Commissioner Hester Pierce recently called for a more “ positive” look at cryptocurrencies. For Pierce, the SEC has waited too long to approve such a financial product. The Commissioner said:

(Institucions) want access to crypto trough a regulated market. It makes sense for us to consider how to do that (…). We’ve dug ourselves into a little bit of a hole. A lot of people are looking for a way to access the asset class.

Currently, Bitcoin is trading at $59,125 with side movement (-0,8%) in the past day.

Bitcoin BTC
BTC with side movement in the 24-hour chart. Source: BTCUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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