RIYADH: Bitcoin, the leading cryptocurrency internationally, traded higher on Tuesday, up 0.20 percent to $30,418 as of 08:52 a.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $2,077, up 0.32 percent, according to data from Coindesk.

Bank of France Governor issues dire warning

Meanwhile, following the cryptocurrency crash last week, Bank of France Governor, Francois Villeroy de Galhau told a conference on Monday that crypto assets could disrupt the international financial system if they were not regulated and made interoperable in a consistent and appropriate manner across jurisdictions.

He pointed to stablecoins, which he said were somewhat misnamed, as among the sources of risk.

Speaking separately, Fabio Panetta, member of the executive board of the European Central Bank, also said on Monday that stablecoins were vulnerable to runs.

The US Federal Reserve had warned last week that stablecoins were vulnerable to investor runs, because they were backed by assets that could lose value or become illiquid in times of market stress.

Jupiter, Yarbrough among investors who sold Coinbase before big fall

Jupiter Asset Management, Azora Capital LP and billionaire Jon Yarbrough’s family office were among funds that sold all of their stakes in cryptocurrency company Coinbase Global Inc., before the company fell nearly 30 percent to record lows in early May, according to filings released on Monday.

But over the same period — the quarter ended March 31 — Cathie Wood’s ARK Innovation fund continued to add to its position in Coinbase, the filings showed.

Coinbase, the largest crypto exchange in the United States, tumbled after the company missed earnings estimates and reported declining trading volumes as the value of bitcoin fell near 17-month lows. Shares in the company fell 3.6 percent on Monday and are now down 74 percent for the year to date.

Jupiter Asset Management sold 73,441 shares of the company in the quarter that ended March 31, while Azora Capital sold 43,290 shares and Yarbrough Capital sold 16,968, according to securities filings.

Tiger Global, meanwhile, cut its stake by approximately 70 percent, leaving it with 836,597 shares in the company.

Grayscale to launch digital assets ETF in UK, Italy, Germany

Grayscale will list an exchange-traded fund in Europe made up of companies representing the “Future of Finance,” the world’s largest cryptocurrency asset manager said in a statement on Monday. 

The ETF, tracking the “Bloomberg Grayscale Future of Finance Index,” will be listed on the London Stock Exchange, Italy’s Borsa Italiana and Germany’s Deutsche Börse Xetra and begin trading on May 17. It is the first time that US-based Grayscale has listed a fund in Europe.

The index contains a mixture of companies involved in digital currencies including asset managers, exchanges, brokers, technology firms, as well as firms directly involved in cryptocurrency mining.

“For us, the digital economy is primarily being driven through the proliferation of digital assets,” said Grayscale CEO Michael Sonnenshein.

(With input from Reuters) 


Cap Expand Partners sharing news from: www.arabnews.com

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