The bitcoin price opened the week’s trading with declines wiping out $13 billion after a week that saw $26 billion disappear in a 12-hour period. This is happening at a time when the first crypto ETP (exchange-traded product), provided by Zug-headquartered startup Amun AG, has been approved: a move that market observers believe will result in a more stable market geared to professional investors.
The ETP will trade on SIX Swiss Exchange, and “give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” according to Amun AG CEO Hany Rashwan. The approval comes after months of struggle and denial to get the US Securities and Exchange Commission (SEC) crypto exchange-traded fund (ETF) approval.