{"id":279977,"date":"2024-07-13T10:41:03","date_gmt":"2024-07-13T10:41:03","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&p=279977"},"modified":"2024-07-15T10:55:01","modified_gmt":"2024-07-15T10:55:01","slug":"australias-second-bitcoin-etf-market-rebound-expected","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/australias-second-bitcoin-etf-market-rebound-expected","title":{"rendered":"Crypto News This Week: Australia’s Second Bitcoin ETF, Market Rebound Expected"},"content":{"rendered":"
This week\u2019s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.<\/strong><\/p>\n The Australian Securities Exchange (ASX) has approved its second spot Bitcoin exchange-traded fund (ETF)<\/a>. Launched by DigitalX, the fund is set to start trading on the Australian Securities Exchange (ASX) under the ticker BTXX.<\/p>\n The country’s first spot Bitcoin ETF<\/a>, launched by VanEck, began trading on June 20 on the ASX. The ETF, known as the VanEck Bitcoin ETF (VBTC), functions as a feeder fund for the VanEck Bitcoin Trust in the U.S.<\/p>\n Meanwhile, JPMorgan analysts expect a rebound in the cryptocurrency<\/a> market by August, following the completion of liquidations by the end of July. The prediction comes after the bank reduced its year-to-date net flow estimate for the crypto market to $8 billion, attributed to the recent decline in Bitcoin prices.<\/p>\n Blockchain-focused asset manager DigitalX has become the second company to offer a Bitcoin ETF<\/a> on the ASX, following VanEck\u2019s recent approval. The DigitalX Bitcoin ETF, listed under the ticker BTXX, has debuted on July 12 at 10 am local time.<\/p>\n DigitalX Becomes Second to Secure Regulatory Approval for Spot Bitcoin ETF in Australia (Cryptonews.com<\/a>)<\/em><\/p>\n JPMorgan analysts said in a recent report that the crypto market is expected to rebound from August onward. They claimed the liquidation process, which has been ongoing<\/a> due to various market pressures, is expected to conclude soon, setting the stage for a market recovery as the selling pressure eases.<\/p>\n Why JPMorgan sees a Bitcoin rebound in August (DL News<\/a>)<\/em><\/p>\nAustralia’s Second Bitcoin ETF<\/span><\/h2>\n
Crypto Market to Rebound in August<\/span><\/h2>\n