The cryptocurrency market has been facing trials recently. Since the start of the Bitcoin Cash fork, the price of cryptocurrencies starting from Bitcoin have dropped a great deal. While a brief recovery was attempted yesterday, almost all the top cryptocurrencies are now trading in red against the USD. The pressure in the market has made investors anxious with many of them pulling out their funds to avoid losing everything. Even XRP that was trading up by over 7% yesterday is now trading in red against the USD.
XRP (XRP) Price Today – XRP / USD
There is no better time for good news than now. Some positivity in the market may be the only thing that can stop the cryptocurrencies from reaching new lows. Well, the top three cryptocurrencies per market capitalization, BTC, XRP, ETH, had their EPT approved in Switzerland. Six principal stock exchanges in the country have gotten the go ahead to list Switzerland’s first ever cryptocurrency-based and exchange-traded product. The listing will take place this week.
According to Financial Times, the exchanges will also list a cryptocurrency developed to track the five largest cryptocurrencies per market capitalization – Amun Crypto ETP. The ETP will contain not just BTC (49.7%), XRP (25.4%) and ETH (16.7%), but LTC (3%) and BCH (5.2%) as well.
The CEO and co-founder of Amun, Hany Rashwan, the FinTech company that is behind the ETP, said that the new product will invite institutional investors to the cryptocurrency industry. In his words:
“The Amun ETP is going to be an incentive for institutional investors who are restricted to investing in only securities. It will also allow those who do not want to set up custody to have access to cryptocurrencies. With this arrangement, retail investors will have access to cryptocurrency exchanges even if they previously couldn’t because of local regulatory laws”.
This ETP will be traded under a ticker – HODL with a management fee starting from 2.5%.
How Have The Top Three Cryptocurrencies Responded To The News?
Well, the news hasn’t caused a mega price spike but it may be the reason why the cryptocurrencies are still trying to keep their gains against the USD. For starters, Bitcoin (BTC) is trading at $5,565.02. This shows that it is down by 0.58% against the USD. The trading volume over a 24 hour period is $4,310,308,899 and the market capitalization is $96,737,795,464.
Bitcoin (BTC) Price Today – BTC / USD
XRP (XRP), after trading in green for days, has attempted a downward price correction and is now trading in red against the USD. Currently, the second largest cryptocurrency per market capitalization is trading at $0.497683. This shows that it is down by 1.01% against the USD and down by 0.36%. The market capitalization is still well ahead of ETH at $20,042,570,328 and the 24 hour trading volume is $890,698,539.
Ethereum (ETH) Price Today – BTC / USD
Ethereum (ETH) which has now taking a rather permanent place as the third cryptocurrency per market capitalization is currently trading at $170.76. This shows that it is down by 2.90% against the USD and down by 2.22% against Bitcoin. The trading volume over a 24 hour period is $1,830,591,296 and the market capitalization is $17,637,793,621.