Investors are now set to profit on the decline of a cryptocurrency as Hong Kong's CSOP Asset Management will be launching Asia's first-ever inverse bitcoin exchange-traded fund (ETF).
Tuesday morning reportedly saw the CSOP Bitcoin Futures Daily (-1x) Inverse Product traded on the city's stock exchange.
It is anticipated that the ETF will benefit from increased demand by capitalizing on the erratic cryptocurrency market trading. Bitcoin experienced a rough second quarter, shedding more than 12%, following the first batch of spot cryptocurrency ETFs becoming public in Hong Kong in April.
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Authorities in the US and the UK are currently investigating Russia's questionable crypto transfers. The crypto exchange Garantex is allegedly financing Moscow in its war against Ukraine.
The company claims that out of all the main global assets, bitcoin has shown the highest level of volatility over the last ten years. With a 38.3% volatility in 2023, it outperformed both crude oil and the Nasdaq 100.
The recent surge in the value of bitcoin can be attributed to the growing expectation that Republican candidate nominee Donald Trump will reclaim the White House.
After the U.S. data on Monday, it was marginally higher and traded at roughly $67,400. The resignation of President Joe Biden from the presidential contest.
According to the company, CSOP's inverse bitcoin product seeks to deliver a return that closely resembles the S&P Bitcoin Futures Index's one-time inverse daily performance.
Cryptocurrency Explainer
As per Business Insider, cryptocurrency is a type of decentralized virtual currency that investors can buy and sell on the blockchain. While digital currency may only be accessed via computers and other technology, struck coins and banknotes have a tangible physical form.
A decentralized currency is not issued by the government or a financial organization. In reality, no single organization-be it a government, a company, or an individual-controls a cryptocurrency's blockchain.
Rather, a global decentralized network of computers manages it. Anybody with a strong background in technology and coding can develop a cryptocurrency.
Game-based Cryptocurrency
PlayDoge $PLAY is a new cryptocurrency that is reportedly gaining popularity. According to sources, PlayDoge is not your usual meme coin that is limited to trading, buying, and selling because it is connected to a game that allows users to earn coins as they play.
PlayDoge, the new meme coin linked to an NFT game, is currently showcasing its noteworthy performance via X since it is currently one of the most popular games and cryptocurrencies accessible to gamers.
The game is presently on presale and is getting close to reaching its target of $6,358,861, which would result in a price increase in two days, to about $5,757,187.96 in USD.
Similar to Dogecoin, PlayDoge is a P2E game that capitalizes on the 'Doge' craze and provides a 2D retro experience reminiscent of the Japanese virtual pet game Tamagotchi. In the game, players are responsible for providing for their virtual pets, failing to do so will result in them running away or "dying."
While playing, users can earn money. They can also stake their money to increase their chances of winning more games.
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