Bitcoin (BTC) Reaches Israeli Investors with Launch of Six Mutual Funds
Six mutual funds that track the price of the largest cryptocurrency, the Bitcoin (BTC) will be launched in the coming days in Israel. The approval of spot Bitcoin ETFs in the US has boosted the market, demonstrating growing institutional interest in digital assets. Following this trend, Israel is preparing for a major milestone: the launch of six mutual funds that track the price of Bitcoin, with operations scheduled to begin on December 31, according to information published by Calcalist, on December 25th.
The Israel Securities Authority (ISA) has granted permission for the launch of these funds, opening new doors for Israeli investors who want to gain regulated exposure to Bitcoin. The ISA’s decision comes nearly a year after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs, a move that has positively impacted the cryptocurrency market, with Bitcoin seeing significant appreciation.
According to the publication, the six mutual funds will begin operating simultaneously on December 31, a condition imposed by the Israeli regulator. The financial institutions responsible for offering the funds are: Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI. The funds' management fees range from 0,25% to 1,5%, offering options with different costs for investors.
“Investment houses have been begging for more than a year for ETFs to be approved and started sending out prospectuses for bitcoin funds in the summer. But the regulator moves at its own pace. It has to check the details,” a senior executive at an investment house told Calcalist.
Bitcoin today 26/12/2024: BTC falls 3% and loses important support level amid market decline
O Bitcoin price today 26/12/2024 saw a significant drop of almost 3%, which caused the asset to lose an important support level. Just like BTC, the cryptocurrency market has been experiencing considerable declines in the last 24 hours. XRP, DOGE, and ADA are all recording retracements of over 4% today.
The cryptocurrency's plunge comes amid massive outflows from spot bitcoin exchange-traded funds (ETFs) trading in the US. In four days alone, these products have seen more than $1,5 billion in outflows, according to data from Farside Investors.
Renowned cryptocurrency analyst Ali Martinez noted in a technical analysis on Dec. 26 that BTC’s recent price action has seen the asset lose the key support level at $97.300, suggesting a significant impact for the cryptocurrency.
At the time of publication, the price of Bitcoin was quoted at US$ 95.874,25 with a drop of 2.6% in the last 24 hours, equivalent to approximately R$ 643,247.57 BRL and € 94,979.63 EUR. In its weekly development, the largest cryptocurrency on the market showed a significant drop in its price of 6.3%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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