Bitcoin ETF Launch in Australia Postponed Following Restriction from Stakeholder

Updated:

The launch of Australia’s first Bitcoin (BTC) exchange-traded fund (ETF), originally scheduled for April 27, has been postponed, with reports faulting a third-party broker.

Last week, ASX Clear (Australian Securities Exchange), the nation’s equity capital market regulator, green-lighted the application to launch the first BTC ETF in the country. This approval came after four market participants asserted that they could satisfy the stringent requirements necessary to cover the BTC settlement risks.

A day after the announcement, 21Shares and ETF Securities revealed a joint venture to launch spot exchange-traded funds tracking Bitcoin and Ethereum. These products were scheduled to launch on April 27, tomorrow. However, a report from the Australian Financial Review (AFR) today revealed that Australia’s crypto community would have to wait longer for the products.

The launch was reportedly postponed because of an undisclosed third-party broker, which restricted the products from making their way to the Cboe Australia exchange. That said, a communication letter by the exchange detailed that “Standard checks prior to the commencement of trading are still being completed.”

Commenting on the matter, the Head of Distribution at ETF Securities Kanish Chugh confirmed the delay, adding that it was out of the company’s control. Chugh noted:

“We believe the issue affects all fund managers equally and has caught everyone by surprise. We are working to resolve this as quickly as possible, and remain on track to launch Australia’s first bitcoin and ethereum ETFs.”

Key Bitcoin Levels to Watch — April 26

Bitcoin’s woes resumed on Tuesday as the benchmark cryptocurrency retested the $$38,500 support. BTC crashed to the $38,221 low in the Asian session on Monday but rebounded decently above the $40,000 barrier before slowing down around the 4-hour 100 EMA around $40,500.

Studio Project 89
BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

However, the flagship cryptocurrency recorded another slump a few hours ago, following a bearish opening on Wall Street. That said, Bitcoin has tapped oversold conditions for the second time in the last 24 hours as the market hopes for a rebound. In the meantime, BTC could etch lower to the $38,000 low over the coming hours, provided the price remains below $40,000 before a rebound momentum kicks in.

Meanwhile, my resistance levels are at $40,000, $41,000, and $42,000, and my key support levels are at $38,000, $37,000, and $36,000.

Total Market Capitalization: $1.79 trillion

Bitcoin Market Capitalization: $733.3 billion

Bitcoin Dominance: 40.9%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.