Jacobi Asset Management to Launch Europe’s First Bitcoin ETF Despite Volatility

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Last Thursday, Jacobi Asset Management announced that it plans to launch the first Bitcoin exchange-traded-fund (ETF) in Europe on the Euronext exchange. This comes despite the raging volatility currently getting recorded in the crypto market, signaling notable confidence in the market.

The digital asset management company noted that its Bitcoin ETF would begin trading on Euronext Amsterdam this month under the ticker symbol ‘BCOIN.’

Commenting on the project, Jacobi CEO, Jamie Khurshid, noted:

“The Jacobi Bitcoin ETF will enable investors to access the underlying performance of this exciting asset class via a well-established and trusted investment structure.”

In June, Bitcoin (BTC) tapped its lowest point in 2022 at $17,580, plummeting below the $20,000 mark for the first time since December 2020. The benchmark cryptocurrency is down by over 70% since it hit its highest point on record of $69,000 in November 2021.

Altcoins have not been spared in the mayhem either, with most altcoins recording worse declines than Bitcoin as investors dump their digital assets for safe-haven assets like Stablecoins, gold, and the dollar amid worsening inflation and more aggressive monetary policies by central banks.

Last month, ProShares revealed plans to launch an ETF for shorting Bitcoin (betting on a possible drop in price in the future). Meanwhile, the US Securities and Exchange Commission (SEC) turned down an ETF conversion request from Grayscale, the world’s largest digital asset manager. Grayscale took the Commission to court, making good on its threat to do so if the regulator failed to grant its request.

Key Bitcoin Levels to Watch — July 3

Bitcoin held the $19,000 level through the weekend as we prepare for the first week in the second half of 2022. Notably, the benchmark cryptocurrency broke into the $21,700 – $20,000 consolidation area last Friday but failed to hold the surge and returned to the $19,000 mark.

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

The prolonged defense of the $19,000 base suggests we could see a bullish attempt at $21,000 this week. However, the broader sentiment remains bearish, meaning a sustained bullish bounce above $21,000 is unlikely.

Meanwhile, my resistance levels are at $20,000, $21,000, and $22,000, and my key support levels are at $18,000, $17,500, and $17,000.

Total Market Capitalization: $865.4 billion

Bitcoin Market Capitalization: $365.3 billion

Bitcoin Dominance: 42.2%

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.