Major cryptocurrencies experienced a mixed trading day on Wednesday due to two notable developments. Firstly, the race for a Bitcoin ETF gained traction as the number of entrants reached a total of 13. Secondly, the FTX estate received approval to sell its trust assets, which include shares of Grayscale and Bitwise investment funds worth approximately $873 million.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | 0.01% | $37,880.7 |
| Ethereum (CRYPTO: ETH) | -0.77% | $2,035.41 |
| Dogecoin (CRYPTO: DOGE) | +0.81% | $0.08149 |
What Happened: Swiss asset manager Pando has joined the race to launch a spot Bitcoin exchange-traded fund (ETF).
This late entrant enters the market alongside other prominent bidders like BlackRock, ARK Invest, and Grayscale, who have been seeking approval from the country’s securities regulator, the Securities and Exchange Commission (SEC).
Pando’s filing has stirred curiosity, with Bloomberg ETF analyst Eric Balchunas expressing his inquisitiveness about the timing of their entry. In other cryptocurrency news, major digital currencies experienced a mixed trading performance on Wednesday.
Meanwhile, the FTX estate received approval to sell its trust assets, including shares of Grayscale and Bitwise investment funds, which amounted to approximately $873 million.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| IOTA | +45.12% | $0.25 |
| ThorChain | +4.90% | $6.35 |
| KuCoin | +3.76% | $8.19 |
The global crypto market cap has reached $1.43 trillion, marking a 2.47% increase in the last 24 hours.
Although the S&P 500 and the Dow Jones Industrial Average closed near the flat line on Wednesday, they are still on track to achieve their largest monthly gain in 2023.
In a positive move for stock valuations, the yield on the 10-year Treasury note has dropped below 4.3%.
Newly released data reveals that the gross domestic product in the third quarter has surpassed expectations, growing at an annual rate of 5.2%. This growth can be attributed to revisions in government spending and investments in nonresidential structures.
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Analyst Notes: Eli Taranto, Executive Director at EQI Bank in a note seen by Benzinga said, “The U.S. economy figures released Wednesday showed a stronger pace than previously estimated in the…
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