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Bitcoin Prices Fall Even After Switzerland Approves World’s First Crypto ETF

Investing.com – Bitcoin and other major crypto prices fell on Monday despite news that Switzerland’s authorities approved the world’s first cryptocurrency ETF.

Bitcoin fell 2.8% to $5,515.4 at 12:47 AM ET (05:47 GMT) on the Bitifinex exchange, while Ethereum slumped 6.2% to $168.29.

Litecoin dived 6.4% to $40.636.

Elsewhere, XRP plunged 7.4% to $0.48959 on the Poloniex exchange.

Amun AG, a crypto startup, is offering the fund that would allow investments in major cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin cash in the coming days, according to various reports.

The fund will track the Amun Crypto Basket Index (HODL5), which is based on the performance of the top five cryptocurrencies.

It would start trading on SIX, a Europe-based exchange that has a market capitalisation of around $1.6 trillion.

Hany Rashwan, CEO and co-founder of Amun, said he explored 23 other destinations before Switzerland but found Swiss the most suitable.

In other news, Japan’s Financial Services Agency plans to regulate virtual coin wallets. Currently, only companies that buy and sell digital coins are required to register with the agency.

The agency argues that wallets are like bank accounts and should fall under their jurisdiction. At the moment, Japanese law does not apply to the wallet service providers because they do not trade in digital currencies.

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