Litecoin is trading at a 1,800% premium via Grayscale’s LTC trust — But why?

Shares in Grayscale Investments’ Grayscale Litecoin Trust, or LTCN, have been trading at a whopping 1,800% premium over the market rate of their underlying asset, Litecoin (LTC). $319 per Litecoin?  This difference is primarily due to retail investors’ inability to purchase shares directly from Grayscale Investments, whose funds are aimed exclusively at accredited investors. LTC holdings per LTCN share (orange) and premium (blue). Source: Bybt.com It costs $319 to buy a share in Grayscale Litecoin Trust. However, its LTC holdings per share are currently worth just $16.42. That means it’s…

Goldman Sachs Cashes in, Re-Opens Bitcoin Trading Desk

Goldman Sachs has restarted its crypto trading desk, specifically Bitcoin futures, Reuters reported today.  Goldman Re-Opens Bitcoin Shop One of the world’s largest investment banks, Goldman Sachs, first launched a crypto trading desk in 2018—but later put things on hold due to a price crash.   The bank will start dealing Bitcoin futures for clients from next week, Reuters reported. The bank’s crypto team will work within the Global Markets division.  According to the report, Goldman Sachs will also be involved in an unspecified blockchain project and the development of central…

Phemex Introduces Leveraged Trading for Dogecoin, Aave

Singapore-based crypto derivatives exchange Phemex has introduced leveraged trading for Dogecoin and Aave. New Perpetual Contracts on Phemex Phemex has listed new perpetual contracts for Dogecoin (DOGE) and Aave (AAVE) against USD. Perpetual contracts act like future contracts but with no expiration date or settlement. The two pairs, DOGE/USD and AAVE/USD, can be traded with leverage up to 20x starting today. Dogecoin and Aave landed on Phemex’s radar as a result of their large popularity among traders.  As per CoinGecko, Aave and Dogecoin have trading volumes that are each upwards…

One of Switzerland’s leading banks now offers crypto trading

Bordier & Cie, a Swiss financial institution operating for more than 170 years, has announced a partnership with digital asset bank Sygnum to allow its customers to purchase crypto assets. The integration with Sygnum’s business-to-business banking platform allows Bordier’s clients to purchase Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Tezos (XTZ). The announcement describes the move as “lay[ing] the foundation for a broader offering of regulated digital asset products and services,” including options and tokenized asset classes. Bordier managing partner Evrard Bordier said: “By partnering with Sygnum Bank, we are…

Debut Canadian Bitcoin ETF nears $100 million in volume in first few hours of trading

The first Bitcoin ETF in North America, TSX’s Purpose Bitcoin ETF. had a gangbusters debut today trading nearly $100 million in volume.  A Bloomberg Law report noted that the ETF saw over $80 million in volume in the first hour of trading, though it’s since slowed significantly with roughly another $15 million in volume between BCTCC.B, the Canadian dollar-denominated units, and BTCC.U, the American dollar-denominated ticker. As of publication, BTCC.B has traded 7,905,000 units priced at $10.28, and BTCC.U 1,312,000 units at $10.27. In a press release today, ETF provider…

Robinhood CEO calls on SEC to revise ‘outdated’ trading rules

United States lawmakers are set to grill Robinhood CEO Vlad Tenev over the GameStop trading frenzy at a Congressional hearing later today. In his prepared remarks, Robinhood CEO appeared to place responsibility for the platform’s stock trading suspensions on the U.S. Securities and Exchange Commission. Tenev said that the company blocked trading to meet “regulatory deposit requirements” defined by the SEC. The exec specifically criticized an SEC rule that requires equities transactions to clear over two days: “It takes several days for the clearinghouse to process the transaction […] This is known…

US crypto exchange suspends XRP trading in light of SEC lawsuit

A major United States-based cryptocurrency exchange has halted all XRP trading on its platform in the wake of the Securities and Exchange Commission’s ongoing lawsuit against Ripple Labs. The PayBito exchange, which processed $1.1 billion worth of trades in 24 hours leading up to the time of publication, will suspend all XRP trading pairs, as announced on Feb.18. Four XRP trading pairs have historically been available on PayBito, with XRP/USDT trades proving the most popular. Notably, the trading suspension will not affect users’ holdings, and those with coins held on the…

Goldman Sachs, JPMorgan, UBS Are Trading an ETP Tied to Polkadot’s Crypto

Traditional finance is going further down the crypto rabbit hole than you might think. Goldman Sachs, ICAP, JPMorgan, and UBS have bought the first exchange-traded product (ETP) that offers exposure to Polkadot’s DOT cryptocurrency for clients, according to Bloomberg terminal data reviewed by CoinDesk. These banks and brokerages purchased small amounts of shares in Switzerland-based 21Shares’ ETP, the data shows. The shares debuted Feb. 4 on the SIX Swiss Exchange at a price of $22-23 and have since climbed to $30. The purchases suggest institutional investors’ appetite for crypto exposure…

Diginex Connects Crypto Exchanges and Electronic Trading Firms With New Platform

Crypto services firm Diginex has partnered with electronic trading firm Itiviti to let institutions trade crypto and equities under one roof. The new platform is called Diginex Access. The firm claims it is the first crypto firm to plug into an electronic trading platform’s order management, execution management and portfolio management systems, said Diginex CEO Richard Byworth. Other firms offer just crypto portfolio management software for traditional institutions getting into crypto, Byworth said.  Itiviti users, mostly investment banks and hedge funds, can now trade crypto and crypto derivatives alongside their…

Market Wrap: Bitcoin Remains Around $48.5K Amid Flat Trading Activity

Bitcoin faced choppy markets for most of Tuesday after briefly trading above $50,000 for the first time during early U.S. trading hours. With some remaining bullish, other analysts and traders warned about near-term price correction. Bitcoin (BTC) trading around 48,810.95 as of 21:00 UTC (4 p.m. ET). Gaining 0.39% over the previous 24 hours.  Bitcoin’s 24-hour range: $47,088.84-$50,584.85 (CoinDesk 20) BTC between its 10-hour and 50-hour averages on the hourly chart, a sideway signal for market technicians. Bitcoin trading on Bitstamp since Feb. 13. Source: TradingView Bitcoin volumes on major…