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Cryptoasset prices struggled to the end of September, failing to make gains for the majority of the month, or even hold ground in some cases.
However, major cryptoassets rebounded over the weekend on the back of positive comments from the SECâs Gary Gensler.
Bitcoin had a strong week, despite falling to below $42,000 at the end of September. Octoberâs arrival saw the cryptoasset jump in price over the weekend. It is now trading just below $48,000.
Ether likewise saw a start of October rally, having traded down to $2,800 at the end of last month. ETH jumped over the weekend, trading upwards and now around $3,350.
SEC head calls for cryptoasset consumer protectionâŠbut then reiterates support for ETFs linked to crypto
Gary Gensler has said that investors in crypto products deserve the same protections and safeguards against fraud and manipulation as bank depositors or purchasers of insurance policies.
The SEC boss acknowledged that the size of the crypto space now meant that it was time for investors to be covered in the same way as if they were investing in a more traditional asset such as a mutual fund. His comments were specifically regarding investors wanting returns from their assets on an annual basis.
However, despite heeding warnings, he did once again reiterate his support for exchange-traded funds (ETFs) on futures linked to the top cryptocurrency by market value, leading to speculation that the US might approve the vehicle.
Gensler singled out bitcoin ETFs in particular, which invest in futures contracts that trade on the Chicago Mercantile Exchange, having made similar comments in August also. Whatever the outcome, bitcoin bounced on the news of his comments, leading to renewed optimism.
Crypto is not âthe second coming of the messiahâ â Musk
Elon Musk has again put forward his views on crypto, telling US regulators to âdo nothingâ. His comments referred to his belief that possible government action could âslow down [crypto and bitcoinâs] advancementâ.
An advocate of âletting it flyâ, he hopes cryptoassets will eventually help reduce the errors and latency in legacy monetary systems.
Unlike previous comments, his views did not seem to impact price action dramatically, but considering regulation is such a hot topic at the moment, donât be surprised if we see more and more comments weighing in on the space as it continues to capture public interest.
First crypto investment fund approved in Switzerland
Switzerland has broken new ground following the Swiss financial regulator issuing approvals for a domestic cryptoasset investment fund and a domestic digital asset custody service last week.
Just days after Chinaâs central bank commented that bitcoin and other financial blockchains were a threat to economic stability, FINMA formally approved the first investment fund of its kind in Switzerland, in order to âfacilitate serious innovationâŠin a consistently technology-neutral wayâ.
The new Crypto Market Index Fund will be open to âqualified investorsâ, enabling investment into cryptoassets with a âsufficiently large trading volumeâ.
Considering Switzerland has one of the largest banking sectors in the world and accounts for an estimated 25% of global cross border asset management, the chance for investors to gain additional exposure to cryptoassets could be exciting for the space.
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