The first cryptocurrency mutual fund approved in Switzerland

Cryptocurrency prices fluctuated until the end of September, not making a profit for most of the month, and in some cases not even holding their value. However, major cryptocurrencies rebounded over the weekend thanks to positive comments from Gary Gensler from SEC.

Bitcoin he had a strong week despite dropping below $ 42 in late September. The beginning of October coincided with an increase in the price of the cryptocurrency over the weekend. It is currently just under $ 000.

Ethereum it dropped to $ 2 late last month, and surged up over the weekend to around $ 800.

The head of the SEC calls for the protection of cryptocurrency consumers ...

... but then renews support for ETFs related to cryptocurrencies. Gary Gensler said cryptocurrency investors deserve the same protection and safeguards against fraud and manipulation as bank depositors or insurance policy buyers. The SEC head admitted that the size of the cryptocurrency market meant that now is the time for these investors to be protected in the same way as if they were investing in more traditional assets such as an mutual fund. His comments particularly focused on investors who expect an annualized return on their assets.

However, despite paying attention to the warnings, he once again reaffirmed his support for ETFs for futures tied to the highest cryptocurrency by market value, leading to speculation that the United States might approve the idea. As in August, Gensler singled out in particular bitcoin ETFsthat invest in futures traded on the Chicago Mercantile Exchange. Regardless of the outcome, BTC responded positively to his comments, which led to a renewed optimism.

"Crypto is not the second coming of the messiah"

Elon Musk re-introduced his views on cryptocurrencies by telling US regulators to "They did nothing". His comments related to his belief that possible government actions could "slow down the development of [crypto and bitcoins] ". The advocate of the spontaneous development of cryptocurrencies hopes that cryptocurrencies will eventually help reduce errors and delays in legacy monetary systems.

Contrary to previous comments, his views did not seem to have a dramatic impact on stock prices, but given that regulation is such a hot topic at the moment, it should not be surprising if we see more and more comments impacting the market as the topic continues enjoys public interest.

The first cryptocurrency mutual fund approved in Switzerland

Switzerland has entered a new stage after the Swiss financial regulator last week issued permits to create a national crypto-investment fund and a national digital asset storage service.

Just days after the Chinese central bank commented that BTC and other financial blockchains pose a threat to economic stability, FINMA formally approved the first of its kind in Switzerland to "facilitate major innovation ... in a consistently technologically neutral manner".

Be sure to read: SMI 20 - How to invest in Swiss blue chip companies? [Guide]

New fund Crypto Market Index will be open to "Qualified investors", allowing you to invest in crypto assets with "With a sufficiently large trading volume". Considering that Switzerland has one of the largest banking sectors in the world and is responsible for around 25 percent of the global management of cross-border assets, the opportunity for investors to gain additional exposure to cryptocurrencies in this space can be exciting.