tl;dr
Exchange-traded products from WisdomTree and 21Shares will begin trading on the London Stock Exchange on May 28. The Financial Conduct Authority has approved the product prospectus from Invesco as well. This marks the first listings of crypto exchange-traded products (ETPs) on the LSE since the FCA ...
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Exchange-traded products from WisdomTree and 21Shares are set to start trading on the London Stock Exchange on May 28.
Invesco's product prospectus was also approved by the Financial Conduct Authority.
The listings follow the first approvals by FCA since it relaxed its stance on crypto ETPs, having banned them in 2020.
The London Stock Exchange (LSE) will list crypto exchange-traded products (ETPs) for the first time later this month after prospectuses from WisdomTree (WT) and 21Shares were approved by the Financial Conduct Authority (FCA).
WisdomTree (WT), based in New York, won approval to list its Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs, which it expects to start trading on May 28. Zurich-based 21Shares was approved for bitcoin (BTC) and ether (ETH) products and may start trading around the same time.
A prospectus from Invesco was also approved, though the firm has made no further comment. Approval in the U.K. comes several months after the January green light for spot bitcoin exchange-traded funds in the U.S. Similar products have been trading in various European jurisdictions for several years. Both WisdomTree and 21Shares were among the firms to have spot ETFs approved in the U.S. in January.
The FCA said in March it would not to object to requests from financial institutions seeking to list ETPs for professional investors. The LSE confirmed it would accept applications for bitcoin (BTC) and ether (ETH) products in the second quarter. Unlike products in Europe and the U.S., however, the FCA is allowing the London ETPs to be available only to professional investors. The FCA introduced a ban on crypto derivatives products including ETPs in January 2020. However, with such products being widely available in Europe for several years and following the U.S. spot ETFs listing approvals, the regulator adjusted its stance. It is keeping the ban in place for retail investors. WisdomTree's products will carry fees of 35 basis points, while 21Shares has not disclosed theirs as yet. Neither Atlanta, Georgia-based Invesco nor the LSE responded to CoinDesk's request for further comment. Read More: DWS, Galaxy Digital List Exchange-Traded Commodities Offering BTC, ETH Exposure in Germany
UPDATE (May 22, 12:35 UTC): Adds a line on 21Shares and Invesco also getting their prospectuses approved. UPDATE (May 22, 14:37 UTC): Rewrites headline, top of story to reflect applications of 21Shares and Invesco. Story previously focused primarily on WisdomTree. Adds that Invesco and LSE have been approached for comment.
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Market Analysis Summary
After analyzing the market charts and trends, it is evident that the stock has reached a strong resistance level at $150, indicating a potential reversal in the short term. The RSI is currently in overbought territory, signaling a possible pullback in the stock price. Additionally, the Bollinger Bands have narrowed, suggesting decreased volatility and a likely upcoming breakout.
Considering these technical indicators, it is crucial for investors to exercise caution. While the stock has shown bullish momentum in recent weeks, the current resistance level and overbought RSI point to a potential downturn. Traders should closely monitor the support level at $140, as a breach could signal a shift to a bearish trend.
It's important to note that technical analysis provides valuable insights, but market behavior is inherently unpredictable. Investors should diversify their portfolios and consider the broader economic landscape before making any investment decisions.
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WisdomTree Inc. Stock Analysis
WisdomTree Inc. has shown positive movement with a price increase of $0.12 (0.67%) to reach $14.51. The Relative Strength Index (RSI) stands at 2.503, indicating a bullish trend. The trading volume is 363,829,000, with a 10-day average of $10.66. The Bollinger Bands suggest potential volatility with an upper band of $0.327 and a lower band of $0.18.