Bitcoin Daily: Bitcoin’s Dive Lengthens; Swiss Stock Exchange Says ‘Yes’ To Bitcoin ETP

The price of bitcoin dropped below the $5,000 level on Monday (Nov. 19) to lows not seen for a little more than a year, MarketWatch reported. The price of bitcoin was $4,762.63 as of 7:19 p.m. EST, according to CoinDesk. According to MarketWatch, bitcoin has plummeted by more than 70 percent from its record high, and over 60 percent year to date. Bitcoin’s price peaked at almost $20,000 a few days before Christmas in 2017, then dropped sharply through the first half of 2018 and hit a floor of $6,000 in June. While the reasons as to why bitcoin is down are up for debate, there appears to be an emerging consensus that the troubles for the popular cryptocurrency are going to get worse before they improve.

In other news, the world’s first exchange-traded product (ETP) that tracks several cryptocurrencies is said to soon start trading in Switzerland, the Financial Times (FT) reported. Roughly half of the assets in the Amun Crypto Basket ETP will be put toward bitcoin, while the rest will be divvied up among Bitcoin Cash, Litecoin, Ethereum and XRP. Amun Co-founder and Chief Executive Hany Rashwan told FT, “The Amun ETP will give institutional investors that are restricted to investing only in securities, or do not want to set up custody for digital assets exposure, to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.”

Baby and child retailer ANB Baby plans to accept several different forms of digital currencies as payments from customers, according to a press release. The company plans to take Bitcoin Diamond, along with Bitcoin Cash, bitcoin, Litecoin, Ethereum, Dash and Zcoin. It claims to be “among the first baby product companies to accept cryptocurrency payments,” and noted that the adoption of digital currency payments falls into its customer service value proposition. The retailer, established in New York, sells a range of products from car seats to toys.