A crypto advocacy group has penned a letter to US Vice President Kamala Harris urging her to consider adopting a more blockchain-friendly stance. Meanwhile, Hong Kong looks set to launch Asia’s first inverse futures product, and a new report by ARK Invest suggests Bitcoin was significantly oversold after the German government offloaded billions’ worth of confiscated BTC.
The Digital Chamber urges Harris to adopt a pro-crypto policy approach
The Digital Chamber has written to Kamala Harris urging the vice president to be more mindful of supporting crypto innovation in the United States.
In the letter, The Digital Chamber recommended that Harris support digital assets in the Democratic Party’s platform and select a running mate who understands the sector and is willing to engage with industry leaders.
“As you are poised to become the Democratic Presidential nominee, we write to urge you to take a forward-looking approach on digital assets and blockchain technology, an area that holds immense potential for innovation, economic growth, and financial inclusion,” the letter read.
The July 22 letter came after Harris confirmed her intent to run as the Democratic nominee during the 2024 presidential election. As Cointelegraph reported, President Joe Biden dropped out of the 2024 presidential race on July 21.
Hong Kong to launch Asia’s first inverse Bitcoin ETF
On July 23, Hong Kong will see the launch of Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).
The new exchange-traded fund (ETF) by CSOP Asset Management — one of the largest asset managers in China — aims to offer investors a method of profiting from declines in the price of Bitcoin (BTC).
This development follows the successful launch of the CSOP Bitcoin Futures ETF (3066.HK) in December 2022, continuing the firm’s expansion in the Asia-Pacific region.
The CSOP Bitcoin Futures Daily (-1x) Inverse Product is designed to offer investment results that correspond closely to the inverse daily performance of the S&P Bitcoin Futures Index.
This inverse product achieves this through a futures-based replication strategy, which invests directly into spot-month Chicago Mercantile Exchange Bitcoin Futures.
According to a CSOP company post on July 22, the product is set to be listed on the Hong Kong Stock Exchange (HKEX) with a listing price of approximately 7.8 Hong Kong dollars per unit.
Bitcoin could recover from oversold levels: ARK Invest
Asset manager ARK Invest says Bitcoin (BTC) became significantly oversold in June after the German government initiated a multiweek sell-off of 50,000 BTC that was seized in a 2020 police sting. That means a price reversal is likely.
The asset manager also said that Bitcoin miners are in capitulation mode, which is a sign that the downtrend is about to reverse.
“Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” ARK said in its report, which focused on the period through June 30 but includes more recent data. “Current levels [of miner outflows] suggest that miners are capitulating, a harbinger of a bullish reversal.”
Adding to the bullish momentum is the fact that spot Bitcoin exchange-traded funds accumulated capital during the sell-off, a sign that institutional investors weren’t behind the negative price action.
The price of Bitcoin has rallied sharply this week. On July 19, the largest cryptocurrency traded above $67,200, according to data from Cointelegraph Markets Pro and TradingView.
Additional reporting by Felix Ng, Sam Bourgi and Geraint Price.
