Crypto adoption may have been taken to the next level in Australia amid severely bearish price movements seen for digital assets.
Australia is known to be one of the crypto-friendly countries where a vast audience is inclined toward cryptocurrencies. This includes people of all age groups, even though some generations might be more enthusiastic than others.
Regardless, the country has seen its first crypto ETFs listed by 21Shares, which is the largest issuer of crypto ETFs (exchange-traded funds) in the world.
While this is magnificent news for crypto enthusiasts, especially those residing in Australia, the crypto market might be looking at some extreme conditions at the moment.
The prices of the top two digital assets, Bitcoin and Ethereum, are drastically low. However, what’s interesting to see is the impact of Bitcoin and Ethereum’s price movements (if any) on the ETFs.
As a new crypto investor, if you are interested in buying BTC then make sure you take a look at the Bitcoin price prediction first and then move ahead.
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Which Crypto ETFs are Planned to be Launched?
The first ETFs in Australia are Bitcoin and Ethereum ETFs. Despite the price movements seen for both cryptocurrencies, 21Shares launched the above-mentioned ETFs in the country.
Bitcoin is currently trading at $27,638 (at the time of writing) and its price movement over the last month can be seen in this graph by CoinMarketCap.
Ethereum, on the other hand, is currently trading at $1,871 (at the time of writing). Here is a graph by CoinMarketCap that shows the price movement of ETH over the last month.
21Shares is based in Switzerland and partnered up with ETF Securities to launch the funds. Both the Bitcoin ETF (EBTC) and Ethereum ETF (EETH) track the prices of these cryptocurrencies in Australian dollars. They are also fully supported by the respective digital assets that are held in cold storage by the Coinbase exchange.
Hany Rashwan, the CEO of 21Shares has been working to offer easier crypto access to Australian investors for years.
He also aims to boost crypto adoption all over the globe and stated:
“There’s more to crypto than just bitcoin and ethereum, and we look forward to making the entire crypto world accessible and investable for everyone around the world.”
Previously the regulators in Australia did not perceive the cryptocurrencies as suitable or stable for the financial markets of the country. However, the authorities in Australia have made efforts to work more productively with crypto supporters to help the Australian investors move towards the crypto space by creating proper legal frameworks.
If you are new to the crypto space and you want to invest in the popular altcoin ETH, make sure you keep an eye on the Ethereum price prediction and invest accordingly.
Useful Tips to Help New Crypto Investors
The crypto market is quite volatile and the prices of the digital assets can see extreme fluctuations, as mentioned above. The overall crypto market is stuck in a downward momentum but the enthusiasts and analysts believe this to be important for the recovery of the assets.
Even when the market conditions are not so positive, long-term investors and traders remain unfazed as the price recovery of cryptocurrencies is inevitable.
These are only some of the aspects you need to be familiar with if you want to step into the crypto space. Therefore, here are some useful tips that can make the overall experience less challenging for beginners.
- Always opt for one of the best cryptocurrency exchanges, regardless of the digital asset you want to buy.
- Start by investing a small amount, as much as you can afford to lose.
- Always keep an eye on the price movement of the crypto asset you want to purchase and know when to invest.
If you are looking to purchase Bitcoin or Ethereum for the first time, you can click on SwissBorg or Kraken (U.S. citizens).
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