Bitcoin Falls by $1,400 After Crash of Coinbase

Bitcoin’s (BTC) price fell by $1,400 after a crash of United States-based cryptocurrency trading platform Coinbase.

Cryptocurrency trading platform first reported that it was investigating an issue in which its API and website were not functioning properly at 1:47 p.m. PDT on its status website.

According to the daily chart of bitcoin price on Coin360, bitcoin’s price and market cap began to plummet around 1:25 p.m. PST, just minutes before Coinbase’s first announcement.

By 2:13 p.m. Coinbase reported that it had identified the problem and was implementing the fix. By 2:38 p.m. the problem was reported to be resolved.

Today’s crash follows a degraded performance report on June 25 and another crash incident on June 24, both of which were resolved within an hour of reporting.

The crash comes on the heels of today’s rally in which bitcoin surpassed both the $12,000 and $13,000 price marks in a matter of hours.

At press time, bitcoin is currently trading at $12,376.74, according to data from CoinMarketCap. (Negative)

Binance and Paxos Make Easier to Exchange Stablecoins for Fiat

Binance and digital asset Trust company Paxos have integrated a new fiat deposit gateway on Binance’s trading platform.

The gateway will enable traders to exchange fiat currency for the PAX Standard (PAX) stablecoin on the Paxos platform via wire transfer. It will increase PAX liquidity on the exchange and thus optimize price discovery for traders, according to the press release.

All PAX redemptions on Binance will reportedly be zero-fee, and not be subject to minimum or maximum thresholds for withdrawals and deposits.

As reported, Paxos has recently enabled users to instantly redeem unlimited amounts of its tokens for United States dollars.

Earlier this month, Binance’s Chief Financial Officer confirmed rumors that the exchange would start issuing proprietary stablecoins within two months, starting with a British pound-pegged coin, Binance GBP. (Neutral)

Bitwise to Launch Another Crypto Exchange-Traded Product

Crypto asset manager Bitwise has partnered with Swiss fintech startup Amun AG to launch another multi-crypto-based exchange-traded product (ETP), according to a press release on June 26.

Bitwise’s index calculation subsidiary, Bitwise Index Services, has licensed “The Bitwise 10 Select Large Cap Crypto Index” to Amun AG to bring a diversified crypto ETP, the announcement says.

The index will act as the benchmark index for an ETP product called “Amun Bitwise Select 10 Large Cap Crypto Index ETP” operating under the ticker symbol KEYS, according to a report by crypto media outlet The Block.

The new ETP product will reportedly trade on Switzerland’s principal stock exchange SIX Swiss Exchange, and will be only accessible by investors residing outside the United States, the press release notes.

The Bitwise 10 Select Large Cap Crypto Index allows to track the performance of up to 10 of top global crypto assets by “free-float and inflation-adjusted market capitalization,” Bitwise wrote in the press release, adding that the index is rebalanced and reconstituted on a monthly basis.

Matt Hougan, Global Head of Research at Bitwise, said that the new initiative is an attempt to assist non-U.S. investors in obtaining “diversified exposure to the crypto markets.” He added that the  index is designed for Swiss investors who “want to be sure they gain and maintain exposure to the most important crypto projects in the world.”

To date, SIX exchange has listed four crypto ETPs by Amun AG, including bitcoin ETP (ABTC), ethereum ETP (AETH), XRP ETP (AXRP), as well as its multi-crypto-based ETP Crypto Basket Index ETP (HODL), according to SIX’s official website.

Launched in April 2019, AXRP is the second biggest ETP by daily trading volume of about 440,000 Swiss francs ($450,000), following Invesco Physical Gold ETC, according to data provided by SIX. (Positive)