Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Rivalry is mounting between the U.S.’s major banks over which will be the first to add a Bitcoin ETF.
Bitcoin Cash, an offshoot of Bitcoin launched in 2017, has undergone its halving event.
Meanwhile, Meta, formerly Facebook, has lost $40 billion on its metaverse division since 2021.
Morgan Stanley wants to beat UBS to become first Bitcoin ETF bank
The launch of spot Bitcoin
BTC
tickers down
$67,429
exchange-traded funds (ETF) in the United States has fueled rivalry between investment banks over which will be the first wirehouse to add the products.
Morgan Stanley is hoping to beat UBS in becoming the first wirehouse to fully approve the Bitcoin ETF,
crypto enthusiast Andrew (AP_Abacus) reported on X on April 3.
Citing internal Morgan Stanley notes, Andrew said that the bank “may announce a few days before” its move into Bitcoin ETFs.
He also mentioned that global banks have been actively talking about the Bitcoin ETF addition as a race.
Bloomberg ETF expert Eric Balchunas added to Andrew’s X thread,
noting that neither Morgan Stanley nor UBS have added Bitcoin ETFs, citing a “solid source.”
“Still in a holding pattern, in a compliance game of chicken, waiting for one of them to go first,
then gives rest cover. So probably will be an all-at-once type moment when that is the question,” Balchunas suggested.
The latest speculation about Morgan Stanley’s potential rival move against UBS comes
a few weeks after Andrew reported that the bank is set to approve Bitcoin ETFs.
Bitcoin Cash price hiccups amid second-ever halving event
Bitcoin Cash
BCH
tickers down
$656
stumbled on Wednesday after a three-month-long rally before rebounding shortly after as the blockchain completed its second-ever halving — an event where mining rewards are slashed in half.
Bitcoin Cash is a proof-of-work blockchain network and cryptocurrency that was designed to be faster and cheaper to use than Bitcoin.
The first Bitcoin Cash halving event took place on April 8, 2020, with miner rewards dropping from 12.5 BCH to 6.25 BCH.