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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) 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
He also mentioned that global banks have been actively talking about the 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) 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.
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.
There has been positive speculation in the lead-up to the halving, with the price of Bitcoin Cash increasing 147.85% over the past three months and 24% over the past 30 days.
However, in the day leading up to the halving, Bitcoin Cash’s price dipped by 9.94%, falling to $572.21, as per CoinMarketCap data. However, after the halving, it quickly bounced back, reaching $604, a spike of approximately 5.5%.
The recent price decline led to liquidations totaling $3.9 million, predominantly affecting long positions at $3.3 million, while short positions accounted for $569,540, as per CoinGlass data.
Zuckerberg’s metaverse division has lost $40 billion since inception
Since rebranding from Facebook to Meta in 2021, the Mark Zuckerberg-led company has booked $40 billion in losses tied to its metaverse division.
Although Meta posted impressive revenues of $134.9 billion in 2023, a closer look at its financials reveals troubling signs for Reality Labs — the division responsible for products such as the Quest VR headset. The financials show successive year-over-year declines since 2021.
Data from UploadVR shows that, as of March 2023, Meta had sold roughly 20 million Quest headsets since 2019.
Meta appears to have pivoted to an enterprise-oriented approach for its metaverse business. In a March blog post, the company declared the death of the metaverse hype and cited AI as the next technological disruptor
