Valkyrie Launches its First Multi-coin Trust

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Today’s Cryptocurrency Headline

Digital asset manager Valkyrie Investments has launched another cryptocurrency-focused trust, VMCT, in its fund series, with the offering focusing on proof-of-stake tokens (PoS). Valkyrie Multi-Coin Trust (VMCT) invests in blockchain networks and tokens launched after the creation of Bitcoin and Ethereum in addition to Layer 1 and Layer 2 solutions. Assets currently held by VMCT include Avalanche (AVAX), Binance (BNB), Cosmos (ATOM), Gemini USD (GUSD), Helium (HNT), Terra (LUNA), Polygon (MATIC) and Zilliqa (ZIL). Additional tokens may be added based on staking opportunities, on-chain activity, protocol upgrades and liquidity. The trust has a minimum investment of $100,000 for accredited investors.

BingX’s Bitcoin Chart

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According to Tesla’s Q1 2022 earnings report, Tesla did not sell or buy bitcoin during this period. Tesla held $1.26 billion in digital assets, unchanged from the previous quarter. BTC is down about 3.3% over the last 24 hours and has fallen to an intraday low of $39,751. The largest cryptocurrency rose above $43,000 earlier in today’s session. However, the market fell after Federal Reserve Chair Jerome Powell said: “50 basis points will be on the table” for the next Federal Open Market Committee (FOMC) meeting in May. As the cryptocurrency market is more correlated with share prices on the tech-heavy Nasdaq stock index than at any point since July 2020, crypto traders are watching macroeconomic indicators.

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