Crypto Today: ABTC Falls, Poland Veto, Vanguard Opens Crypto ETFs
Key developments in the crypto sector today include: shares of American Bitcoin Corp (ABTC) falling sharply; Poland’s president vetoing the Crypto-Asset Market Act; and Vanguard, which oversees about $11 trillion and serves more than 50 million clients, enabling trading of crypto exchange-traded funds (ETFs) and mutual funds starting Tuesday.
American Bitcoin shares sink 50% as BTC proxy trade unwinds
Shares of American Bitcoin Corp (ABTC), a Bitcoin mining and treasury company led by Eric Trump, dropped on Tuesday as challenging market conditions continued to weigh on crypto-exposed equities.
ABTC, which began trading on Nasdaq in early September after a reverse merger with Gryphon Digital Mining, shed more than half its value early in the session. The stock reached an intraday low of $1.75, marking a 51% decline for the day, according to Yahoo Finance data. ABTC stock faced a steep decline on Tuesday. Source: Yahoo Finance
The shares are now down approximately 78% from their post-listing peak of $9.31 on Sept. 9, reflecting a broader pullback across digital assets and related stocks.
While no single driver appeared to trigger Tuesday’s sell-off, crypto-linked equities have seen renewed volatility in recent weeks amid a wider retreat in digital assets and profit-taking in technology names.
American Bitcoin’s performance is closely tied to Bitcoin, which has undergone one of its sharpest pullbacks since mid-October, falling from a peak near $126,000 to a November low below $80,000.
Poland’s president vetoes strict crypto bill, cites threat to “freedoms of Poles”
Polish President Karol Nawrocki declined to sign legislation that would impose stringent rules on the crypto-asset market, drawing support from crypto advocates and criticism from other government officials.
Nawrocki vetoed the Crypto-Asset Market Act, stating its provisions “genuinely threaten the freedoms of Poles, their property, and the stability of the state,” according to a statement from the president’s press office on Monday.
Introduced in June, the bill faced opposition from industry supporters, including Polish politician Tomasz Mentzen, who anticipated the veto as the measure advanced through parliament.
While crypto proponents welcomed the veto, several officials condemned the decision, asserting the president had “chosen chaos” and would be fully responsible for the consequences.
A key factor cited for the veto was a provision enabling authorities to easily block websites operating in the crypto market.
“Domain blocking laws are opaque and can lead to abuse,” the president’s office said in an official release.
The office also highlighted the bill’s length and complexity, arguing it would reduce transparency and result in “overregulation,” particularly compared with simpler frameworks in the Czech Republic, Slovakia, and Hungary. Source: Press office of Polish President Karol Nawrocki (post translated by X)
Vanguard’s 50 million+ clients will have access to crypto ETFs from Tuesday
Vanguard, the world’s second-largest asset manager, will allow clients to trade crypto ETFs and mutual funds on its platform starting Tuesday, reversing its earlier stance on digital-asset ETFs.
Driven by continued retail and institutional demand, Vanguard will provide third-party access to crypto ETFs and mutual funds in a manner similar to how it offers exposure to gold, a Vanguard spokesperson said in a statement. The firm added that it will not support memecoins or launch its own crypto ETFs and mutual funds. Source: Eric Balchunas
“We serve millions of investors who have diverse needs and risk profiles, and we aim to provide a brokerage trading platform that gives our brokerage clients the ability to invest in products they choose,” the spokesperson said.
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