ETFs Listed - What's Next For Bitcoin?

After dropping below $ 30,000 in June, Bitcoin ( BTC ) had a rally of almost four months, appreciating by more than 100%. On Friday, it ...


After dropping below $ 30,000 in June, Bitcoin (BTC) had a rally of almost four months, appreciating by more than 100%. On Friday, it managed to regain the $ 60,000 level after closing the day with a peak of 7.56%. The rally that followed was attributed to the enthusiasm generated by the SEC for giving the green light to the exchange-traded fund (ETF) ProShares Bitcoin Futures. Bitcoin has since successfully defended its current price point and has managed to come closer and closer to its all-time high of $ 64,899.

The list of Bitcoin ProShares Strategy ETF Tuesday is believed to provide an additional boost to Bitcoin and cryptocurrencies to embed legitimacy. However, a key fact about the new Bitcoin ETF is that it does not invest directly in Bitcoin, but rather allocates a portion of its assets to BTC futures contracts.

“BITO”

Listed as “BITO” on the New York Stock Exchange, ProShares’ Bitcoin Strategy ETF is the first of its kind, which some say lasted 10 years as several Bitcoin ETFs were blocked or fully blocked by the Securities and Exchange of the United States. Commission, or SEC.

Some of the high-profile apps that are still in limbo are Bitcoin ETFs from WisdomTree and VanEck. ProShares was given the green light due to one particular distinction: ProShares Bitcoin ETF is a futures-based ETF, and it is also deposited under the rules of mutual funds.

The second favorite this structure because it does not have jurisdiction over cryptocurrency trading platforms that are not registered as exchanges in the United States.