Bitcoin ETF Rises 4.7% In First Day Of Trading As Bitcoin Prices Approach All-Time Highs

Forbes

Topline

On the back of the first day of trading for ProShares Bitcoin Strategy ETF, the first-ever bitcoin futures exchange-traded fund, the price of bitcoin surged to $64,145 as of 4 p.m., just shy of its previous high price of $64,899 achieved in April, while the ETF rose 4.72% during trading Tuesday.

Tuesday marked the trading debut of the first bitcoin futures ETF. (Photo Illustration by Avishek … [+] Das/SOPA Images/LightRocket via Getty Images)

How To Get Free Crypto  

SOPA Images/LightRocket via Getty Images

Key Facts

The ProShares Bitcoin Strategy ETF was a hit among investors during its trading debut, as “more than 20 million shares changed hands by around 2:54 p.m. in New York,” per Bloomberg.

The ETF trades on the New York Stock Exchange under the ticker BITO.

The price of bitcoin has been on a rapid upward trajectory this month, rising almost 50% from its September close of below $44,000.

Key Background

The idea of a bitcoin ETF is not new. Between 2013 and 2018, Cameron and Tyler Winklevoss petitioned the SEC twice to list a Bitcoin ETF, though the twins most famous for being embroiled in a Facebook founding controversy were rejected both times.   

Crucial Quote

Anthony Bertolino, vice president at cryptocurrency investing firm iTrustCapital, told CNBC, “The launch of the first bitcoin-linked ETF in the U.S. will bolster the broader crypto market and help an entirely new investor class experience the benefits of BTC as a legitimate asset.” 

Coinbase Banner  

Further Reading

Revenge Of The Winklevii (Forbes)

Why You’re Probably Better Off Buying Bitcoin Than a Futures ETF (Bloomberg)

Go to Source
Author: Derek Saul, Forbes Staff


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.