Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin Rides ETF Euphoria to Record High

CryptocurrencyOct 20, 2021 10:09AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim 

Investing.com - Bitcoin hit a record-high on Wednesday, riding a wave of optimism following the launch of the first bitcoin futures-based exchange-traded fund that many bet will open the doors to new crypto investors. 

BTC/USD rose 5.3% to $66,174, topping its previous record high of $64,778 seen on Apr. 1.  

The first Bitcoin-linked exchange-traded fund in the U.S., the ProShares Bitcoin Strategy ETF (NYSE:BITO), rose more nearly 4% in its first day of trading on Tuesday. 

The ETF, trading under the ticker "BITO," is widely viewed as a major victory for bitcoin as the listing not only legitimizes the popular crypto as an asset class, but also makes it more accessible to investors.

A bitcoin futures exchange-traded fund doesn’t directly own or hold bitcoin, but rather bitcoin futures. The Securities and Exchange Commission said its decision to green light the BTC futures-based ETF was based on the fact that bitcoin futures, a regulated product, would allow it to have oversight and protect investors. 

"Here is a product that's been overseen for four years, by a US federal regulator and CFTC, and that's being wrapped inside of something which is in within our jurisdiction," SEC Chairman Gary Gensler said in an interview with CNBC on Tuesday.    

Investors hope, however, that the futures-based ETF will be the first milestone on the road toward an ETF linked to the spot, or underlying bitcoin.

Grayscale Investments confirmed Monday its plan to convert its  Bitcoin trust into a bitcoin ETF.

“The NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF,” Grayscale said in a statement.

 

Bitcoin Rides ETF Euphoria to Record High
 

Related Articles

26% of crypto investors in Japan tried out NFTs: Survey
26% of crypto investors in Japan tried out NFTs: Survey By Cointelegraph - Nov 27, 2021

At least one out of four cryptocurrency investors in Japan had an experience of holding nonfungible tokens (NFTs), according to a new survey. Major Japanese crypto exchange BitBank...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (19)
Rodney Dangerfield
Rodney Dangerfield Oct 20, 2021 4:29PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Greed such a funny thing there's a list below me of people who most likely doesn't even have basic infrastructure but wants to get in the Bitcoin trading game that just shows you how nuts this has become and most likely going to be the most brilliant Ponzi scheme in history
Adedeji Damilola
Adedeji Damilola Oct 20, 2021 3:22PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
081765,1405 I want to now more
yaseer musa
yaseer musa Oct 20, 2021 3:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
have an ideas
Md Shabu Mia
Md Shabu Mia Oct 20, 2021 1:18PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
01757869090
Edeh Ngozi
Edeh Ngozi Oct 20, 2021 11:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
please am interested someone should guide me +23408158027354
Md Shabu Mia
Md Shabu Mia Oct 20, 2021 11:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
01757869090
Md Shabu Mia
Md Shabu Mia Oct 20, 2021 11:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
01757869090
Henry Egodo
Henry Egodo Oct 20, 2021 11:39AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ok. DM 08151565249
Derick Ambrose
Derick Ambrose Oct 20, 2021 11:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I need someone to guide me, i want to start trading as well, somebody please, my number is 0797961921
Abel Boy
Abel Boy Oct 20, 2021 11:24AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
BTC crossed All Time High, Be ready For Alts ! Now is the season We haunt for 10X GEMs,Those in our VIP channel gonna Testify!
Mdomor Faruk
Mdomor Faruk Oct 20, 2021 11:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
very good
Mdomor Faruk
Mdomor Faruk Oct 20, 2021 11:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
very good
SAPHAI CHOU
SAPHAI CHOU Oct 20, 2021 11:22AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
2001
peter neal
peter neal Oct 20, 2021 11:19AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tech Bubble in 2000
Shiela Cervantes
Shiela Cervantes Oct 20, 2021 11:19AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
good
sami narrainoff
sami narrainoff Oct 20, 2021 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Never sell this madness will never stop untill 2027
Rainer Grundl
Snowboy Oct 20, 2021 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
why exactly 2027?
Manuel Yeboah
Manuel Yeboah Oct 20, 2021 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Might head to 68/70k$ and dump to 42k$ respecting the trend channel.
محمد حسین
محمد حسین Oct 20, 2021 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ivan Bodurov
Ivan Bodurov Oct 20, 2021 10:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
next month 22% down from current price .Keep your attention for entry.
Mart Bab
Rubberduck1973 Oct 20, 2021 10:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bitcoin. The currency of Specula. Happy all you hype lovers enjoy the ups and down. I have never seen an asset that has to advertise itself (and not it’s added value) as Bitcoin and all other crypto nonsense. We allready have digital currencies. They are called euro, dollar, etc. Have not had a euro in my hand for years. And yet, all my bills are paid. And my euro is bAcked by eu economies. So no need for fringe digital currencies, backed by criminal organizations and speculators. Also, no need for a store of value you can’t access without electricity. It might take a long while for people to finally know what they are holding. Some may profit. But a whole lot of people (retailers) will become the bag holders of this sheme.
Tristian Bangert
Tristian Bangert Oct 20, 2021 10:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bitcoin is designed to prevent hyper-inflation, something fiat currencies cannot claim to prevent. I feel like you sold early and now you're salty lol
Zakk Lioras
Zakk Lioras Oct 20, 2021 10:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so why do you bother to write this HUGE message??? stay calm, keep away and let me enjoy the new business I started with my bitcoin money I earned since 2015!!! You missed the Train fella!!!! ADMIT it!!!
Eloy Rodrigo
Eloy Rodrigo Oct 20, 2021 10:44AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Millennial Metals
Millennial Metals Oct 20, 2021 10:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
All the smart money is selling slowly into the rally
Melody Mark
Melody Mark Oct 20, 2021 10:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
good
Trevor Roberts
LimitUp Oct 20, 2021 10:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Peter Schiff is that you???
Bellamy Fernades
Bellamy Fernades Oct 20, 2021 10:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yes just little time from now BTC
Melody Mark
Melody Mark Oct 20, 2021 10:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yes
Izi Bizi
Izi Bizi Oct 20, 2021 10:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
a lot of selling to happen. So BTC down very soon
GIGO TECHnology
GIGO TECHnology Oct 20, 2021 10:22AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nice app
GIGO TECHnology
GIGO TECHnology Oct 20, 2021 10:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
good
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email