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Bitcoin Rides ETF Euphoria to Record High

CryptocurrencyOct 20, 2021 10:09AM ET
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© 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
 

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Comments (19)
Rodney Dangerfield
Rodney Dangerfield Oct 20, 2021 4:29PM ET
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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
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081765,1405 I want to now more
yaseer musa
yaseer musa Oct 20, 2021 3:08PM ET
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have an ideas
Md Shabu Mia
Md Shabu Mia Oct 20, 2021 1:18PM ET
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01757869090
Edeh Ngozi
Edeh Ngozi Oct 20, 2021 11:39AM ET
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please am interested someone should guide me +23408158027354
Md Shabu Mia
Md Shabu Mia Oct 20, 2021 11:39AM ET
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01757869090
Md Shabu Mia
Md Shabu Mia Oct 20, 2021 11:39AM ET
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01757869090
Henry Egodo
Henry Egodo Oct 20, 2021 11:39AM ET
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Ok. DM 08151565249
Derick Ambrose
Derick Ambrose Oct 20, 2021 11:24AM ET
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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
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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
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very good
Mdomor Faruk
Mdomor Faruk Oct 20, 2021 11:23AM ET
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very good
SAPHAI CHOU
SAPHAI CHOU Oct 20, 2021 11:22AM ET
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2001
peter neal
peter neal Oct 20, 2021 11:19AM ET
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Tech Bubble in 2000
 
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