New ATH for Bitcoin in the aftermath of the debut of the ProShares Bitcoin Strategy ETF fund in New York, which invests in digital currency. The most capitalized cryptocurrency gains 3.51% to $ 64,305 compared to the previous day, while on a weekly basis the increase is 16.33%, with a capitalization reaching the level of 1.21 trillion dollars. Ethereum also did well, achieving + 3.72% and reaching $ 3,940, gaining 12.4% on a weekly basis, with a market capitalization that exceeds $ 460 billion.
U.S. stocks rallied early Tuesday, extending a positive trait following generally solid gains when a bitcoin-paired ETF successfully debuted on Wall Street. A heavy week of results and earnings. The Bitcoin Strategy ETF, a new vehicle launched by ProShares, rose 3.1% to $ 41.22 in its first session on the New York Stock Exchange. The exchange-traded fund, which is linked to bitcoin futures rather than directly to digital currency, is traded under the ticker “BITO” and bills itself as an accessible investment vehicle for traditional shareholders.
In fact, the Bitcoin ETF allows you to bet on the future prices of the cryptocurrency without buying it directly and the SEC regulates the platforms where the futures contracts are traded, and this means that it can monitor the prices, considered by critics to be ‘manipulable’ in unregulated platforms. . Despite the green light, the SEC reminds the public that “Bitcoin remains a very speculative asset class” and requires close attention. A warning not able to curb the enthusiasm of crypto fans
The debut of this ETF represents an important exam for the crypto industry as it allows you to test investors’ appetite for cryptocurrency and their willingness to place it alongside more traditional assets in their portfolios. While American investors can already buy Bitcoin through private trusts like Grayscale Bitcoin Trust or directly through crypto exchange platforms, ETFs – Sapir highlights – open the market to a wider audience of investors, including pension funds. A prospect that has given Bitcoin wings in recent days, making it soar to over $ 63,000.
