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Cryptocurrency

Bitcoin Nears All-time High as ETF Launches

Bitcoin Nears All-time High as ETF Debuts

  • Bitcoin hovered below its all-time high of $64,900 on Tuesday as the first futures-based exchange-traded fund (ETF) began trading
  • The ProShares Bitcoin Strategy ETF launched on the New York Stock Exchange on Tuesday
  • Experts expect the announcement to trigger a rally in the price of the flagship cryptocurrency

The United States’s first bitcoin exchange-traded fund has officially been launched, trading in large volume.

The ProShares Bitcoin Strategy ETF debuted on the New York Stock Exchange on Tuesday.

While this is not the first ETF of its kind, the listing in the world’s biggest equity market will be a test of whether cryptocurrencies are prepared to be placed alongside stocks and bonds.

Bitcoin

With the first day of its opening, more than 24m shares worth almost $1bn were exchanged, according to data from Bloomberg.

Read also: 14-year-old Boy Kidnapped After Making Profit From Crypto

Following the ETF debut, the flagship cryptocurrency surpassed $64,000 for the first time since April.

Since the May-June sell-off that caused the cryptocurrency to fall below $30,000, it has rallied back by adding more than 50% in value.

Although US investors can already purchase bitcoin from exchanges, the launch of the ETF will open the cryptocurrecy up to a large audience.

At the time of this report, BTC is trading at $64,008, with a market cap of $1.2T, based on data obtained from CoinMarketCap.

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