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S.E.C. APPROVES Bitcoin Futures ETF!


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The future of cryptocurrencies remains uncertain.

An unclear regulatory status, the pending infrastructure bill, and outright calls to ban crypto, by some factions within the government are just some of the reasons investors have felt uneasy in recent weeks and months.

Despite all this, the price of BTC climbed back up to ~$62,000 today.

Those feeling uneasy about the future of cryptocurrencies may be comforted to hear that The S.E.C. has approved an application for a Bitcoin futures ETF in The U.S.

The Proshares BTC ETF will begin trading on The New York Stock Exchange tomorrow, October 19th 2021, under the ticker symbol BITO.

Here’s the latest on the impending ETF:

Fox Business reports:

Rather than investing in Bitcoin directly, the ProShares Bitcoin Strategy ETF will offer investors the ability to gain exposure to returns of the world’s largest cryptocurrency by investing in bitcoin futures contracts through a brokerage account.

“We believe a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts to launch one,” ProShares CEO Michael Sapir said in a statement.

Markets Insider states:

The arrival of the bitcoin-futures ETF comes as the red-hot cryptocurrency has shattered the $1 trillion market capitalization threshold, helping the broader crypto market grow to a market value exceeding $2 trillion.

Bitcoin climbed as much as 6% to $62,667.51 on Monday, just 4% below its all-time high of $64,869.78 reached in mid-April.

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