EDITOR'S NOTE
The first bitcoin-linked ETF debuted Tuesday on the New York Stock Exchange, and while trading was a little deflated after the opening pop, shares of the ProShares Bitcoin Strategy ETF (BITO) closed 4.8% higher.
The ETF tracks CME bitcoin futures, or contracts speculating on the future price of bitcoin, rather than the cryptocurrency itself. It isn't the spot bitcoin ETF many investors continue to hope for, but it's a big win for the young cryptocurrency industry which has fought to establish itself in the legacy financial world.
"The launch of the first bitcoin-linked ETF in the U.S. will bolster the broader crypto market and help an entirely new investor class experience the benefits of bitcoin as a legitimate asset," said Anthony Bertolino, vice president of growth at iTrustCapital.
However, he added, "investors will almost certainly come to desire a spot-based, physically-backed bitcoin ETF, and 10 years from now, I would even expect some of the bitcoin ETFs to allow physical redemption for those that want it."
The price of bitcoin climbed higher with the ETF, adding more than 4% and pushing the cryptocurrency toward its April all-time high of $64,899. Bitcoin crested over $64,000 Tuesday.  Stocks rose as big companies posted strong quarterly earnings, easing investors' concerns that continued reports of Covid cases and rising costs would weigh on the U.S. economic reopening.
The S&P 500 and the Dow Jones Industrial Average finished higher on Tuesday, sitting less than 1% from their all-time highs. The Nasdaq Composite also edged up.
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Selasa, 19 Oktober 2021
Bitcoin futures ETF jumps on debut | S&P 500 gains for fifth day | Netflix earnings are here
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