Like this article? Get more from Axios and subscribe to Axios Markets for free. At the same time, it's something that the industry sees as a tempered version of the dream, because it's based on futures prices, not real-time prices. Our thought bubble, via CoinDesk’s Zack Seward: Today was definitely a big moment for the crypto industry, because it's been something that has been sought for a long time. How BITO performed its first day: Shares jumped higher out of the gate, with $280 million worth of shares traded in the first 20 minutes, according to early reports and more than $850 million by the end of the day when it closed up 5%. SEC chair Gary Gensler has been in favor of futures-linked ETFs but still calls cryptocurrency the “ Wild West.” English Fluency Rule 3 Increase Your Motivation. Strategy 4: Learn English Vocabulary the Right Way. An Important Way to Achieve English Fluency. What to watch: About a dozen high-profile applications for bitcoin ETFs are waiting for SEC approval. Download free English mp3+pdf lessons from the below links: Strategy 6: Audio and Visual Learning. What they're saying: “hile we see potential for the technologies underpinning digital assets, we continue to view the coins themselves as speculative,” UBS researchers wrote in a note on Tuesday. Yes, but: Some analysts say bitcoin still holds high underlying risk. The price of the futures contracts will change based on their bets on the price of bitcoin.īackdrop: ETFs are viewed as one way to get more institutional investors on board with crypto more easily. How it works: BITO’s price will change based on the price of the futures contracts that it selects. What it's not: A fund that holds bitcoin. What it is: The ETF can be traded like a stock, is regulated by the SEC, and invests primarily in futures contracts that bet on the price of bitcoin.
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