Bitcoin has officially hit Wall Street

By: Yuriy Stanislavskiy | 20.10.2021, 14:31
Bitcoin has officially hit Wall Street

The New York Stock Exchange (NYSE) today launched the world's first auctions for a fund based on cryptocurrency, more specifically bitcoin. The Financial Times reported this information and added that the new fund is called Bitcoin Strategy ETF, with the ticker BITO on behalf of ProShares.

Bloomberg adds that the Bitcoin Strategy ETF immediately became one of the most popular funds in the early trading session. In the first 20 minutes, ProShares shares were trading at over $280. At the same time, it is noted that the emergence of a bitcoin fund on Wall Street will make access to cryptocurrency assets much more convenient. At the same time, the risks in this case are higher, as auctions are conducted through futures rather than the cryptocurrency itself.

This event stabilized the leading cryptocurrency and its price began to rise. Earlier in the day, bitcoin tightly approached another psychologically wet barrier of $65,000. The major cryptocurrency hasn't traded this high since April this year, when the current all-time record of $64,888.99 was set.

Source: ft@EricBalchunas

Cover: ProShares CEO Michael Sapir outside the New York Stock Exchange © AP