The New York Stock Exchange files two Bitcoin exchange-traded funds to SEC
Reports coming from the United States tell about the New York Stock Exchange wanting to operate two Bitcoin exchange-traded funds (or ETFs): the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF. Contracts by these two funds will be like the futures for the futures: they will open up a possibility for traders to bet on the possible dynamics of Bitcoin futures. Bitcoin futures, as it’s necessary to remind here, allow to bet on the possible future price of Bitcoin.
Brown Brothers Harriman is going to watch over the process and deal with legal issues of the aforementioned ETFs, and its head of emerging market strategy Win Thin called this “further mainstreaming” and hoped for more regulatory oversight, possibly meaning that with more legitimate business processes surrounding Bitcoin, authorities will start to understand they cannot just act rashly when it comes to cryptocurrency.
Meanwhile, Bitcoin futures still did not lead to the collapse of the financial system as Thomas Peterffy initially suspected but stopped talking about this scenario just 9 days later. Bitcoin itself currently costs $17,348 on Coinmarketcap, seemingly recovering after the fall to $16,000. Bitcoin Cash, the rival currency which lately grew in value, contrariwise, shows some signs of correction - from $4000 yesterday to $3600 at the press time.
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