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Bloomberg Analyst: A Second Bitcoin Futures ETF Could Start Trading This Week

Bloomberg received a listing action from Valkyrie Funds for their bitcoin futures ETF, its analyst James Seyffart said.

  • Bloomberg received a listing action from Valkyrie Funds for their bitcoin futures ETF.
  • The Valkyrie Bitcoin Strategy ETF could begin trading on Wednesday or Thursday after ProShares’ bitcoin futures ETF starts trading tomorrow.
  • However, there is still one last step before confirmed listing on the NYSE  a post-effective prospectus filing.

Bloomberg received a listing action from Valkyrie Funds for their bitcoin futures exchange-traded fund (ETF), its analyst James Seyffart said. The Valkyrie Bitcoin Strategy ETF was thought to be starting trading as early as tomorrow, October 19, under the ticker symbol “BTF.” However, new information from Bloomberg ETF analyst Eric Balchunas indicates it might start trading on Wednesday or Thursday. A post-effective prospectus filing with the U.S. Securities and Exchange Commission (SEC) is the last piece of the puzzle missing for listing confirmation.

Valkyrie likely exploited “its status as a first time issuer [to] skip the queue by requesting to become effective,” Balchunas said. Valkyrie could join ProShares and have their bitcoin futures ETF start trading this week, however a couple of days later.

Earlier today, ProShares confirmed that its Bitcoin Strategy ETF would begin trading tomorrow. The fund, which will trade under the ticker symbol “BITO,” seeks to provide institutional and retail investors with bitcoin exposure.

Although the ProShares ETF is already set to go live tomorrow, Valkyrie still needs to publish a post-effective prospectus filing with the SEC, detailing whether its bitcoin futures ETF will start trading tomorrow or not, Seyffart said.

However, neither the ProShares Bitcoin Strategy ETF nor the Valkyrie Bitcoin Strategy ETF will hold actual BTC. Instead, they will seek to obtain bitcoin exposure through bitcoin futures contracts, which significantly affects investors. A true Bitcoin ETF, which would hold actual bitcoin, still seems a far-fetched reality in the U.S.

In any case, investors are encouraged and incentivized to take ownership of their bitcoin exposure by investing in BTC directly. To invest in any asset through an ETF means to take the easier route, as it’s more straightforward for those accustomed to trading in the stock market. However, it introduces attack vectors that could and should be avoided.

Investors will only be able to take advantage of Bitcoin’s true value proposition of censorship-resistant and sovereign digital money if they choose to purchase and self-custody BTC themselves. The easier route might be attractive for enabling people to get exposure to bitcoin right away and switch to self-custody as they learn more about Bitcoin. But relying purely on an ETF for BTC exposure will likely prove to be reckless in the long run.

Bitcoin (BTC) Price Prediction: BTC/USD Drops Sharply as Bitcoin Crashes to $41k

BTC/USD Is in a Deeper Correction as Bitcoin Crashes to $41k – December 4, 2021 Bitcoin (BTC) has plunged to the low of $41,000 as Bitcoin crashes to $41K. The cryptocurrency has declined to the September 28 historical price level of $41,064. BTC/USD is likely to face deeper correction as it falls to the low::Listen

BTC/USD Is in a Deeper Correction as Bitcoin Crashes to $41k – December 4, 2021

Bitcoin (BTC) has plunged to the low of $41,000 as Bitcoin crashes to $41K. The cryptocurrency has declined to the September 28 historical price level of $41,064. BTC/USD is likely to face deeper correction as it falls to the low of $48,442. Today, there is a long candlestick’s tail pointing to the $41,000 support level. The long candlestick’s tail is describing that the $41,000 support is a strong buying pressure.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

Before the recent breakdown, Bitcoin was fluctuating between $56,000 and $59,000 price levels since November 29. However, in the last 48 hours, BTC price was compelled to consolidate in a tight range between $56,000 and $57,000. Perhaps, this tight consolidation must be responsible for the recent breakdown. The bears have broken below the $56,000 support to reach the low of $41,000. On the other hand, the bulls have bought the dips as BTC price makes an upward correction. The current breakdown is like a vertical tally not backed by fundamentals. Bitcoin is likely to recover if it breaks above $50,000 high or above the moving averages.

Bitcoin (BTC) Indicator Reading

BTC price has broken below the moving averages indicating a downward movement of prices. The king coin is at level 29 of the Relative Strength Index for period 14. Bitcoin is now in the oversold region of the market. The implication is that selling pressure has reached bearish exhaustion. Buyers will emerge in the oversold region to push prices upward. Bitcoin has a bearish crossover. That is, 21-day line SMA crosses below the 50-day line SMA indicating a sell signal.

   Bitcoin (BTC) Price Prediction: BTC/USD Drops Sharply as Bitcoin Crashes to $41k
BTC/USD – Daily Chart

Meanwhile, Bitcoin is in a downward move as Bitcoin crashes to $41K. Meanwhile, on November 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall to level 1.272 Fibonacci extension or $44,403.70.

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 Read more:
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•                        How to buy Bitcoin

Bloomberg Analyst: A Second Bitcoin Futures ETF Could Start Trading This Week

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