CRYPTO NEWS

ProShares to Unveil First US Short Bitcoin-Linked ETF

ProShares, an issuer of
exchange-traded funds (ETFs), says it will launch the first US short
Bitcoin-linked ETF (BITI) on Tuesday.

 

The planned unveiling of
BITI comes eight months after the ETF provider launched the first US
Bitcoin-linked ETF in October 2021.

 

ProShares similarly
launched the first Bitcoin-linked mutual fund (BTCFX) in July last year.

 

The ETF provider
explained that BITI was designed to address the high cost that comes with short
exposure to Bitcoin.

 

“The ProShares Short
Bitcoin Strategy ETF (NYSE Ticker: BITI) provides a way for investors to
potentially profit from a decline in the price of Bitcoin or hedge their
cryptocurrency exposure with the convenience of an ETF,” it explained in a
statement.

 

The issuer, however,
noted that investors who prefer to invest in mutual funds can opt for the Short
Bitcoin Strategy ProFund (BITIX). 

 

ProShares disclosed that BITIX will also be launched tomorrow by ProFunds,
its mutual fund affiliate.

 

The ETF provider along
with its affiliates manage $55 billion in assets.

 

“The BITIX mutual fund
will have the same investment objective as BITI,” ProShares said.

 

BITI: To What End? 

 

ProShares explained
that  BITI seeks to achieve the opposite of the performance of the S&P
CME Bitcoin Futures Index.

 

In turn, the S&P CME
Bitcoin Futures Index measures the performance of the CME Bitcoin Futures
market.

 

BITI also seeks to gain
exposure through Bitcoin futures contracts, the company said.

 

Explaining the purpose of BITI,
Michael L. Sapir, the CEO of ProShares, pointed out that recent times
have shown that Bitcoin can drop in value.

 

Sapir explained that
BITI gives investors who believe that the price of Bitcoin will drop the
opportunity to profit or hedge their cryptocurrency holdings. 

 

He further explained that the ETF enables investors to conveniently obtain short exposure to bitcoin by
buying an ETF in a traditional brokerage account.

 

“With the additions of
BITI and BITIX, ProShares and ProFunds will be the only fund families in the US
offering funds that allow investors to express their view on the direction of Bitcoin—no matter whether they believe the price will go up or down,” Sapir
explained in the statement.

 

The ETF does not invest
directly in or hold bitcoin, ProShares said.

 

This article was written by Solomon Oladipupo at www.financemagnates.com.

Should you buy DOGE at the current $0.06 retracement?

DOGE faces resistance at the $0.07, retraces to $0.06 Coinbase commerce adds DOGE payments  Elon Musk faces $258 billion lawsuits for an alleged DOGE pyramid scheme Dogecoin (DOGE/USD) has remained subdued since its promoter Elon Musk was sued for $258 billion by an investor. The plaintiff accused the billionaire and his companies of manipulating the value::Listen

  • DOGE faces resistance at the $0.07, retraces to $0.06

  • Coinbase commerce adds DOGE payments 

  • Elon Musk faces $258 billion lawsuits for an alleged DOGE pyramid scheme

Dogecoin (DOGE/USD) has remained subdued since its promoter Elon Musk was sued for $258 billion by an investor. The plaintiff accused the billionaire and his companies of manipulating the value of the meme coin for selfish gains.

DOGE is currently trading at $0.06812 after a 5.01% decline in the past week, according to data from CoinMarketCap. The bearish market sentiment has aggravated the self-off. However, the growing adoption of the token for payments seems to be giving it a boost.

Coinbase Commerce adds support for DOGE payments

DOGE showed some recovery after Coinbase Commerce included it as supported payments in its services. The addition is part of the exchange’s move to provide instant and free payments to the managed merchants. The announcement has kept the meme token afloat amid a bearish pressure that has seen it register a significant retracement.

The monthly outlook shows a price decline of 16% since trading at $0.081. Equally, DOGE is one of the tokens hard hit by the crypto sell-off, having shed off 64% year-to-date. Will DOGE record a trend reversal, or will it face more bearish pressure?

DOGE finds resistance at $0.07

Source: Tradingview

From the daily price outlook, DOGE found resistance at $0.07 on June 27 before retracing to $0.06. The technical indicators show that the token is still bullish, with the 20-day moving average (black line) joining the support.

Some consolidation is expected to be seen at the 50-day moving average (green line) before any bullish momentum can set in. The RSI reading is 48 shows that the token has not reached an oversold zone and could decline further. DOGE remains bearish below the $0.07 support, turned resistance level. A buy entry will only be recommended above the resistance.

Summary

DOGE remains mainly bearish, with the RSI showing a possibility of potential lower levels. A buy can only be recommended once the token surge clearly above the $0.07 resistance level, with the confirmation of a bullish price signal.

The post Should you buy DOGE at the current $0.06 retracement? appeared first on CoinJournal.

ProShares to Unveil First US Short Bitcoin-Linked ETF

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