Bitcoin ETF roars in debut with US$145M of trading volume – BNN

a technician monitors cryptocurrency mining rigs at a bitfarms facility in saint hyacinthe quebec canada on thursday july 26 2018 bitcoin has rallied more than 30 percent in july shrugging off security and regulatory concerns that have plagued the virtual currency for much of this year photographer james macdonald bloomberg ProxyEgg Bitcoin ETF roars in debut with US$145M of trading volume - BNN

North America’s first Bitcoin ETF got off to a stellar start in its first day of trading, with investors exchanging US$145 million worth of shares.

After a relentless surge in the world’s largest digital currency, the first Bitcoin product that’s officially labeled an exchange-traded fund debuted Thursday in Toronto — although Europe has several crypto-tracking products that function like an ETF. The Purpose Bitcoin ETF (ticker BTCC) invests directly in “physical/digital Bitcoin,” issuer Purpose Investments Inc. said in a statement.

The cryptocurrency has captivated investors from billionaire Elon Musk to hedge-fund moguls including Alan Howard and Paul Tudor Jones. It may well be “the stimulus asset,” DoubleLine Capital LP chief Jeffrey Gundlach tweeted, in a reference to Bitcoin’s rally amid a wave of cash pumped into the financial system during the pandemic. While the digital asset has already surged fivefold in the past year — spurring concern about a speculative froth in global markets –it’s grabbing more mainstream attention, especially after Tesla Inc.’s recent US$1.5 billion purchase.

It’s unclear how much of the activity in BTCC will result in inflows for the fund, but the trading volumes are well above an ETF’s typical first day in Canada, according to Bloomberg Intelligence analyst James Seyffart. Although too early to tell, ETF proponents argue that such a fund will trade without the massive premiums plaguing many current Bitcoin trusts in the U.S.

“There’s sizable untapped interest for a Bitcoin investment that has the benefits of an ETF,” said Todd Rosenbluth, CFRA Research’s director of ETF research, adding it’s unlikely the fund will trade at a significant premium-to-net-asset-value. “While most ETFs come to market globally with an educational hurdle to overcome, many investors are familiar with what is inside BTCC,” he noted.

The U.S. currently has several active filings for a Bitcoin ETF, including the ones from VanEck Associates Corp. and Bitwise Asset Management, but the price swings notorious in cryptocurrenies and allegations of industry manipulation remain hurdles to regulator approval. Still, with the world’s largest digital trading near all-time highs and a change of leadership at the Securities and Exchange Commission, analysts say the prospect of a first American Bitcoin ETF appears to be rising.

Source of this news: http://www.bnnbloomberg.ca/first-bitcoin-etf-in-north-america-is-launching-in-canada-1.1565281

Related posts:

Injection makers pressed by lawmakers, investors to speed mundial access to shots - Shoot Call
Hassan asked David Kessler, haead science officer for the Light colored House’s coronavirus response squad, what steps Congress could take to make sure drugmakers price vaccines and boosters in a...
Top 8 Internet Browsers With Built-in VPN For Android & iOS - H2S Media
Here are some best internet web browsers with built-in VPNs to Stay Anonymous while Browsing the internet. Are you worried about your privacy and security while using your smartphone? Do you think...
Apple and Google Respond to Covid-19 Contact Tracing Concerns - WIRED
"It's definitely possible that some evil advertiser could use this to augment their data sets," Green says. "But, gosh, it really requires a lot of evil. And it seems to me like a small case."Keeping...
Headline Scan for Aug 23, 2021 | CIDRAP - CIDRAP
Breakthrough COVID-19 may be less infectious Being fully vaccinated against COVID-19 significantly lowered the probability of virus attack culture positivity in advancement cases versus cases f...
Geonode Proxies As a Cybersecurity Method - techbullion. com
The Geonode Proxies website is a great procedure to understand how to use Geonode and how to set up a proxy internet protokol. Most websites that will provide you advice on how t...
Dallas Invents: 136 Patents Granted for Week of Sept. 14 » Dallas Innovates - dallasinnovates.com
Dallas Invents is a weekly look at U.S. patents granted with a connection to the Dallas-Fort Worth-Arlington metro area. Listings include patents granted to local assignees and/or those with a N...
Everything You Need to Know About Sneaker Bots - Complex
In a nondescript warehouse at an undisclosed location in Northern New Jersey, there sits a garage space full of neatly stacked sneakers—some on shelves, some not—a basketball hoop, an Armenian flag, ...
Zac Gallen & Stephen Vogt: The League of Shadows Battery - AZ Snake Pit
The art and science of pitching is a complex endeavor in pursuit of a simple goal: see that guy, or gal, in the batter’s box? Get him, or her, out. There are myriad ways to try to achieve that goal, ...
Specifically is Data Scraping? - Art Times
Only 78. 5% of companies survive the first year . The top reasons for the incapability of startups are insufficient survey, poor business plans, associated with inadequate marketing. &nbs...
Hiddenwires Magazine - HiddenWires
21/07/2021 Silvair has released the new custom Bluetooth mesh specification for the EnOcean Switch Mesh Proxy Server model, enabling EnOcean self-powered switches to be used together with Bluetoo...
Researchers Submit Patent Application, “Managing Queries With Data Processing Permits”, for Approval...
Insurance Daily News 2021 NOV 01 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- From Washington, D.C., NewsRx journalists report that a patent application by the inv...
Is Your Mobile Provider Tracking Your Location? This New Technology Could Stop It. - USC Viterbi | S...
To receive service, our phones reveal personal identifiers to cell towers owned by major network operators. This has led to vast and largely unregulated data-harvesting industries. Now, researchers h...
Guidelines for Crawling a Website Without Being Blocked - The Tech Report
Web crawling and web scraping are vital for the collection of public data. Many online retailers employ web scrapers to gather new data from a variety of websites. They use this data to develop busin...
Charting a market whipsaw: Nasdaq, Dow industrials hold key support - MarketWatch
U.S. stocks are firmly higher early Thursday, rising after a solid batch of economic data to punctuate the worst single-day downdraft in about three months. Against this backdrop, the Nasdaq Composi...
Open Text : What's new in OpenText Exceed TurboX 12.0.4 - Marketscreener.com
As remote work has become the new normal, remote access to business-critical software has become the norm and needs to be supported on any platform and any device. With OpenText™ Exceed TurboX (ET...
I'm Begging You to Use a VPN at Hotels - Lifehacker
Keep your keycard with you, don’t leave valuables in your room unattended, and keep the door locked. Most of us follow basic security precautions at hotels, but I’m begging you to add one more to the...
ProxyShell vulnerabilities are used to hack Microsoft Exchange servers - Security News - BollyInside
Threat actors are actively exploiting Microsoft Exchange servers using the ProxyShell vulnerability to install backdoors for later access.The three vulnerabilities, listed below, were discovered by D...
10 Database Security Best Practices You Should Know - tripwire.com - tripwire.com
According to Risk Based Security’s 2020 Q3 report, around 36 billion records were compromised between January and September 2020. While this result is quite staggering, it also sends a clear message ...

IP Rotating Proxy Onsale

SPECIAL LIMITED TIME OFFER

00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
First month free with coupon code FREE30