ETF Debut
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Chart of the Day
Proshares Bitcoin futures-backed ETF made its NYSE debut on Tuesday under the ticker BITO. BITO closed its first trading day on a high note, with nearly $1 billion worth in shares changing hands, just shy of breaking the trading record for any debuting ETF. The investment vehicle’s stellar debut was mirrored in the spot market, with the price of BTC rising to a six-month high near $64.4k, only 0.5% away from topping its historic high. It took BTC four weeks to consolidate near the previous all-time high back in December 2020. Could this bullish rally unfold in a similar manner, or could the subsequent approvals of three other futures-based ETFs give BTC another leg-up to break out? We’ll see.
Talk of the Town
Facebook has recently launched its digital wallet Novi with Coinbase as its crypto custody services provider, as part of the company’s blueprint of transitioning into a metaverse company. Shortly after the announcement, U.S. Senator Elizabeth Warren, along with four other senators, voiced their opposition to the revival of Facebook’s cryptocurrency and digital wallet initiatives. They urged the company’s CEO Mark Zuckerberg to “immediately discontinue the pilot of Novi” and “to commit not to bring Diem to market”.
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