Ebene News – CA – Bitcoin ETF roars to debut with US $ 145m trading volume – BNN Bloomberg

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North America’s first Bitcoin ETF got off to a flying start on its first day of trading, with investors trading $ 145 million in shares

After a relentless surge in the world’s largest digital currency, the first Bitcoin product officially labeled an exchange-traded fund debuted in Toronto on Thursday – though Europe has several crypto-tracking products that work as an ETF The Purpose Bitcoin ETF (ticker BTCC) invests directly in – physical / digital Bitcoin, – issuer Purpose Investments Inc says in a press release

Cryptocurrency has captivated investors, from billionaire Elon Musk to hedge fund moguls including Alan Howard and Paul Tudor Jones It could well be a stimulus asset DoubleLine Capital LP chief Jeffrey Gundlach tweeted, referring to Bitcoin’s rally amid a surge of liquidity pumped into the financial system during the pandemic As digital assets have already grown fivefold over the course of over the past year – sparking concern over speculative foam in global markets – it has gained more general public attention, particularly after Tesla Inc’s recent US $ 15 billion purchase

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

– There is considerable untapped interest in a Bitcoin investment that has the benefits of an ETF, – said Todd Rosenbluth, director of ETF research at CFRA Research, adding that it was unlikely that the fund trades at a significant premium to net asset value “While most ETFs enter the global market with an educational hurdle to overcome, many investors are familiar with what lies inside BTCC,” he noted

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

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Ebene News – CA – Bitcoin ETF roars in its early days with trading volume of 145 million US dollars

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