Bitcoin and other cryptocurrencies have rebounded after a sharp sell-off last week, along with other risky assets on concerns relating to omicron. The world’s largest cryptocurrency had tumbled into bear market briefly, down more than 20% from its all-time high of $69,000 touched earlier this month. It has now climbed back above $58,000 and is up almost 100% year-to-date.
Investors can now easily buy bitcoin on crypto exchanges like Coinbase ( COIN - Free Report) , and on platforms such as PayPal ( PYPL - Free Report) and Square ( SQ - Free Report) . Many still prefer an ETF, so they don’t have to worry about custody issues. They can hold these ETFs in traditional investment accounts where they hold stocks and bonds.
The first US-listed bitcoin ETF-- the ProShares Bitcoin Strategy ETF ( BITO - Free Report) —had a very successful debut, thanks mainly to immense pent-up demand, but the two that came just a few days later have struggled to gather assets.
Most investors are waiting for a spot bitcoin ETF given roll costs and liquidity issues associated with futures-based ETFs, but SEC Chairman Gary Gensler wants more clarity on regulatory jurisdictions over various parts of the crypto ecosystem. He has also mentioned the need for surveillance agreements with crypto trading platforms.
To learn more about BITO, the Valkyrie Bitcoin Strategy ETF ( BTF - Free Report) and the VanEck Bitcoin Strategy ETF ( XBTF - Free Report) , please watch the short video above.
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