Baxia Markets
October 23, 2021

Bitcoin and other altcoins retreat from ATH

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ProShares Bitcoin Strategy ETF, the first cryptocurrency-focused exchange-traded fund in the United States, raised $1.1 billion in its first two days of trading this week. Advisers who wish to buy bitcoin directly for clients must first overcome some onerous regulatory barriers; buying a bitcoin-related ETF, on the other hand, is as simple as breathing. This could provide some financial professionals with the long-awaited entry into crypto. Imagine their fear of missing out if you've been suffering from FOMO recently.




Bitcoin appeared to be on the rise. El Salvador declared the Bitcoin legal tender in early September, allowing it to be used for transactions. In Afghanistan, there is speculation of Bitcoin becoming a medium of exchange, allowing financial transactions in a culture where traditional money is no longer issued. With the introduction of a Bitcoin exchange-traded fund on the New York Stock Exchange this week, the cryptocurrency has made its way into mainstream finance, allowing U.S. investors to bet on Bitcoin values without really holding it. Of course, early Bitcoin investors have made a killing.


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