|Day's range||9.1598 - 9.3776|
|52-week range||1.1024 - 22.9825|
|Volume (24 hrs)||24.33M|
|Volume (24 hrs) all currencies||24.33M|
The Securities and Exchange Commission (SEC) greenlighting a futures-based exchange-traded fund for bitcoin has been a boon to holders of the cryptocurrency this week, with bitcoin hitting all-time highs just shy of $67,000 on news of the ETF’s clearance. Due to a common phenomenon in futures markets known as contango, the manager of the newly listed ProShares Bitcoin Strategy ETF looks likely to incur such significant costs that investors will earn a dramatically lower return than if they’d invested directly in bitcoin. The loss is so large it makes any concerns the SEC had about volatile, inconsistent reference prices for spot-market bitcoin ETFs seem trivial.
Nic Carter, prominent industry venture capitalist and shyguy, had an insightful comment yesterday about how it’s easy to lose sight of reality when you’re logged on, heads down focused on building the digital tomorrow. It was in an article about tungsten – the latest obsession among many on Crypto Twitter.
The former Ethereum alternative darling is far off its all-time high for total value locked.