Getting to know Bitcoin ETF
Bitcoin has increased up to 35% so far in October itself and more than 100% this year. It touched the highest point of a lifetime in October and corrected to 59,000. This was due to the launch of two Exchange Traded funds (ETF) that allow investors to trade in BTC futures. Physical assets do not back these funds means it does not hold the actual tokens. In real they give exposure to price movement in BTC future contracts. These are the only ETF in the world to get approval from the US Securities and exchange commission (SEC).
Following are two ETFs
1. Pro Shares Bitcoin Strategy ETF (BITO-NYSE)
2. Valkyrie Bitcoin Strategy ETF (BTF-NASDAQ)
We have not yet seen a physically backed ETF that has physical ownership of Ethereum either. However, regulated ETF, a future-based strategy, may be feasible in the coming months and can boost the price of Ethereum.
Positive Outlook for Gold above 1830?
A sign of inflation abounds in the global economy, said Twitter CEO Jack Dorsey and hyperinflation is happening. For the optimistic investors, the recent data of rising inflation has supported the bullish trading of yellow metal, which is in the range between 1750$ and 1825$. From a technical perspective, Gold is rising in a medium-term bullish channel from the bottom of 1725$ but remains flat this week.
Also, there is potential for a short-term uptrend till a resistance level of 1830$ in this range exist. So concluding, due to bullish sentiment, if it breaks the bullish channel support of 1775$, it can drop to a level of 1700$.
This article was submitted by Kamal Paliwal, Business Development Manager at HonorFX. (www.honorfx.com)
