|FP/wire say Bitcoin ETF, others see U.S. flash-crash|
2021-10-22 09:36 ET - In the News
Shares issued 21,625,000
BTCC Close 2021-10-21 C$ 12.91
From In the News (C:EBIT) Bitcoin ETF
The Financial Post reports in its Friday edition that Bitcoin on Thursday retreated from its all-time high struck a day earlier after the debut of the first U.S. Bitcoin futures exchange-traded fund, while analysts questioned the impact on crypto investment flows. A Reuters dispatch to the Post says that the world's largest cryptocurrency was down 4.35 per cent at $63,122.78, at 2:10 p.m. Eastern Time, after hitting a record $67,016 on Wednesday (all figures U.S.). Earlier, just after 7:30 a.m., Bitcoin's price briefly plunged around 87 per cent to $8,200, but only on Binance's U.S. exchange. The flash-crash seemed to have been caused by a bug in an institutional trader's algorithm. A spokesman for Binance U.S. said, "We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved." Bitcoin's recent rally was fuelled by the debut of the Proshares Bitcoin Strategy ETF. A dozen other futures-based Bitcoin ETFs could launch in the coming months, with the Valkyrie Bitcoin Strategy ETF set to begin trading Friday under the ticker BTF. Some players see inflation risks, rather than new investment products, as driving Bitcoin's rally.