New York Stock Exchange to List Five Bitcoin ETFs

A few months back, early 2018, came a surprising but much welcomed move by the NYSE, regarding bitcoin.

More specifically the NYSE applied with the SEC for approval to list FIVE (5) Leveraged Bitcoin ETFs.

A move that many of Us within the crypto community had been waiting patiently, in anticipation since the CBOE bitcoin futures contracts, which allowed Bitcoin futures trading on other major Global asset exchanges.

According to the application submitted to the SEC, the NYSE hopes to list the new 5 ETFs, being created by ‘Direxion Asset Management’, an established company that manages over $12 million in funds annually.

The 5 bitcoin ETF listings will have the tickers as follows:

– Bear 1X

– Bull 1.25X

– Bull 1.5X

– Bull 2X

– Bear 2X

As the ticker icons suggest, each ETF will move in value relative to the price of the Bitcoin futures prices multiplied by the amount of leverage each product offers.

Thus, if Bitcoin futures move up by one percent(1%), subsequently the ‘Bull 2X ETF’ will increase by two percent(2%), in the same.

Whether these 5 proposed bitcoin ETFs get approved by the SEC has yet to be seen, but what’s certain is that IF approved, the guud news should give a significant boost to the entire cryptocurrencies markets, even before these products are actually launched.

The new boost to the cryptocurrency market will help drive the price of the major coins to new Highs, as institutional money from the NYSE helps build a solid foundation of appreciation of the top currencies.

Investors should be warned though, if these products go on the market in their current form they will magnify the risk taken by the people who participate in them proportional to the amount of leverage that is being used to create the ETF.

Hopefully, the SEC will approve the ETFs sooner than later so that the price of Bitcoin will start to gain a little ground since it has been relatively stable between $10,000 and $6,000, for some time now, add that fuel, to the growing Crypto Community, Once bitcoin ETFs get approved they will certainly add to the next spike value of bitcoin.

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