реферирование текста на аcrypto seasons are not what they used to be. in 2017, just as bitcoin was nearing $20,000 for the first time, a regulatory crackdown triggered a crypto “winter”—a period of depressed prices—that lasted nearly three years. in may this year frost set in after china clamped down on crypto transactions, bringing bitcoin down by half from its peak of $64,900. but after just a few icy months, things are warming up again. on october 20th bitcoin briefly crossed $67,000—a new record. the latest heat reflects a muchawaited event: the listing of america’s first bitcoinlinked exchangetraded fund etf on the new york stock exchange. run by proshares, a maker of specialist investment products, it got a green light of sorts after the securities and exchange commission sec , america’s main markets watchdog, let a deadline to approve or reject it lapse without objection. the listed fund offers investors exposure not to the cryptocurrency itself but to bitcoin futures, and specifically to contracts traded on the chicago mercantile exchange cme . depending on whom you ask, the launch is either a landmark, a way for regulators to retain control, or a disappointment. for crypto entrepreneurs and conventional financiers, the launch is a breakthrough. over the past decade many sought approval for all manner of bitcoin etfs, only to be denied or fobbed off. but in august gary gensler, the sec‘s boss, signalled that he would favour funds that tracked futures, which led to a wave of filings. two could start trading later this month. others, including ones run by giant asset managers, could follow. in expectation of all this, existing crypto investors have poured into derivatives markets. “open interest”—the capital tied up in futures contracts—is at an alltime high. the bet is that etfs will lure retail investors, who are numerous, and institutions, which have big money. the former, long put off by the hassle of opening an account at cryptoexchanges, now only need one with an ordinary broker. the latter, nervous about the custody of digital assets, no longer have to own any in order to sell exposure to their clients. there was certainly early enthusiasm: the price of shares in the etf rose by 4% on its debut. нглийском онлайн

реферирование текста на аcrypto seasons are not what they used to be. in 2017, just as bitcoin was nearing $20,000 for the first time, a regulatory crackdown triggered a crypto “winter”—a period of depressed prices—that lasted nearly three years. in may this year frost set in after china clamped down on crypto transactions, bringing bitcoin down by half from its peak of $64,900. but after just a few icy months, things are warming up again. on october 20th bitcoin briefly crossed $67,000—a new record. the latest heat reflects a muchawaited event: the listing of america’s first bitcoinlinked exchangetraded fund (etf) on the new york stock exchange. run by proshares, a maker of specialist investment products, it got a green light of sorts after the securities and exchange commission (sec), america’s main markets watchdog, let a deadline to approve or reject it lapse without objection. the listed fund offers investors exposure not to the cryptocurrency itself but to bitcoin futures, and specifically to contracts traded on the chicago mercantile exchange (cme). depending on whom you ask, the launch is either a landmark, a way for regulators to retain control, or a disappointment. for crypto entrepreneurs and conventional financiers, the launch is a breakthrough. over the past decade many sought approval for all manner of bitcoin etfs, only to be denied or fobbed off. but in august gary gensler, the sec‘s boss, signalled that he would favour funds that tracked futures, which led to a wave of filings. two could start trading later this month. others, including ones run by giant asset managers, could follow. in expectation of all this, existing crypto investors have poured into derivatives markets. “open interest”—the capital tied up in futures contracts—is at an alltime high. the bet is that etfs will lure retail investors, who are numerous, and institutions, which have big money. the former, long put off by the hassle of opening an account at cryptoexchanges, now only need one with an ordinary broker. the latter, nervous about the custody of digital assets, no longer have to own any in order to sell exposure to their clients. there was certainly early enthusiasm: the price of shares in the etf rose by 4% on its debut. нглийском онлайн