Several hours later, ProShares, a US ETF provider, submitted a modified prospectus confirming that it has received the green light to begin trading a Bitcoin futures ETF on Monday. This news represents a milestone in the constant institutional adoption of cryptocurrencies in the United States.
Bitcoin futures ETFs are investment products that track the price of Bitcoin futures that are traded on regulated exchanges. Shares of Bitcoin futures ETFs can be bought and sold on public exchanges, and carry the seal of regulatory approval, providing investors with another way to gain exposure to cryptocurrencies without buying them outright.
The United States continues to lag behind its neighbor Canada. This year, Canadian regulators have so far approved the launch of four Bitcoin ETFs along with a multiple ETF that is pegged to the price of both Bitcoin and Ether.
Ethereum also had a good week. It rose more than 9% in the last week and is close to $ 4000.
Other noteworthy returns in the past seven days include Binance Coin (BNB), which rose 13.5% after Binance launched a $ 1 billion fund to support the growth of Binance Smart Chain. On Wednesday, Wormhole, a multi-chain bridge, announced that Binance Smart Chain could use its services to connect with Ethereum and Solana.
PLastly, Polkadot soared 25% this week to $ 43. Most of its price movement came on Wednesday, when DOT soared 25% in a single day, following the announcement that Polkadot developer Parity Technologies was ready to launch its “parachains.”
These parachains are Layer 1 blockchains that bring the multi-chain architecture of multiple networks to Polkadot, bringing the project closer to its goal of realizing a “heterogeneous multi-chain framework,” as stated in their white paper.
It was a positive week for cryptocurrencies. The two largest cryptocurrencies appear poised to bring back their old ATHs, and some of the biggest projects in the sector are closer to realizing their tech ambitions.
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
