While it’s been an uphill climb for a Bitcoin ETF, it’s now a downhill slalom for a Bitcoin ETN as investors who have been reticent to invest directly in cryptocurrencies can now invest in an exchange-traded note with the leading digital currency as its underlying asset.
Per a Bloomberg report, American investors now have access to Bitcoin Tracker One and BTC ETN. The investment product will be available under the “CXBTF” ticker symbol and will be quoted in U.S. dollars.
The clearing and settlement of the trade will be available in the Krona and Euro since the product is listed and regulated in Sweden. The ETN is issued by XBT Provider, which is a subsidiary of CoinShares.
Related: Bitcoin Bounce Ignites Talk of Another Comeback
The news of the ETN arrives at a critical juncture for cryptocurrencies as the US Securities and Exchange Commission is postponing their decision on a bitcoin ETF filed by investment firm VanEck and blockchain technology company SolidX. Regulatory control by the SEC under an exchange would help reticent investors adopt Bitcoin as a legitimate investment opportunity.
Bitcoin Retracing Back to Original Lows
Bitcoin has fallen over 15% after breaking through the $8,000 price mark near the end of July–a critical price level seen by bulls as one that would eventually set the stage for a rally. Bitcoin’s current price stands at $6,321.71 as of 6:55 p.m. ET–down 0.76% the past 24 hours.
Nonetheless, some analysts view the decline as a retrace to a consolidation price of $6,000 or even below that level, which the digital currency breached on June 24. Still, cryptocurrency bulls are trying to pinpoint exactly where the selloff pressure might be originating.
“Most cryptocurrencies have been overvalued for a very long time,” said Samson Mow, chief strategy officer at blockchain developer Blockstream Corp. “It’s hard to pin this move on any particular factor, but it feels like the opposite of last year when money piled in as people felt FOMO. Now it’s piling out as they sense panic.”
Related: Bitcoin ETF Delay Reveals Weak Traders
For more information on the cryptocurrency market, visit the Bitcoin category.