The leading digital currency reached a high of $20,000 late last year, but has since fallen over 60%. Technical analysts are closely watching whether the digital currency can break through its current price levels–specifically, a move past a resistance level of $6,800 could signal another bullish trend.
Bitcoin ETN Available to Investors
Despite the struggles with Bitcoin ETF coming to the market, an exchange-traded note (ETN) is available that uses 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.
Meanwhile, the US Securities and Exchange Commission postponed their decision on a bitcoin ETF until late September. The ETF filing by investment firm VanEck and blockchain technology company SolidX could help reticent investors adopt Bitcoin as a legitimate investment opportunity if approved.
For more information on the cryptocurrency market, visit the Bitcoin category.