Bitcoin Edges Toward All-Time High, Lifting Coinbase, Square, Crypto Stocks

[Jaya60]

As Bitcoin nears an all-time high in price, cryptocurrency-related stocks like Square and Coinbase are also being pulled upwards. Bitcoin’s current price of $63,900 is within touching distance of the flagship cryptocurrency’s all-time high of $64,804, and now it’s pulling Bitcoin-exposed stocks with it.
Crypto exchange Coinbase (COIN) and payments firm Square (SQ), for example, have both enjoyed hefty increases during the last week.
The latest Bitcoin price bump has been attributed to the United States’ first Bitcoin futures ETF.

Yesterday, the ProShares’ Bitcoin Strategy ETF began trading on the New York Stock Exchange (NYSE) under the ticker BITO after being approved by the U.S. Securities and Exchange Commission (SEC) last Friday.

Unlike a pure-play Bitcoin ETF, a futures ETF tracks the price of Bitcoin futures rather than the cryptocurrency.more information