Following the debut of the ProShares Bitcoin Strategy ETF on the New York Stock Exchange on Tuesday, bitcoin hit a new all-time high of $67,016. This was the first time the cryptocurrency has achieved this level. On Monday, the first bitcoin exchange-traded fund (ETF) was launched on the New York Stock Exchange. In a request for authorization to convert its bitcoin assets into an ETF backed by outright holdings of digital tokens, VanEck, the world's largest digital asset manager with $38 billion in bitcoin under management, asked the SEC for permission. During the period from March of last year to March of this year, the cryptocurrency markets have risen significantly, achieving a total market capitalization of $2 trillion.
Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency
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