The first surge of Bitcoin ETF Meta universe from Facebook

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Also: The richest 29-year-old in the world became much richer thanks to a new round of FTX funding

HISTORICAL DEBUT

The first exchange-traded bitcoin fund in history debuted in the United States on tuesday. Although the ProShares Bitcoin Strategy ETF (NYSE: BITO) is not exactly what purists wanted, a fund that invests directly in bitcoin, its launch marks another turning point for the emerging market. It also opens access to cryptocurrency for a large segment of investors with brokerage accounts. The offer is based on CME futures on CME bitcoin with cash settlements – monthly contracts with the nearest term, which are traded on the Chicago Board of Trade CME – and includes a management fee of 0.95%, which is paid annually as a percentage of investment value.

The debut could not have been more successful: in just two days of trading, the ETF was under management of $ 1.1 billion, and its trading volume exceeded $ 1.2 billion. According to Bloomberg Intelligence,, no ETF has reached the $ 1 billion mark so quickly. In fact, it is close to reaching the upper limit of monthly contracts allowed to one CME participant.

Many hope that the futures-based ETF will pave the way for the final launch of the spot bitcoin ETF. More than 30 bids, including one from ARK Investment Management Katie Wood, are currently awaiting an SEC verdict. The second bitcoin futures ETF, Valkyrie Bitcoin Strategy, launched on Friday.

CLOSER TO THE MOON

Joy helped the cryptocurrency market set several records:

• The total dollar value of bitcoin option contracts that are opened on major exchanges top $ 14 billion on Tuesday, reaching its highest level since April.

On October 20, bitcoin broke the previous record of $ 64,957, set in April, reaching $ 67,000.

• The next day, the air reached a five-month high above $ 4,300.

• At the same time, the total market capitalization of cryptocurrencies reached a record peak of $ 2.7 trillion. In January alone, it was $ 750 billion.

As of Friday morning, the cryptocurrency market seems to be taking a break, falling 2.7% in a day with a market capitalization of $ 2.55. Bitcoins and ether are also traded lower at $ 61,677 and $ 4,035, respectively.

FACEBOOK → METABUK?

On Monday, Facebook has announced plans to hire 10,000 people in the European Union over the next five years to help create its metaworld, defining it as a set of virtual spaces where people can interact and interact with each other through virtual reality. We found out a few days later grandiose social network plans change company name next week to reflect this new focus. The news appeared shortly after Facebook said he would commit to allocating $ 50 million to relevant programs and research and finally launched its new digital wallet for cryptocurrencies called Novi, which is held by Coinbase and the pilot asset Paxos Dollar (USDP). Initially, the company planned to release the product with its Stablecoin Diem, but the negative reaction of regulators has led to a significant reduction.

Critics have rejected Facebook’s desire to use the metaworld as an attempt to distract itself from several current problems plaguing the company. Earlier this month, former Facebook employee and informant Francis Haugen testified before Congress, outlining a number of possible problems at the company, including its reluctance to change its algorithm to slow down misinformation.

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ELSEWHERE

Walmart has quietly started placing bitcoin ATMs [CoinDesk]

Cboe is back in the cryptocurrency with a deal to buy a digital asset platform [Bloomberg]

The Associated Press uses Chainlink to provide consistent news data [Decrypt]

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