Bitcoin Mania Grips The Stock Market – Investing.com

Bitcoin Mania Grips The Stock Market – Investing.com

The ProShares Bitcoin Strategy ETF (NYSE:), the first ETF was issued Tuesday morning. The ETF provides retail investors their first true access to Bitcoin without having to open up a crypto wallet account. BITO tracks Bitcoin futures and is expected to track the cryptocurrency much closer than the Grayscale Bitcoin Trust (OTC:).

Stocks rallied alongside BITO and posted a fifth straight green day. The index is now well established above its 50dma and aiming for new record highs. However, not surprisingly, the market surge has quickly taken the index back to overbought conditions short-term. Such suggests we could see some consolidation, or a potential retest of the 50-dma, before attempting all-time highs.