{"id":358672,"date":"2021-10-27T16:33:44","date_gmt":"2021-10-27T13:33:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-tumbles-amid-filing-for-etf-that-would-bet-against-it\/"},"modified":"2021-10-27T16:33:44","modified_gmt":"2021-10-27T13:33:44","slug":"bitcoin-tumbles-amid-filing-for-etf-that-would-bet-against-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-tumbles-amid-filing-for-etf-that-would-bet-against-it\/","title":{"rendered":"#Bitcoin tumbles amid filing for ETF that would bet against it"},"content":{"rendered":"<p>&#8220;<strong>#Bitcoin tumbles amid filing for ETF that would bet against it<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The price of bitcoin fell Wednesday morning amid a filing for a new exchange traded fund that will bet against the price of the cryptocurrency.<\/p>\n<p>Bitcoin was down almost 7 percent at $58,475 per coin Wednesday morning, down more than 12 percent from its all-time high of just over $66,900 reached last week.<\/p>\n<p>Ethereum was also down more than 5 percent from its price 24 hours ago while Binance Coin was down more than 7 percent. Cardano was exchanging hands Wednesday morning more than 8 percent lower. <\/p>\n<p>The price drops came after Direxion filed for a new bitcoin ETF that would bet against the future price of the crypto.<\/p>\n<p>It will be called the Direxion Bitcoin Strategy Bear ETF, according to its <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1424958\/000119312521308123\/d248159d485apos.htm\">filing <\/a>with the Securities and Exchange Commission.<\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication comes just a week after the SEC allowed the first bitcoin futures ETF, the ProShares Bitcoin Strategy ETF, to begin trading.<\/p>\n<p>The approval of that ETF helped send the price of bitcoin to its latest all-time high as analysts said the new ETF would help broaden investor exposure\u00a0to cryptocurrencies and make the sector more mainstream.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"676\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-06.png?w=1024\" alt=\"Bitcoin price\" class=\"wp-image-19936392\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-06.png?w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-06.png 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-06.png?w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The price of bitcoin has tumbled of late.<\/figcaption><\/figure>\n<p>The latest crypto price drops also came after commission-free trading app Robinhood reported lackluster earnings that showed a major drop in cryptocurrency trading. <\/p>\n<p>Shares of Robinhood tanked almost 10 percent after the Tuesday evening third-quarter earnings report showed the company made just $51 million from crypto trades in the quarter, down almost 80 percent from firm\u2019s\u00a0record $233 million\u00a0in crypto trading revenue in the prior quarter. <\/p>\n<p>Robinhood\u2019s surge in crypto revenue earlier this year was driven largely by the spike in interest in so-called memecoin Dogecoin. Trades of the Elon Musk-favored coin made up more than 25 percent of Robinhood\u2019s revenue in the second quarter. <\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"639\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-03.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Bitcoin\" class=\"wp-image-19936397\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-03.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-03.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-03.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bitcoin was down almost 7 percent at $58,475 per coin Wednesday morning.<\/figcaption><figcaption><span class=\"credit\">REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span><\/figcaption><\/figure>\n<p>Robinhood had previously warned that it expected interest in trading to decline in the most recent quarter after the frenzy in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>Stop trading earlier this year sucked people into the stock market.<\/p>\n<p>The company had also warned investors that if interest in Dogecoin specifically waned, the company\u2019s operations would be hurt.<\/p>\n<p>The price of Dogecoin was down almost 11 percent Wednesday morning compared with a day earlier.<\/p>\n<p>Bucking the trend, fellow dog-themed cryptocurrency Shiba Inu Coin soared more than 18 percent Wednesday morning over the past 24 hours. It\u2019s up almost 700 percent from a month ago.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Bitcoin was down almost 7 percent at $58,475 per coin Wednesday morning, down more than 12 percent from its&#8230;<\/p>\n","protected":false},"author":1,"featured_media":358673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/10\/bitcoin-etf-filing-02.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,86706,118106,76127,5069,70359],"class_list":["post-358672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-robinhood","tag-10-27-21","tag-cryptocurrency","tag-economy","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/358672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=358672"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/358672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/358673"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=358672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=358672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=358672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}