Coffee And Crypto: The First Short Bitcoin ETF Has Arrived

The worldwide cryptocurrency market capitalization is at $912.7 billion Thursday, up from $893.8 billion on Wednesday morning.

An ETF For Shorting Bitcoin: Bearish on Bitcoin? ProShares has you covered.

ProShares is an ETF provider noted for its leveraged and inverse ETFs. This provider, which is a member of the Pro Fund Group, offers several index products that target the Dow, Nasdaq and Russell indices.

Following the summer's rocky start for cryptocurrencies, the company unveiled an ETF on Tuesday that trades against Bitcoin. The Short Bitcoin Strategy ETF (NYSE:BITI) is an inverse ETF that uses bearish bitcoin futures to track the performance of the S&P CME Bitcoin Futures index.

This is the first short bitcoin ETF in the US. ProShares is also launching a new mutual fund, the Short Bitcoin Strategy ProFund.

Powell On Cryptos: Federal Reserve Chair Jerome Powell began his two days of testimony in front of Congress on Wednesday.

When asked his thoughts on cryptocurrency, the head of the monetary committee said, “there is a need for a better regulatory framework. The same activity should have the same regulation, no matter where it appears, and that isn’t the case right now. A lot of the digital finance products [available] are quite similar to products that had existed in the banking system or the capital markets. But, it's not regulated the same way.”

Let’s check in on cryptocurrency price action.

Bitcoin (CRYPTO: BTC), the most popular cryptocurrency, is up 0.68% in the last 24 hours, rebounding from Friday's lows of $17,700— the coin is priced at $20,563 on Thursday.

Ethereum (CRYPTO: ETH)

The popular altcoin used mainly for the purchase of NFTs remains buoyant, floating around 52-week lows. The coin is trading at $1,117.

Solana (CRYPTO: SOL)

The “fast, secure, and scalable” coin is trading 4.58% higher in the last 24 hours, with prices hovering around $36.83 on Thursday.

BNB (CRYPTO: BNB)

Binance’s native coin is trading 4.83% higher to $225.57.

Dogecoin (CRYPTO: DOGE)

The ever-popular altcoin is trading 2.35% higher to $0.063.