The 2X BITCOIN STRATEGY ETF (BITX) skyrocketed 9.37% in Thursday's intraday trading session, fueled by the historic surge in Bitcoin that pushed the world's largest cryptocurrency above the $100,000 mark for the first time.
BITX is an exchange-traded fund that provides leveraged exposure to Bitcoin, aiming to deliver twice the daily returns of the underlying digital asset. As such, the fund's performance is closely tied to the price movements of Bitcoin.
The rally in Bitcoin has been attributed to a surge in institutional adoption and growing mainstream acceptance of cryptocurrencies. Additionally, the recent U.S. election results have fueled optimism among investors, leading to a significant influx of capital into the crypto market.
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