Crypto ETFs send bitcoin soaring but people are worried

Power-hungry: Workers installing bitcoin mining machines in Texas. The migration of bitcoin mining to the United States isn’t necessarily a good thing, especially during an energy crisis. — AFP

WHAT a week for crypto enthusiasts! The bad news is that CryptoEats, the “crypto-based UberEats alternative” that some people (including British reality TV star Joey Essex) were excited about, has disappeared after its launch token sale.

The good news is that two bitcoin exchange-traded funds, the ProShares bitcoin strategy fund and the Valkyrie bitcoin strategy fund, started trading this week. All that excitement sent bitcoin shooting right up to an all-time high just six months after a brutal 53% drop.