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Change-traded fund (ETF) issuer Direxion has withdrawn its utility to the U.S. Securities and Change Fee (SEC) to record a brief bitcoin futures fund.

• On Tuesday, Direxion requested the SEC to withdraw the ETF utility it made on Oct. 26.
• SEC employees had requested for the submitting be withdrawn on the day it was filed.
• The Direxion Bitcoin Technique Bear ETF would have maintained brief publicity to bitcoin futures contracts – in essence, betting that the worth of the cryptocurrency would fall.
• Shorting is a method of betting {that a} value will decline. An investor borrows a safety and sells it within the hope the worth can have dropped by the point it has to repurchase the safety and return it to the lender. The borrower can then pocket the distinction.

Learn extra: SEC Delays Resolution on Valkyrie Bitcoin ETF Till Subsequent Yr

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