By Sanjana Kadyan (IES: 2016) and Tulsipriya Rajkumari (IES:2014) 'Indian economy and the possible trinity of resilience'.India's Prime Minister Narendra Modi said on Friday that economic growth was getting a boost from rising vaccinations across the country and urged citizens to purchase locally manufactured. By Abinash Dash (IES: 2009) 'Economic Survey 2021 IndiaвЂ™s healthcare policy: Beyond pandemics'. By Surbhi Jain (IES: 2001) 'Resilient India fends off pandemic blow'.

It soared past its all-time high of $64,895 to the new record of $66,975 and at the time of writing, was hovering around $65,000. It began trading at US$40 (ВЈ29) a share and finished the day up 5% with some US$570 million (ВЈ412 million) of assets, making it the second most heavily traded new ETF on record (the first was set up by BlackRock, the worldвЂ™s biggest asset management company).And the impact on the price of bitcoin has been extraordinary. NEW DELHI - India's economy is now doing better than before the start of the COVID-19 pandemic, an index compiled by Nomura Singapore shows, as the. Indian economy charges past prepandemic level.

This is a significant change of direction for the SEC which has happened since Gensler arrived at the helm in April 2021.ETFs trade like any normal stock, are regulated, and anyone with a brokerage account can trade them. This was partly due to the intense volatility of bitcoin, as well as broader concerns about the unregulated industry of cryptocurrencies.But Gary Gensler, chairman of the SEC, said the commission would be more comfortable with вЂњfuture-basedвЂќ ETFs because they trade on a regulated market. Until now, the Securities and Exchange Commission (SEC) (the US government agency which protects investors) has been reluctant to approve any.

(Nevertheless, JP Morgan gave its wealth-management clients access to cryptocurrency funds in July 2021.) Banking blockbusterEric Balchunas, a senior analyst at Bloomberg, is not surprised by the price appreciation and described the ETF launch as вЂњa blockbuster, smash, home run debut brings a lot of legitimacy and eyeballs into the crypto spaceвЂќ.But what impact will BITO have on the cryptocurrency space? As a new product it has already exposed more investors to the ups and downs of bitcoinвЂ™s value in a regulated market. And Jamie Dimon, the CEO of investment bank JP Morgan, claims bitcoin is вЂњworthlessвЂќ and that regulators will вЂњregulate the hell out of itвЂќ. Soaring again? Shutterstock/Velishchuk YevhenSome are still sceptical of bitcoin due to its link with criminal activity, although a recent report suggests this seems to be diminishing.

Read the original article. Several other ETF providers are likely to launch their bitcoin ETFs in the days following ProSharesвЂ™ debut, including Invesco, VanEck, Valkyrie and Galaxy Digital.It is a development which is bound to make investing in cryptocurrencies easier and more common вЂ“ and an important stepping stone for their adoption into mainstream finance.Andrew Urquhart, Professor of Finance & Financial Technology, ICMA Centre, Henley Business School, University of ReadingThis article is republished from The Conversation under a Creative Commons license.

Indian Economist