Analysts Divided on Prospects of Sell-the-Fact Move as Bitcoin ETF Listing Nears

Analysts Divided on Prospects of Sell-the-Fact Move as Bitcoin ETF Listing Nears
There is an old saying on Wall Street: buy the rumor, sell the news. The adage is based on the belief that market participants, being forward-looking, tend to buy an asset when expecting positive information and take profit, driving the market lower on confirmation of the news.Bitcoin has rallied over 40% this month on expectations that the U.S. Securities and Exchange Commission (SEC) would approve an exchange-traded fund investing in futures contracts tied to the cryptocurrency. With ProShares’ product set to go live on the New York Stock Exchange on Tuesday, there is a lot of noise in the market…