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Why Blockchain ETFs Are Soaring

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Blockchain stocks and ETFs have been soaring lately on bitcoin strength. The blockchain technology in bitcoin keeps track of the balances for all users and updates them on each transaction. The cryptocurrency bitcoin is going through the roof this year, having crossed the $58,000-mark lately on growing mainstream acceptance.

The EV giant Tesla’s (TSLA - Free Report) latest investment of $1.5 billion in bitcoin has mainly charged up the space. Tesla also plans to accept it as payment. Moreover, BitPay – a bitcoin and cryptocurrency payment provider – has of late announced that it is now effective for Apple Wallet. PayPal Holdings Inc (PYPL - Free Report) had made a similar announcement earlier as well. Square has also bought bitcoins. 

These positive updates boosted blockchain ETFs like Amplify Transformational Data Sharing ETF (BLOK - Free Report) , Reality Shares Nasdaq NexGen Economy ETF (BLCN - Free Report) and Innovation Shares NextGen Protocol ETF (KOIN - Free Report) . The funds have gained about 73%, 22% and 11%, respectively, so far this year.

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