The Bitcoin bulls are racing again. A year ago the cryptocurrency was valued at less than US$12,000. Now it has passed the symbolic milestone of US$60,000, nudging the US$63,255 record it reached in mid-April, before its price fell to as low as US$30,000 in July. Bitcoin’s rally over the past month is largely attributed to speculation the US Securities and Exchange Commission is poised to approve an exchange-traded fund, or ETF, based on Bitcoin futures. So what is an ETF, and why does this matter to the value of Bitcoin? How does an ETF work? An exchange-traded fund is an…

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