In what could seem to be a pat on the shoulder to traders who’re bullish on Bitcoin, the world’s main cryptocurrency has surprised critics to rake in earnings for traders, climbing to a brand new ATH of $66,000 at present.
Bitcoin has maintained its bullish tempo to surpass its earlier ATH of $64,863, hovering to $66,950 at present, October 20, 2021. On the time of writing this text, the flagship crypto was buying and selling at $66,489.
This surge comes as the primary Bitcoin futures-based exchange-traded fund (ETF) in the US seemed to be on observe to open firmer after a robust launch on Tuesday.
The ProShares Bitcoin Technique ETF started buying and selling on Tuesday, a step that market gamers imagine will spur funding into the digital commodity.
On Tuesday, the ETF closed up 2.59% at $41.94 on Intercontinental Change Inc’s ICE, with round $1 billion price of shares altering palms.
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Bitcoin has risen round 45% this month in hopes that the introduction of U.S. Bitcoin ETFs – a number of of that are within the works – will spur billions of {dollars} to circulation into the sector managed by pension funds and different massive traders.
A number of further Bitcoin futures-based ETFs are anticipated to launch in the US within the coming weeks. As an alternative of shopping for Bitcoin, these ETFs would purchase Bitcoin futures contracts on regulated exchanges just like the Chicago Mercantile Change (CME) in an try and imitate the cryptocurrency’s worth efficiency.
