First-ever bitcoin ETF spurs bitcoin to new all-time high.
On October 20, Bitcoin soared to an all-time high, one day after the first US bitcoin futures exchange-traded fund (ETF) hit the New York Stock Exchange.
The ProShares Bitcoin Strategy ETF tracks CME bitcoin futures, or speculation on the future price of bitcoin.
Yahoo reports that Bitcoin was up 5% to trade at $65,979.
In April of this year, Bitcoin hit its previous all-time high at $64,889.
The party is on, and bitcoin has made a new time high.
This is only the beginning as investors know the true value of bitcoin is much higher than this.
Given the price momentum we are seeing on the back of bitcoin’s ETF, we believe that bitcoin can easily go all the way to $100,000 by the end of this year, Naeem Aslam, Ava Trade Chief Market Analyst, via Yahoo.
This is only the beginning as investors know the true value of bitcoin is much higher than this.
Given the price momentum we are seeing on the back of bitcoin’s ETF, we believe that bitcoin can easily go all the way to $100,000 by the end of this year, Naeem Aslam, Ava Trade Chief Market Analyst, via Yahoo.
According to Yahoo, over 24 million shares of Bitcoin changed hands, making it the second-largest ETF debut ever.
The approval of a bitcoin ETF undoubtedly further boosts the credibility of bitcoin as a global investment, Antony Portno, Founder of Traders of Crypto, via Yahoo.
Being based on futures it will not directly increase the demand for bitcoin itself and indeed there is a real possibility that the launch could be bearish for bitcoin in the short term, like what happened in 2017 when bitcoin futures were listed on the Chicago Mercantile Exchange, Antony Portno, Founder of Traders of Crypto, via Yahoo.
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