Bitcoin surpasses $64,000 mark amid the successful launch of first BTC-ETF
An investment tool from ProShares, the Bitcoin Strategy ETF, has become available on the New York Stock Exchange under the ticker BITO. This pushed Bitcoin to an even more rapid upward movement, so we may soon see a new all-time high.
The first exchange-traded fund linked to Bitcoin futures began trading in the US at $40 per share. Shortly after the listing, BITO managed to increase its value by 3.8% to $41.54, but then the stock met resistance from sellers. One of The Block analysts, Larry Cermak, jokingly compared the chart of the first Bitcoin ETF to the world-famous Burj Khalifa skyscraper.
Bloomberg crypto analyst Eric Balchunas said that BITO entered the 15 most successful exchange-traded funds in terms of indicators at the start of trading, having managed to earn more than $280 million in the first 20 minutes from the beginning of the session with a "start-up capital" of $20 million. Just over two hours later, according to Chinese journalist Colin Wu, BITO's trading volume was already in excess of $600 million with an average share price of $41.12.
FSInsight, in turn, began to predict a quick rise in quotations to $168,000 for the crypto asset after the start of the approval of futures ETFs by the US SEC. They compared ProShares' BTC ETFs to the launch statistics of the largest ETFs in history. The most successful was the Nasdaq 100 ETF, also known as the 1999 QQQ, which received a “financial stimulus” of $36 billion. FSInsight expects the influx of ProShares BTC-ETFs to overshadow QQQ's success at $50 billion.
According to FSInsight analysts, if demand for Bitcoins rises by $50 million due to the successful launch of the first ETF, and the daily block reward does not fall below the $10 million mark, it will be a direct road to a new horizon for the asset $168,000 per one Bitcoin.
Bitcoin's health has also improved markedly against the backdrop of the first ETF. At the moment, the value of the main cryptocurrency on the market is more than $63,600 on the Binance exchange. At the same time, the ProShares Bitcoin Strategy ETF is at $41.91, up 4.77% since the start of the NYSE trading session.
The main question for traders today is whether there will be enough momentum from the emergence of Bitcoin-ETF to continue the victorious march of the main crypto assets and a beautiful final at over $100,000 at the end of this year?
If you decide to try your hand at the world of cryptocurrencies, do it with a trusted and reliable partner - BINANCE
CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.