- BTC ETF approval is still pending to allow for surges in order to set a new record.
- Bitcoin might reach $65 by this week
- BTC’s price scales to $62,614.66 in the last 24 hours.
For quite some time, the Security and Exchange Commission had blocked an ETF that was based on Bitcoin. Two months later, the Chair of SEC Gary Gensler declared that he was open to the idea. However, two months later, ProShare and Invesco, funds managers, filed for Bitcoin (BTC) operation.
ProShare reveals that the Bitcoin Strategy ETF is expected to trade under BITO shortly. ProShare also stated that it will launch the ETF as soon as possible, provided SEC doesn’t stop it. ProShare also indicated that the ETF would be available for public sale on October 18th, which is the official date of approval by the SEC.
#bitcoin ETF Set to Reach New Heights Soon for BITSTAMP: by quantguy #BTCUSD https://t.co/AVF9wKKy6D pic.twitter.com/cLoifJwNdX
— BitcoinAgile (@bitcoinagile) October 18, 2021
ETFs such as BITO may also hold futures contracts, which bet on Bitcoin’s rise or decline. You should also note that futures contracts are traded and regulated on Chicago Mercantile Exchange.
Bitcoin (BTC), which is rapidly climbing, will soon reach a new record high. This has happened since April 2021. Over all, October’s last two weeks have seen a lot of positive developments in the cryptocurrency market. BTC has gained more popularity worldwide, moving from $45 to nearly hitting $65 after a move of $45
According to CoinMarketCap data, the price of Bitcoin reached $62,614.66 an unit. The cryptocurrency now stands at $2,000.00, which is two times the amount of the record $64,804 set six months ago. Bitcoin has certainly recovered from its July plunge to $30,000
After months of struggles, Bitcoin has doubled its price. Many attribute the price increase to widespread adoption. Others suggested the rise could be due to the US SEC rumour that they would approve bitcoin ETFs. These are just a few of the reasons mainstream investors have started to invest in crypto.
Bitcoin’s adoption rose up to 881% this year compared to the prior. Recorded data shows that Bitcoin is accepted by 15,000 businesses worldwide. El Salvador, Brazil, Brazil, and other countries have already legalized Bitcoin.
There has been a lot of global adoption for crypto and Bitcoin in particular. Analysts believe crypto is here to stay. The crypto market is expected to reach $100 by the end of 2018, if not earlier.
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