This Wednesday morning Bitcoin reaches a new record high price of $67.000, or more than 4% increase. Consequently, surpassing the previous record number of $64.800 set on the 14th of April. And just after the recent comeback to above $50.000.
As a result of the latest increase, the price of bitcoin spiked for a whopping 20% in just one week. And it is safe to say that bitcoin reached this milestone thanks to the United State’s first ever bitcoin-linked fund.
Started on Tuesday, the ProShares Bitcoin Strategy ETF is already available for public trading. In fact, the bitcoin ETF already posted nearly 1b in trading volume during the first day.
Furthermore, the bitcoin fund will is registered under the BITO ticker on the New York Stock Exchange. According to the CEO of ProShares, Michael L. Sapir, the idea is to improve the experience of the bitcoin investors.
Concerning creating accounts, he states that the 6 out of 10 Americans that own crypto-exchange accounts might not be keen to ‘go through the hassle and learning curve’. Meaning that the everyday crypto trader is more lenient towards a less painstaking procedure.
The new bitcoin ETF also has the support of the Securities and Exchange Commission. In the Wednesday statement, the CEO of the deVere Group, Nigel Green, believes the investors/traders are prepared for this venture. Before adding that this is a ‘major test’ to see whether investors are ready to give crypto a chance.
Bitcoin reaching this record high numbers is something that makes the crypto community rather happy. Especially since this year was rather turbulent when it comes to the price of this coin.
Starting with Tesla renouncing bitcoin due to the harmful mining practices. Up to the Chinese crackdown on crypto, also backed by environmental motives.
However, many experts still predict that bitcoin is yet to reach its peak. And the recent 20% price increase definitely points in that direction.
Yet, it is due to this unpredictability that the best course of action at this time is to closely monitor the situation. Taking drastic measures may lead to rush and irrational decisions, and consequently losing money.
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