Bitcoin Nears Record Highs as $1B Traded on ETF
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Bitcoin Nears Record Highs as $1B Traded on ETF

9 months ago

Bitcoin was hovering at about $64,000 at the time of writing, meaning that a jump of just 1.34% would propel the world’s biggest cryptocurrency into record territory.

Bitcoin Nears Record Highs as $1B Traded on ETF

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Bitcoin is on the verge of hitting new all-time highs.

The surge came after the first-ever Bitcoin exchange-traded fund opened for trading in the U.S.

Data shows that shares worth about $1 billion were traded during the first day of operation for the ProShares Bitcoin Strategy ETF.

Based on BTC futures, the fund closed Tuesday’s trading session up 2.59% — settling at $41.94. 

Bitcoin was hovering at about $64,000 at the time of writing, meaning that a jump of just 1.34% would propel the world’s biggest cryptocurrency into record territory.

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A Muted Debut?

Analysts told the Reuters news agency that smaller investors dominated activity on the ETF during Tuesday’s session — indicating that financial institutions were adopting a “wait and see” approach.

Nonetheless, the ETF’s arrival is a significant milestone for Bitcoin — and it could pave the way for a fund based on the digital asset’s spot price to be approved later this year.

The debut means that brokerage firms will be able to offer indirect exposure to this digital asset for the first time, and this could prompt funds to flow into the market.

In other developments, the blockchain intelligence firm Chainalysis has announced that it plans to add Bitcoin to its balance sheet — following in the footsteps of MicroStrategy, Coinbase and Tesla.

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