The record-breaking price comes on the heels of the extremely successful launch of the long-awaited ProShares Bitcoin Strategy ETF.
Bitcoin reached a new all-time high today, shooting past $66,000 as a bull rally builds on the back of the highly successful launch of the ProShares Bitcoin Strategy ETF. ETH broke $4,000 as the entire market rallies, with only one of top 25 — Shiba Inu — down.
The long-awaited exchange-traded fund’s launch Tuesday proved to be the spur bitcoin needed to crack the barrier that stood since April’s rally came to a crashing halt in May.
Despite the deep price collapse that reached more than 50%, breaking briefly below $30,000 in July, Bitcoin is now up well over 125%.
MicroStrategy CEO and super-bull Michael Saylor had typically grandiose comment, saying “The halls of eternity echo with the cries of those who sold their #bitcoin.”
The spur appears to have been the launch of the ProShares ETF. Despite the fact that it is a futures ETF and not physically settled, it proved all that bulls needed. The Securities and Exchange Commission’s action came after years of failed attempts to gain approval of an ETF.
SEC Commissioner Gary Gensler had indicated that while he supported Bitcoin futures ETFs, he was not a fan of physically settled crypto ETFs.
ProShares debuted on the New York Stock Exchange (NTSE) on Tuesday, under the ticker symbol BITO, seeing trading volume of more than $1 billion on its full first day.
ProShares competitor VanEck revealed today in an SEC filing
that its Bitcoin futures ETF has also won SEC approval, effective Saturday, October 23. It said that the fund will begin trading “[a]s soon as practicable after the effective date of this registration statement” — presumably Monday, October 25.
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