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Monday, November 29, 2021
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Bitcoin rallies to new all-time-high at 66.3k; 70k now targeted

Bitcoin hit a record high of $66,074 on Wednesday (October 20) a day after the first U.S. bitcoin futures-based exchange-traded fund began trading.

Tuesday (October 19) was the first day of trading for the ProShares Bitcoin Strategy ETF — a development that market participants say is likely to drive investment into the digital asset.

The ETF closed up 2.59% at $41.94 on Tuesday, with around $1 billion worth of shares trading hands on Intercontinental Exchange Inc’s Arca exchange.

It was trading around 0.2% higher before the market opened.

Trading appeared to be dominated by smaller investors and high-frequency trading firms, analysts said, noting the absence of large block trades indicated that institutions were likely staying on the sidelines.

James Quinn, managing partner at Q9 Capital, a Hong Kong-based cryptocurrency private wealth manager, said the launch of the new product was “meaningful” for bitcoin.

Theoretically, any licensed brokerage firm in the United States which wants to take on this ETF can do so as easily as any other ETF, which “should make it available to a lot of folks”, said Quinn.

While the ETF is based on bitcoin futures, Quinn said the trades and hedges underpinning the ETF means activity will flow into the spot market and the bitcoin price.

Crypto ETFs have launched this year in Canada and Europe amid surging interest in digital assets. VanEck and Valkyrie are among fund managers pursuing U.S.-listed ETF products, although Invesco on Monday dropped its plans for a futures-based ETF.

Ether, the world’s no. 2 cryptocurrency, was up 1.5% on the day at $3,926, near to a six-week high, but some way off its all-time high of $4,380, hit on May 12.

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