The price of bitcoin hit a new all-time high of $66,950 on Wednesday as investors cheered the successful launch of the first bitcoin futures exchange-traded fund (ETF) in the United States. The cryptocurrency is now trading at $65,000, a key level.
Jesse Proudman, CEO of crypto robo-advisor Makara, told CNBC that the key is “whether we are able to establish support above $65,000.” If we can, Proudman said, the “classic Q4 crypto rallies we’ve seen in most years could take bitcoin towards some of the loftier price predictions we’ve seen over the past several months.”
Legendary investor Paul Tudor Jones has said bitcoin could be a “great hedge” against inflation, before adding cryptocurrency is “winning the race against gold at the moment.”
The first bitcoin futures exchange-traded fund, the ProShares Bitcoin Strategy Fund, has seen its assets under management swell to $570 million on its first day of trading. The fund had $20 million of seed capital at the start of the day.
The ETF, trading under the ticker BITO, also saw about $1 billion of trading volume on its first day, making it the second-most heavily traded new ETF on record.
Source: https://www.cryptocompare.com/email-updates/daily/2021/oct/21/
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