Bitcoin price: Crypto-fund assets explode to all-time high as first-ever ETF launched

Cryptocurrencies like Bitcoin are 'apolitical' says financial expert

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Bitcoin now stands at $62,000 dollars, just $2000 away from the $64,0000 record it hit in April.

The overall crypto market hit $2.5trillion on Monday evening and analysts predict that bitcoin and other cryptocurrencies will beat their previous records in the coming months.

The ProShares Bitcoin Futures ETF, which was approved by the ETF on Friday, will begin trading on the New York stock exchange on Tuesday.

This will make the most widely traded cryptocurrency available to most investors who have a brokerage account.

According to the digital assets management company CoinShares, the ETF approval: “Could prompt further significant inflows in the coming weeks as U.S. investors begin to add positions.”

Prominent bitcoin analyst PlanB predicts the cryptocurrency will reach six figures within the next two months.

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Repackaging cryptocurrencies through ETF won’t automatically reduce risks says ETF specialist

Repackaging cryptocurrencies through an ETF won’t automatically reduce the risks involved, said Andrey Dobrynin,  Co-Founder and Managing Director of ETF specialist investment platform InvestEngine.

“As with all investments – investors should invest at a level or knowledge and risk that they are comfortable with,” he told the Express. 

“Whilst ETFs traditionally provide excellent diversification and convenient access to markets – there are always things to consider such as the track record of product providers, replication methods and, in this case, the performance of the underlying futures contracts. 

“Without forgetting the fact that Bitcoin remains largely an unregulated asset class which is still establishing itself on its use.”

 

Bitcoin reaches $63k

Bitcoin has now surpassed $63,000, edging it closer to an all-time record. 

The cryptocurrency’s price is set to continue to rise following the launch of the bitcoin futures ETF today. 

Bitcoin reaches six month high

Bitcoin reached a six month high on Tuesday morning reaching $62,944 according to CoinMarketCap’s price index. 

The cryptocurrency is set to slash its $64,000 record after a bitcoin futures ETF was launched on Tuesday. 

France tests crypto assets with government bond deals

In one of the most significant trials to date of cryptocurrencies in an established and leading market, France used digital assets and blockchain technology in a series of bond transactions.

The 10-month trial included many of France’s largest banks as well as the French public debt office and the central bank.

It was led by the securities depository Euroclear and used a system developed by US-based IBM.

ETF bitcoins may cost more than buying actual cryptos

Although buying bitcoin ETFs may be easier and safer than buying bitcoin from cryptocurrency exchanges and brokers, it may also be more expensive. 

Martha Reyes, head of research at digital asset prime brokerage and exchange Bequant explained: “An ETF based on futures is not ideal as there is a cost to rolling into the futures contracts, given contango …

translating into underperformance versus the underlying asset.”

ETF will simplify access to cryptocurrencies for retail investors

Analysts have suggested that the launch of the bitcoin futures ETF will simplify access to cryptocurrencies for retail investors.

Martha Reyes, head of research at crypto exchange Bequant said: “It can attract flows from investors who prefer the ease of an ETF over the perceived risk of an exchange.

However, other analysts have warned that the fund invests in Chicago-traded futures, not directly in bitcoin.

Thus, any immediate implications for flows could be limited.

What is an ETF?

An Exchange Traded Fund (ETF) is a type of security that tracks an asset.

They can be bought and sold on the stock exchange.

ETFs can track anything from the price of an individual commodity to a large number of securities.

They can also track specific investment strategies. 

Bitcoin price hits all-time high in Japan

The price of bitcoin has hit an all-time high in Japan.

Investment podcaster Preston Pysh registered bitcoin above $70,000 on one Japanese exchange.

This surge is due to the launch of the bitcoin ETF in the US later on Tuesday. 

Price of bitcoin increases by more than 100% since July

The price of bitcoin has increased by more than 100 per cent since July, when it dipped to $30,000. 

Bitcoin reached an all-time high in April, surging to $64,000, a figure analysts predict it will soon reach again. 

Historically, November has been bitcoin’s strongest month with average gains of 53 per cent since 2011. 

When will the price of bitcoin peak?

For many bitcoin advocates, breaking the price record in 2021 is a question of if, not when. For them, the real questions are how high will it go and when will it crash?

Cryptocurrency analyst TechDev has predicted that bitcoin will reach $70,000 by next week.

They predict it will then reach $90,000 in November, before dipping back down to $60,000.

It will then have a “parabolic run-up”, before reaching $250,000. 

“Wherever it tops, alts change lives”, they said. 

Bitcoin futures ETF to launch today

The first-ever bitcoin futures exchange-traded fund (ETF) will launch on the New York Stock Exchange on Tuesday. 

This will open up bitcoin to many more investors and will pave the way for more cryptocurrency ETFs to be approved.

The launch of the ETF is set to cause a further surge in the price of bitcoin and may well take it above its record. 

What is the current price of Bitcoin?

Bitcoin currently stands at $62,0000 dollars and is set to continue to rise as the ProShares Bitcoin Futures ETF begins trading on Tuesday. 

Analysts predict the cryptocurrency will slash its $64,0000 record, which it first hit in April, in the coming months. 

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