Bitcoin seems to continue to rise after seeing the level of 64 thousand dollars. One of the most talked about Bitcoin is that it will be 100 thousand dollars from the end of the year predictions.
Bitcoin has approached an all-time high, with ProShares’ Bitcoin futures-linked exchange-traded fund (ETF) trading on the New York Stock Exchange (NYSE) yesterday, and today it’s over $64k.
Investors expect more investment in digital assets as ETFs are traded on the exchange.
ETF Triggered Bitcoin Rise
Having experienced a strong bull period this year, Bitcoin saw the highest level in history with $ 64 thousand 813 on April 14, and then fell to $ 28 thousand with the downward wave that started.
The ProShares Bitcoin Strategy ETF, which started trading for the first time on the New York stock market yesterday, closed the day at $41.94 with a 2.59 percent premium, and became the second most traded fund in the world, with more than 24 million shares changing hands. anytime.
Analysts say that small investors are showing interest in the fund for now, while institutional investors are still waiting on the sidelines.
Bitcoin is at the level of 64 thousand 44 dollars as of 12:00 today.
Ethereum, the second largest cryptocurrency, is trading at $3,857.
The US Securities and Exchange Commission (SEC) approved the ProShares Bitcoin Exchange Traded Fund last week. About 40 cryptocurrency exchange mutual funds are still in the approval phase.
In the case of the Bitcoin ETF with the fund, investors are buying a product that can profit according to the change in Bitcoin value, instead of buying cryptocurrencies directly. Thus, it stays away from the uncertainty in the crypto market and is subject to existing laws to protect investors.
Crypto entrepreneurs and traditional finance companies have been trying to get permission to fund Bitcoin for eight years. The funds in question are also seen as a milestone for the cryptocurrency market.
The news that Grayscale Investment has started the official process to convert the world’s largest Bitcoin fund into an exchange-traded fund (ETF) with the New York Stock Exchange also has an impact on Bitcoin’s record march.