Bitcoin Price USD new high above $ 66,000 after landmark US ETF
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Bitcoin price USD has just hit a new high of $ 66,000 after the US Securities and Exchange Commission (SEC) announced that they would be approving an ETF. This approval is seen as a landmark decision and could potentially lead to more institutional investors entering the cryptocurrency market.
The SEC’s announcement was met with mixed reactions from different corners of the cryptocurrency industry bitcoin price USD while some see this as a major step in legitimizing Bitcoin, others worry about potential manipulation by larger financial institutions that will now have easier access to trading cryptocurrencies like Bitcoin.
The price skyrocketed last year when Japan legalized it as a form of payment for goods and services; however, many people still don’t trust cryptocurrency because there is no centralized institution backing it up or guaranteeing its value.
Remember when the bitcoin price of USD was just $ 2,227? Well, brace yourself for new highs! Climate change skeptic, bitcoin broker, and President of Palm Beach Letter Room Maurice Devlin recently predicted that the price of Bitcoin will hit $ 100,000 by Christmas 2019.
Bitcoin price USD With landmark legislation in the US ETF paving the way for new investments into cryptocurrencies like Bitcoin – it seems he might be right on his prediction.
The digital currency has seen an incredible surge over the past month with values more than doubling to $ 6600/USD from $ 3707/USD on December 20th according to CoinDesk data.
Bitcoin Price USD hits new high above $ 66,000 after landmark US ETF Christine Evangelista
Bitcoin has reached new all-time highs as investors have encouraged the successful launch of the first US Bitcoin Future Exchange-traded fund.
The world’s largest cryptocurrency previously set its record at $ 64,899 in mid-April. Legendary businessman Paul Tudor Jones’ bullish remarks also raised sentiment as billionaire investors said they preferred crypto as an inflation hedge over gold.
A man looks at the Bitcoin trading graph in a window of a cryptocurrency exchange office on October 19, 2021, in Istanbul, Turkey.
Bitcoin hit an all-time high on Wednesday as investors cheered on the successful launch of the first U.S. Bitcoin Futures Exchange-traded fund.
The world’s largest cryptocurrency rose 3.9% to $ 66,398.25 at 4 p.m. ET, according to Currency Metrics. The coin crossed the $ 66,900 level on Wednesday at its highs, surpassing the previous intraday record of $ 64,899 in mid-April.
The key bitcoin price USD here is whether we’re able to establish support above $ 65,000, said Jesse Proudman, CEO of Crypto Robo-Advisor Mascara. “If we can, the classic Q4 crypto lies we’ve seen over the last few months could lead Bitcoin to some higher price predictions. However, if the selling pressure is high, our next leg-up may take some time to materialize.
Bullish remarks by a legendary businessman raised sentiment on Wednesday. Billionaire investor Paul Tudor Jones has called cryptocurrency his favorite inflation hedge over gold.
bitcoin price USD will be a great hedge. Crypto will be a great hedge. There is a plan for crypto and obviously, it is winning the race against gold at the moment I think it will also be a very good inflation hedge. It will be my choice over gold at the moment.
Today Bitcoin Price USD has jumped to new heights
Ethereum also rose 7.4% to cross the 4,000 level. The world’s second-largest cryptocurrency traded at, 4,104.61, reaching an all-time high of 4,380 in May.
The Pro score Strategy ETF, which determines the future value of cryptocurrencies in Bitcoin futures contracts, rose nearly 5% on the first day of trading on Tuesday.
Not everyone in the crypto market was impressed. Several investors want an ETF that tracks spot prices instead of futures.
Novice investors have to grapple with conditions like “contango”, where the futures price of a product is higher than its spot price, and “backward” which is the opposite.
More products are great, but I don’t see the point of investing in futures-based ETFs when you can buy assets in the spot market, ”said Jody Gunzberg, managing director of the CoinDesk Index.
“It’s not like oil or cattle that is impossible for most investors to physically hold. It is more like gold that can be easily held. Except the cost is like oil, ”he added.
Yet, it is a landmark for the fledgling crypto industry, which has long been pushing for greater recognition of Bitcoin and other digital currencies on Wall Street.
Budget Financial‘s daughter Machel contributed to the report.
Conclusion paragraph-Bitcoin Price USD $66,000
The bitcoin price USD price of bitcoin has hit a new all-time high of $ 66,000. After the US Securities and Exchange Commission (SEC) rejected nine applications for cryptocurrency ETFs this week, prices plunged with analysts warning that it could be “years” before we see an approved product on offer to investors.
But now, bitcoin is back up at around $ 16,000 – more than double its value just 24 hours ago – after one exchange operator said he had received approval from the SEC to launch a private fund based on cryptocurrencies. Shares in Grayscale Investments LLC’s Bitcoin Investment Trust are also surging as traders bet that other crypto funds will follow suit and gain regulatory approval soon enough. In total, some 60 trillion dollars’ worth.
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