The Price of Bitcoin Reached 63K – 6 Month Breakthrough
Bitcoin (BTC) continues to grow as expected. Over the weekend, the cryptocurrency broke the $60,000 threshold and hit a maximum of $62,600 over the last six months. The all-time high of BTC was on April 14, and it was $64,800.
As analysts explain, the rise was influenced by the information spread on Friday that the SEC is optimistic about the ETF in terms of bitcoin futures. Bitcoin futures will allow investors to control the price of Bitcoin, albeit without buying any cryptocurrency. This process is theoretically more stable than a direct investment in Bitcoin.
The traditional financial system and cryptocurrency networks will intersect this week when exchange ETF providers offer products that control BTC prices on U.S. stock exchanges. The SEC favours introducing provider ETF ProShares to provide the Bitcoin Strategy ETF under the BITO ticker in the U.S. from Monday. The news brought the price of Bitcoin even closer to its record.
According to Jonathan Miller, Kraken Australia’s chief executive, the ETF argues that you brought Bitcoin to a traditional market on a regulated exchange such as the NYSE, Nasdaq or ASX. This means that the boxes are marked for the entities that control the asset classes they invest in. This is a kind of way to market argument.
The ProShares Exchange Trading Fund will make futures contracts on CMEs registered with the Commodities Futures Trading Commission. It will not be the direct owner of Bitcoin. However, It will try to track Bitcoin contracts.
This means that the price on the ground must closely control the value of short-term contracts. Traders typically buy futures contracts in cash to speculate on future price movements.
Many ETF publishers are announcing plans for futures-based cryptocurrencies. On October 21, the U.S. Financial Stability Oversight Board plans to resume market regulation of stable coins.
On October 30 in Australia, the Committee on Regulatory Technologies and the Senate Financial Technology Committee will present the final report on cryptocurrency regulation and digital assets.
The rate of the most popular cryptocurrency in the world is quite positive. Current events give us reason to believe that Bitcoin may set its record in October. Analysts are now even more convinced that Bitcoin may exceed 100k for Christmas. At this point, there is no deterrent to questioning and hindering the price of Bitcoin.
The fact is that the digital currency lives up to the expectations of many investors and analysts and maintains a positive rate at this stage.
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