Bitcoin Nears its All-Time-High As it Tops $63K
It seems that the period of massive BTC crash is over, as the flagship cryptocurrency once again profited massively on Tuesday’s intratrading market. On Bitstamp exchange today, bitcoin topped $63k, settling at an impressive $63,337. As it stands, bitcoin is just 2% away from attaining its all-time-high of $64,804 recorded in mid-April. Interestingly, that was the day popular crypto exchange Coinbase went public.
Bitcoin Steals the Spotlight Following the Launch of Bitcoin Futures ETF
The recent cryptocurrency price might be the best news heard in a long while in the Bitcoin community, but the launch of the much-talked-about Bitcoin Futures Exchange-Traded Funds is even a much bigger news. This is the first time ever that Bitcoin Futures ETFs are in existence, and the response at the New York Stock Exchange summarized it all.
ETF provider ProShares revealed it traded a staggering $320M in the first thirty minutes, shortly after the launch of futures-based Bitcoin ETF. The figure was so unbelievable that James Seyffart of Bloomberg Intelligence labeled it as ‘insane’.
Garyscale Plans to Convert BTC Fund to ETFs
BTC’s positive intratrading news and Bitcoin Futures ETFs aren’t the only thing making a buzz in the crypto world. A few days ago, Grayscale, a leading cryptocurrency asset manager, revealed its plan to file an application with the U.S. SEC to convert the largest BTC Fund in the world into spot ETFs. This week, the investment firm filed the application, defending the move as the ‘next natural step.’ Sources disclose that the application begins a 75-day review period.
If Garyscale’s application is approved, the investment firm would be closer in legitimizing Bitcoin as ETFs. Bitcoin has been solid since the start of October, despite suffering setbacks last month when China announced a ban on all crypto-related activities.
Experts warn that while BTC ETFs debut is significant to the growth of the flagship digital asset, it could be linked to derivative contracts traded on the Chicago Mercantile Exchange rather than the real bitcoin. However, Grayscale’s application represents an investment backed by BTCs, and not BTC derivatives.
Grayscale first filed for ETFs in January four years ago. However, it withdrew its application ten months later after the SEC stated that it wasn’t ready to look into that aspect due to the volatility of the bitcoin market. The recent move could persuade the SEC to accept the application. If the SEC is comfortable with BTC futures, it shouldn’t be sentimental towards the underlying market. However, the power to accept, delay, or reject still lies with the regulatory body.
While speaking at an interview on CNBC, SEC Head Gary Gensler said that futures-based ETFs have benefited from years of oversight. He however, told his listeners that Bitcoin is still speculative.
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