BREAKING NEWS: Bitcoin Surges Above $65k– a Record All-Time High
Bitcoin price shot past old territories after overcoming its last resistance before April’s peak market. After what seemed like a short time bearish run in the crypto market, the world’s leading digital coin had taken an upward swing past its old resistance price. As Bitcoin hits a record all-time high , it heralds the long-awaited price surge of BTC/USD into the price discovery stage.
Bitcoin Soars into Price Discovery
Recent data from leading crypto sites, TradingView and Cointelegraph Markets Pro, shows Bitcoin growing past the $64,900 price ceiling reached since April. This sudden upward movement in the price of BTC can be linked to the listing of ProShares Bitcoin Strategy ETF on the New York Stock Exchange on Tuesday.
The new ETF under the caption $BITO traded on the floor of the NYSE garnered a high trading volume of over $1 billion. This makes the ETF rank among other successful launches in the history of the stock market.
Data from the second day of trading the first Bitcoin-linked product, ProShares Bitcoin Strategy ETF, reveals a swift growth of the BTC/USD trading pair on the world’s leading crypto exchanges. Since the positive change in the price, Bitcoin bigwigs have been celebrating this increase on social media. The CEO of MicroStrategy said “The halls of eternity echo with the cries of those who sold their Bitcoin”.
Following the inclusion of Bitcoin-backed ETFs on the NYSE, the week has recorded a record all-time high for BTC against various leading fiat currencies like the Euro, and the Chinese Yuan.
According to reports from Cointelegraph, there are great hopes for even higher price levels in the coming weeks and months. Of course, the Bitcoin growth will most likely experience short corrections before stabilizing at new support phases.
Bitcoin’s Bull Run Begins
Crypto experts estimate that the short-term highest amount of BTC could be priced at $300,000 per coin. Previous crypto data favors the argument that an increase in Bitcoin’s price precedes the altcoins’ growth, which has taken a downward turn against the BTC since late Tuesday evening.
Bitcoin is presently being traded for about $65,607, a 4.2% increase over the last 24 hours. According to crypto analysts, the coming weeks will see an increase in the inclusion of more BTC futures-linked ETFs in the United States. These events will open up the opportunity for smart U.S. cryptocurrency investors to join in what experts have termed a “cash and carry” arbitrage scheme.
These BTC-backed ETFs would purchase Bitcoin futures and contracts, on designated venues like the Chicago Mercantile Exchange (CME). This will be in a way to imitate the crypto’s price performance rather than the purchase of real Bitcoin.
For smart cryptocurrency investors, this is the right time to purchase and invest in Bitcoin-based ETFs as the addition of ETFs in major exchanges in the United States and Europe will prove to crypto-averse individuals and organizations that it is the new digital gold.
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