BTC’s Success after the First Bitcoin-ETF Was Approved in the U.S.
BTC comes to a head. The cryptocurrency market breaks records. The first Bitcoin-ETF approved in the U.S.
According to CoinMarketCap, Bitcoin was trading at $62,600 on the night of October 15-16. The next day, the cryptocurrency showed a slight short-term decline, though it then went up again. On average, Bitcoin showed growth of 6% per day. As of 16:30 (GMT+3) on October 18, BTC was trading at $62,500.
Such dynamics could be seen for the last time in mid-April when Bitcoin was close to $64,8, its all-time high.
Against the background of the price increase of the leading cryptocurrency, the market and the growth revealed the following: according to CoinGecko, the total capitalization of cryptocurrency assets over the past 24 hours rose by 3% to $2,6 trillion, setting a new record.
Reasons for BTC Rise
The SEC’s approval for the ProShares Bitcoin ETF was one of the reasons for the BTC price increase. Based on Chicago Mercantile Exchange (CME Group) Bitcoin futures, the Bitcoin Strategy ETF will become available to New York Stock Exchange (NYSE) traders under the ticker symbol BITO tomorrow, October 19.
At the same time, news emerged regarding the SEC’s plans to approve other applications to issue ETFs based on cryptocurrency derivatives. In particular, Valkyrie, NYDIG, SkyBridge and others are waiting for approval to launch crypto ETFs. Attempts to get the permission began back in 2013. Against the background of positive news, analysts expect that the BTC value could rise to $100,000 in the near future.