At the time of writing this post, Bitcoin, the oldest cryptocurrency, was trading at $61587.70. I thought it was important that BTC surge past the 60K mark, which it did on Friday after nearly 25 weeks of reports that the American market regulator was to set a futures exchange traded fund by this month’s end, the first ETF of its kind.
According to Bloomberg, SEC, the U.S. Securities Exchange Commission, will allow trading in Bitcoin futures next week. We can see that Bitcoin trading over 61K right now, gaining over 4.4% on trademarketcap.com, and is about 7% below its ATH that it touched in April this year.
Another interesting fact is that other currencies like Ethereum, Binance, Cardano, Salona, and Polkadot are also getting excellent support from investors. However, the encouraging news is that several fund managers, including Proshares, VanEck, and Galaxy Digital, five in all, are ready to launch Bitcoin ETFs and have already applied in the US. I believe this will help boost the price of cryptocurrency.
Interestingly, ETFs are already available in countries like Canada, so if the U.S. allows this instrument, the cryptocurrency is likely to see an enormous boost in currencies. It’s going to be good news for crypto enthusiasts, as it is likely to open the doors of Wall Street to direct funds on a bigger scale and more so in a proper and systematic way.
I personally can see a large growth in the crypto market if the ETF gets the nod from the concerned authorities. Right now, the total market capitalization of cryptocurrency, which stands at around $2.5 trillion (Bitcoin’s share is around $1.1 trillion), is likely to gain another $2 trillion.
So what’s going to happen? Simple, after a long stint of underperformance by the crypto market, the market is showing signs of growing steadily in the last couple of weeks, which might even bring back the corporate support (remember the support coming from Elon Musk and Tesla)? And the statement by the U.S. Fed chair, “We have no intention of banning cryptocurrencies,” makes it even more encouraging.
Meanwhile, Twitter has announced “Tipping all Users”
Check it out here-
https://blog.twitter.com/en_us/topics/product/2021/bringing-tips-to-everyone
At the moment, I can see Bitcoin touching its ATH in no time, and once it passes $65K, there is definitely a higher odd in its favor. Okay, I am not going to the extent of what some experts believe, that Bitcoin will touch $150,000 once it crosses $65,000. However, this ETF approval has done a world of good for cryptocurrencies, especially for Bitcoin. I would not be surprised if Bitcoin touched $75K by the end of this year.
