Bitcoin price rally could be ‘supercharged’ as crypto ETF milestone finally passed

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The first ever bitcoin futures exchange-traded fund launched in the US on Tuesday, marking a major milestone for the crypto industry that could propel it to new record highs.

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The ProShares ETF will debut on the New York Stock Exchange, opening up the market to a new group of traders and investors who may be interested in cryptocurrencies but not willing to buy and sell tokens directly through the exchanges. It provides a more regulated structure for traditional investors, through the platforms they are more familiar with.

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The much-anticipated announcement was preceded by a series of price increases that have pushed the cryptocurrency’s value up by nearly 50 percent since the beginning of October. Bitcoin is now under $2,000 from the all-time high of $64,863 it saw in mid-April, some market commentators claim ETF Launch Will “Supercharge” Latest Price Rally.

The price of bitcoin has more than doubled since July

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The price of bitcoin has more than doubled since July

“Bitcoin ETFs will provide even greater exposure to bitcoin for those who are wary of buying it directly from exchanges,” said Matt Center, chief technology officer of bitcoin rewards app Lolli. Granthshala.

“By allowing individuals to invest in bitcoin through ETFs that track its underlying value, investors can become familiar with bitcoin, while fielding aspects of the ownership experience that can be challenging for crypto novices. such as navigating exchanges, wallets and private keys.”

While the move helps remove barriers to entry for investors, not everyone within the crypto industry is convinced that it offers the best OnRamp in the space for investors.

“BTC futures ETFs are a terrific option for investors, especially because they can buy bitcoin directly,” said Jody Gunzberg, managing director at CoinDesk Index.

“Basically also, the curve of bitcoin futures reflects the price expectation in the future – which doesn’t really have storage costs and convenience yields like commodities.”

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Credit: www.independent.co.uk /

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