Bitcoin has finally gone above the previous all time high of $64.5k after a gap of six months to go as high as $67k earlier in the day. The largest cryptocurrency by market capitalization is now back in deeply bullish territory and is expected to record further gains in the coming weeks. Altcoins also followed Bitcoin and posted some gains of their own after a long hiatus. More on that later on.
The first Bitcoin futures ETF has been listed on the New York Stock Exchange. The listing started at $40.8 and the ETF is trading around $43.5 at press time. This is the first such ETF launched in the country and may be a precursor to a direct Bitcoin ETF in the near future. More on that later on.
Billionaire investor Carl Icahn has stated that Bitcoin is probably the best hedge against inflation. The big fund manager believes that the US government’s continuous efforts to stimulate the economy are resulting in a lot of inflation and limited supply emerging assets like Bitcoin are the best bet for investors. Icahn however hasn’t commented on his own crypto investments but crypto investor Bryan Adams believes that the billionaire already has a considerable position on the digital currency.
The chairman of the US Securities and Exchange Commission (SEC) Gary Gensler has given his two cents about the anticipated Bitcoin ETF in a recent interview. The top securities regulator in the country did give a cautious answer but it seems like the basis for a new ETF is near and the crypto sector is likely to see one in the near future even if Gensler can’t say it out loud in public.
The top crypto lobby in Washington is once again urging the US lawmakers to adopt a neutral policy in regulating the crypto sector. The Chamber of Digital Commerce outlined a six-point plan for future regulation that will cover necessary aspects yet still allow the crypto sector to continue with its incredible innovation.
A Pakistani top court has ordered the federal government to come up with a plan to regulate the crypto economy in the next three months. The Sindh High Court (SHC) gave these orders in response to a motion filed by a crypto investor community that wanted clarity on the matter.
Bitcoin Rises to $67k
Bitcoin was on the move yet again earlier in the day. The digital asset made another important move today as it went above its previous all-time high of $64.5k reaching $67k in the process. The bulls have been trying to reclaim control in the market but now, they have actually done it with a swift motion above previous record highs.
The last 24 hours started with the index at around $64k. It traded sideways for a large part of the day, threatening the all-time high but not able to move above it. It appeared as if the index would still close agonizingly just below the $64.5k resistance yet again but at 3:30 PM, things began to change. The bulls started a massive uptick that propelled the index first above $66k and then to as high as $67k in a matter of a few hours. The index did recede slightly to $66k at press time but the new record has been set and now, the bulls are in complete control.
Going forward, Bitcoin’s key on-chain statistics are heavily in favour of a continued rally. However, this time around, the cryptocurrency is going on a slow-and-steady approach and it may take its time going further above to resistance levels like $70k, $80k and then finally $100k itself. But, the floodgates have opened and it will take a monumental effort from the bears to keep it at bay for long.
The total market capitalization of Bitcoin was around $1.25 trillion at press time and its share of the proceedings was 47.1%.
Altcoins Post Price Increases
Other cryptocurrencies aka altcoins also had a bumper day earlier today as they finally got out of their month or so losing streak against BTC. Ethereum (ETH, 8%), Solana (SOL, 11%), Polkadot (DOT, 8%), Terra (LUNA, 16%) and Litecoin (LTC, 11%) were the biggest gainers of today. However, the alts still have a long time to recover from their massive losses against BTC and kickstart the second alt season.
In Other News…..
Bitcoin Futures ETF Launched on New York Stock Exchange
The first Bitcoin Futures ETF was launched on the New York Stock Exchange. ProShares made this move possible and listed the BITO ETF that started trading yesterday. The initial reaction to the listing was phenomenal with over $1 billion trading volume recorded.
Here is how it fared against other ETFs:
Only one ETF ever came close to beating Bitcoin. However, according to Bloomberg analyst and Bitcoin bull Eric Balchunas, the activity around Blackrock US Carbon Emissions Readiness Test was backed by one big investor and thus it cannot be called a “natural volume”. So, this makes it effectively the biggest ETF launch on the exchange. This is a sign of big things to come in the whole crypto sector and the bull run enters its final climax.