Bitcoin prices: Bitcoin hovered near the 6-month high in ETF expectations, inflation worried
Cryptocurrency or bit-coin has come in a lot of trends in today’s time, many people are investing in it in today’s time, in this blog we are going to talk about its price which is very important for you to know.If you invest in cryptocurrency or bit-coin.
TOKYO: Bit-coin soared to a six -month high on Monday ahead of the listing of the first U.S. futures fund (ETF) to be listed in the near future, which investors hope will boost cryptocurrency trading volumes.
If the U.S. Securities and Exchange Commission (SEC) does not object, the ProShares Bit-coin Strategy ETF will expire 75 days since the fund manager announced plans and be able to begin trading on Tuesday.
Other fund managers may list bitcoin ETFs in the next few days and weeks and this could lead to wider investment in digital assets.
The world’s largest cryptocurrency last stood at $ 62,288, close to Friday’s six -month high of $ 62,944 and nearly hitting a total of $ 64,895 in April.
Ether, another popular token used on the Ethereum blockchain, traded at $ 3,866 and has been rising alongside bit-coin prices since mid -September.
“News of the futures stock chain is nothing new for those who monitor the space closely, and for many, this is a step forward, not a change felt by some,” said Chris Weston, head of research at Pepperstone in Melbourne, Australia.
“We were very happy with the previous local ETFs and this may require more work on the rules.”
Fund managers who have applied to market bitcoin ETFs in the United States include VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds.
The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF. Grayscale, the world’s largest digital currency operator, plans to replace its flagship product, Grayscale Bitcoin Trust, with a bitcoin ETF, CNBC reported on Sunday.
After months between the SEC and potential bitcoin issuers in the future, regulators seem poised to roll out a handful of files that will open the door to wider access to cryptocurrency for retail and institutional investors.
Under the rules used by ETF issuers, the SEC is not required to provide explicit approval to ETFs, which can be initiated at the end of the 75 -day period if U.S. regulators. do not argue.
Financial investors expect that the approval of the first US bitcoin ETF will require an inflow of money from institutional players who are currently unable to invest in digital currencies.
Growing concerns about global inflation have also heightened appetite for bitcoin, which is in limited supply, in contrast to the large number of currencies issued by central banks in recent years as monetary authorities print money to stimulate their economies.
“Unlike previous tournaments, there isn’t much turmoil in the market. More and more investors are starting to think that inflation may not be temporary and bitcoin can be chosen as a hedge against inflation,” said Makoto Sakumra, a researcher at the NLI Research Institute.