Bitcoin soared to a new record value on Wednesday after investors were excited about the successful launch of the first Bitcoin Futures Traded Fund (ETF) in the United States.
This pushed the world’s largest cryptocurrency to climb 4% to $66,457, surpassing its highest value of $64,899 in mid-April, to continue its continuous rise since last week when ETFs were announced. Read more [Bitcoin Reaches The Highest Value In 6 Months].
The price of the Ethereum currency also rose by more than 6% to cross the $ 4000 barrier, as the second largest digital currency in the world was traded at $4,090, approaching the $4,380 value it reached in May when it recorded its highest value ever.
Encouraging comments by a giant market trader only added to investor enthusiasm, as billionaire investor Paul Tudor stated that he would rather put his money in cryptocurrencies as a way to keep value from inflating than go to gold, as cryptocurrencies are gaining a large audience, especially after the adoption of Bitcoin as a legal currency by El Salvador. Read more [El Salvador Officially Adopts Bitcoin].
The ProShares Bitcoin Strategy ETF, which tracks bitcoin futures to give an estimate of the cryptocurrency’s future price, surged 5% on its first trading day on Tuesday, and not everyone in the cryptocurrency market was surprised by the rally, but many bitcoin investors want a currency ETF that tracks spot prices instead of futures contracts.
Novice investors have had to deal with terms such as “Cotango”, which means that the price of the commodity in the futures contract is above its spot price, and “Backwardation”, which means the exact opposite.
But despite this, this move is a turning point in the emerging cryptocurrency industry that has long tried to attract interest and increase the acceptance of currencies such as Bitcoin and others among Wall Street traders, and some analysts have previously indicated that these currencies are able to reach values much higher than their current levels . Read More [Bitcoin Price IS Expected To Reach $100,000].