Breaking News
LAST CHANCE for Cyber Monday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin price tests all-time high after successful US ETF launch

CryptocurrencyOct 20, 2021 13:22
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Samuel Indyk

Investing.com – The price of Bitcoin remained just below its all-time high on Wednesday after Tuesday’s successful debut of the first US Bitcoin Futures ETF. The ProShares Bitcoin Strategy ETF (NYSE:BITO) closed higher on its debut and saw trading volume of around $1 billion. Over 24 million shares were traded according to Bloomberg data, making it the second-most heavily traded fund on its opening day of all time.

Bitcoin Price

On some exchanges Bitcoin breached its intraday record price while others had the world’s largest cryptocurrency trading just below its all-time high.

For now, a breach of the all-time high and then $65,000 will be the next major hurdle to overcome before another leg higher could be observed.

But despite struggling to exceed its previous record, Bitcoin also hasn’t faced a correction like some analysts had predicted in a “buy the rumour, sell the fact” scenario.

For now, Bitcoin remains magnetised around $64,000 and it is still unclear whether the next major move will be higher or lower.

Looking at historical price action around similar key events would suggest Bitcoin could face a correction in the coming weeks. Previously the Bitcoin price has rallied into anticipation of a major event before falling.

For example, when Bitcoin futures were launched on the CME in 2017, Bitcoin had rallied in price before a correction saw its price drop when the futures product was launched. Similar price action was observed this year when the cryptocurrency exchange Coinbase (NASDAQ:COIN) had its IPO.

Other Bitcoin Futures ETFs on the horizon

Although ProShares was first to market, there are other Bitcoin Futures ETFs that could be launching soon.

Some analysts expect Valkyrie’s Bitcoin Strategy ETF to be next to gain approval, which is expected to trade with the ticker ‘BTFD’, a mantra used by retail traders to buy after a correction in the price.

Bitcoin price tests all-time high after successful US ETF launch
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email