On Tuesday, as a direct result of the launch of the world’s first bitcoin futures-based exchange-traded fund (ETF) in the United States, the price of bitcoin increased by more than 3 percent to $63,901, making it the highest it has been in six months and only a few percent away from its all-time high. Speculation that a launch in the United States is imminent has fueled an increase in the value of the world’s largest cryptocurrency, as measured by its market capitalization, over the past few weeks.
After falling to a low point in late July
The price of the digital token has more than doubled since then. So far in 2021 (year-to-date), it has gained more than 121 percent over the previous year, and it is on the verge of surpassing its all-time high of nearly $65,000, which it reached in April of this year.
According to CoinDesk, the price of ether, the cryptocurrency linked to the ethereum blockchain and the second largest cryptocurrency, has increased by more than 2 percent to $3,857, a gain of more than 2 percent over the previous day. According to CoinMarketCap, cardano prices fell by 2 percent to $2.10 and dogecoin prices fell by more than 1 percent to $0.24. Cardano prices fell by 2 percent to $2.10, while dogecoin prices fell by more than 1 percent to $0.24. The value of other digital tokens, including Shiba Inu, Binance Coin, Solana, Litecoin, and Uniswap, has increased in value over the last 24 hours, while the value of XRP and Polkadot has decreased in value over the same time period.
United States regulators, the Securities and Exchange Commission (SEC), have repeatedly rejected exchange-traded funds (ETFs) that were directly linked to bitcoin, claiming that they were the subject of market manipulation. AFP reports that Chairman Gary Gensler of the Securities and Exchange Commission stated that futures contracts linked to bitcoin could be volatile, but that the ProShares ETF is linked to a futures contract that has been regulated by the Commodity Futures Trading Commission since 2017.
Funds that are similar to this one are expected to be launched by other asset managers such as Valkyrie Investments, VanEck, and others in the near future. A bitcoin futures exchange-traded fund (ETF) from one of the world’s largest asset management companies, Invesco, was temporarily suspended on Monday, according to the company.