Bitcoin

Bitcoin surpasses USD 62,000 due to the expectation of the launch of a fund on Wall Street

The valuation of the largest cryptocurrency is approaching its April highs in anticipation of the launch of the first exchange-traded funds in the US.

The Bitcoin was around their highest prices in more than six months , this Monday in anticipation of the launch of the listing of the first ETFs (ETF, for its acronym in English) of the assets in the US, investors expect to boost the trading volumes of cryptocurrencies.

If the US Securities and Exchange Commission (SEC) does not object, the ProShares Bitcoin Strategy ETF will complete a 75-day period from when the fund manager submitted plans and could begin trading on Tuesday. .

Other fund managers could introduce bitcoin ETFs in the coming days and weeks, and that could lead to more investment in digital assets.

The world’s largest cryptocurrency was trading at $ 62.00 , up 2% on the day, close to the six-month high hit Friday at $ 62,944, and not far from its all-time high of $ 64,895 reached in mid-April.

Ether, another popular “token” used on the Ethereum blockchain , was trading around $ 3,870 , and has been rising alongside Bitcoin for the past four weeks.

Fund managers who have applied to launch Bitcoin ETFs in the United States include VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie, and Galaxy Digital Funds.

The Nasdaq approved the listing of the Valkyrie Bitcoin Strategy ETF on Friday . Grayscale, the world’s largest digital currency manager, plans to turn its flagship product, Grayscale Bitcoin Trust, into a spot Bitcoin ETF, CNBC reported Sunday.

Cryptocurrency investors hope that the approval of Bitcon’s first ETF in the United States will trigger an inflow of money from institutional players who cannot invest in digital currencies at this time.

Regulatory authorities in major economies are embracing the idea of ​​people owning crypto assets

Since 2013, the SEC has consistently rejected multiple applications to create these publicly traded funds that replicate the price of Bitcoin. But the regulator could approve the launch of these products next week, according to Bloomberg , which cites sources close to the matter.

On its Twitter account, the SEC wrote on Thursday night: “Before investing in a fund that has futures contracts on Bitcoin, make sure you have weighed the risks and the benefits,” a message seen by crypto fans. as a sign that the funds will be accepted soon.

“In the long term, this is important news, as it indicates that the authorities are accepting the idea of ​​people owning crypto assets,” Charlie Erith , head of cryptocurrency manager ByteTree Asset Management , told AFP .

Entities regulators remain ambivalent about a sector decentralized and dematerialized. In China , for example, the authorities have completely banned bitcoin exchange platforms. And the authorities in Europe and the United States are not much more enthusiastic about it.

Samuel Edwards
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that's what he is good at. From Major Investments to Stock Market Updates, he got 'em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.