Will the Bitcoin soar?
The prices of the cryptocurrency fell today as the bitcoin fell to its all-time high, two days after the launch of the US Bitcoin Futures Exchange Traded Fund. The world’s largest cryptocurrency in terms of market capitalization was trading at $62,740, down 4%.
According to CoinDesk, Ether, the coin linked to the Ethereum blockchain and the second-largest cryptocurrency, fell from 2 overs to $4,112. Cardano fell nearly 3 percent to $2.16, while Dodgequin fell 3 percent to $0.24. Other digital tokens such as Shiba Inu, Binance Coin, Light Coin, Uniswap, XRP were also trading with deductions in the last 24 hours, although Solana rose more than 10%. How about Bitcoin, Will the Bitcoin soar?
The bitcoin hit a high of $66,974 on Wednesday, with the recent rally hitting a six-month high of $64,895 since the launch of the Pro Shares Bitcoin Strategy ETF. Investors have bet that the long-awaited launch of the Bitcoin ETF will lead to more investment from both retail and institutional investors.
Despite this, analysts at JPMorgan are skeptical about how long the bitcoin price will be boosted by the pro-shares ETF, which trades under Ticker Bitcoin. “Will the launch of BITO bring significantly more fresh capital to the bitcoin? We suspect that many bitcoin investors already have a choice of investing in it,” he wrote in a note. Reuters reported.
ETFs do not invest directly in bitcoins. It invests in futures markets linked to Bitcoin instead. An old-school brokerage account holder can buy an ETF, for example, without opening a trading account for the crypto.