BTC TOP 3
BITCOIN ETF GOING LIVE
ProShares ‘BITO’ to start trading on Monday or Tuesday
JUST IN: First Bitcoin ETF approved and is going live next week.
James Seyffart, Bloomberg Intelligence ETF Analyst, posted a tweet that seemed to be the catalyst for today’s BTC price jump to 62k: a Bitcoin ETF set to go live!
There it is! Bloomberg’s data team in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. Ticker will be $BITO. 95 bps — less than half $GBTC‘s 2% fee. This thing is going live next week. Either Monday or Tuesday. pic.twitter.com/Lil4eHVdmr— James Seyffart (@JSeyff) October 15, 2021
If anyone needs more evidence that this is happening on Tuesday. Proshares' 8A just hit which registers the ETF's shares with the SEC for trading on an exchange. pic.twitter.com/Idp6cm4qet— James Seyffart (@JSeyff) October 15, 2021
Valkyrie’s Bitcoin Futures ETF will soon follow. Although the Twitter-hype has missed some facts and has spread the news of Valkyrie ETF already being approved by SEC, it was actually just NASDAQ-approved thus far. But one cannot deny the fact that it is now a done deal. If ProShares is to go live next week, Valkyrie and other ETFs will most likely go live, too, the week after next, perhaps?
It’s Uptober, remember?
On a side note, how exactly is a Bitcoin ETF going live bullish for Bitcoin?
To summarize, this is how:
- Bitcoin ETF simplifies the process of investing in bitcoin. You can invest on Bitcoin without actually owning it, reducing the risks of accidentally losing access to your own crypto wallet.
- An ETF can hold not just one asset, could be more. Meaning, investing in an ETF gives diversification much easier.
- Increasing buildup interest on Bitcoin and cryptocurrency as a whole. An ETF is SEC-regulated, thus, people who are hesitant before due to crypto’s volatile nature and it being unregulated, can now invest with confidence.
Although there’s no denying that there are disadvantages, too. But one thing’s clear: For now, bears are getting crushed by the bulls!
BTC PRICE UPDATE
The ETF-hype did wonders to the Bitcoin price. Opening today’s price at $57,265.76, Bitcoin is now trading at $62,263.56 (source: coingecko.com, October 15, 8:44 PM UCT). It is now up by 8.7%.
Are we closing today in a new all-time high? But even if not, the weekend’s looking so bullish still. Either way, we are definitely getting to the all-time high sooner that we might expect!
It is also to be noted that Bitboy, the leading crypto influencer, said that we might be hitting $75k by the end of next week. I’d say, “To infinity!”
GET YOUR ALTS READY
Bitcoin is currently leading the show right now. So, your altcoin bags may be suffering a bit. But do not fret. We are clearly in a bull market, and what happens after BTC makes its leap towards new all-time high — ALTSEASON!
To visualize the stages of the bull market, here’s a diagram to The Path to Altseason.
So let’s have Bitcoin do what it usually does, and let’s all enjoy the ride to the moon!
Have a wonderful and bullish weekend, everyone. 😀
ABOUT THE AUTHOR
Elisa is our Head of Market Analysis at Rocket Crypto X
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